| 摘要: |
| 摘要：面向关键核心技术攻关，科技金融支持的关键不在于资金供给，而在于高不确定性项目如何被允许失败。以“风险识别－风险定价－损失承受－失败处置”为框架，比较政府引导基金、政策性或商业性担保、科技保险与投贷联动的激励结构及外溢通道，并界定适用边界。结果显示：基金优势在投后治理与退出再循环，失灵于行政化偏好与退出受阻；担保擅长信用桥接，但分险与费率纪律弱化易固化软预算；保险可分摊尾部风险，却受制于可保性数据与理赔摩擦；投贷联动可改善风险收益匹配，但在资本约束与估值波动下可能放大顺周期共振。因此，应通过统一项目台账与分层损失顺序，划清财政金融边界，强化退出与压力测试，并将外溢成本与失败复盘纳入绩效约束，从而优化科技金融的风险分担体系。 |
| 关键词: 关键词：科技金融；风险分担；政府引导基金；担保；保险 |
| DOI： |
| 分类号:F832.1 |
| 基金项目:基金项目：北京市教育科学“十四五”规划2023年度青年专项课题“新文科建设背景下数字赋能的财经类拔尖创新人才‘贯通－融合’培养模式研究”（CDCA23134）。 |
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| Performance Governance Driving Risk Sharing in Technology Finance——A Comparative Analysis of Four Financial Instruments |
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NING Xiao-hua1，DENG Ke21,2
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1.(1.Development Planning Department,Central University of Finance and Economics1;2.School of Finance,Central University of Finance and Economics)
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| Abstract: |
| Abstract：In addressing key technological breakthroughs,the critical role of technology finance lies not in the supply of funds,but in how high-uncertainty projects are allowed to fail.This paper frames the issue around risk identification,risk pricing,loss absorption,and failure resolution,comparing the incentive structures and spillover channels of government guidance funds,policy/commercial guarantees,technology insurance,and the loan-equity linkage mechanism,while also defining their applicable boundaries.The findings reveal that funds excel in post-investment governance and exit recycling but are hindered by bureaucratic preferences and blocked exits；guarantees are effective in bridging credit but weaken risk-sharing and fee discipline,leading to entrenched soft budgets；insurance can disperse tail risks but is limited by insurability data and claims friction；loan-equity linkage improves the risk-return matching,but under capital constraints and valuation fluctuations,it may amplify pro-cyclical resonance.Policy implications suggest the need for unified project ledgers and hierarchical loss sequencing,clear delineation between fiscal and financial boundaries,enhanced exit mechanisms and stress testing,and the integration of spillover costs and failure reviews into performance constraints. |
| Key words: Key words：Technology Finance；Government Guidance Funds；Guarantees；Insurance；Loan-equity Linkage |
