Shanghai State-owned Assets and Enterprises Create High-level Circulation of Science and Technology Industry Finance Research

The Central Economic Work Conference clearly proposed to promote a virtuous cycle of science and technology industry finance, using financial vitality to nourish technology enterprises, and to promote the deep integration of technological innovation and the real economy. Shanghai is striving to form a high-level circulation of science and technology industry finance to enhance the ability of state-owned financial services to serve the real economy and to strengthen the scientific and technological innovation capabilities of enterprises. However, there is still a certain degree of mismatch between the financial needs of technology enterprise development and the existing financial service system. How to better play the role of state-owned enterprises, innovate financial service models, and provide full-chain, full-life-cycle financial services for technology-based enterprises has become an urgent problem to be solved. Discuss the role of the science and technology industry as a new engine of economic growth and the key role of finance in promoting the development of the science and technology industry against the backdrop of profound adjustments in the global economic structure and rapid development of the scientific and technological revolution. The report focuses on Shanghai, as the national economic and financial center, and uses the strength of state-owned enterprises to promote high-level circulation of science and technology industry finance, in order to enhance the ability of financial services to serve the real economy and to strengthen the scientific and technological innovation capabilities of enterprises. The study points out that China's state-owned enterprises have received a large amount of financial support, national policy guidance, and active promotion from local governments in technological innovation. On the one hand, the establishment of the Science and Technology Innovation Board has provided a flexible financing platform for technology-based enterprises, and state-owned enterprises have been able to rapidly expand their capital scale and market influence through the Science and Technology Innovation Board. On the other hand, local governments are also actively providing financial support for the scientific and technological innovation of state-owned enterprises, focusing on "investing early, investing small, and investing in technology". At the same time, it is clear that the positioning of Shanghai's state-owned enterprises in the "technology-industry-finance" high-level circulation, emphasizing that finance is the lifeblood of the national economy, and China's financial industry is at a critical period of transitioning from "big" to "strong". Shanghai's state-owned enterprises must seize the opportunity of the new round of deepening and upgrading state-owned enterprise reforms, use the characteristics and advantages of Shanghai's state-owned asset-finance system, and better play the role of state-owned enterprises in scientific and technological innovation, industrial control, and security support. The report points out that there are problems with Shanghai's state-owned enterprises being "big but not strong enough", "big but not fast enough", "big but not new enough", and "big but not stable enough", with insufficient layout in emerging industries, insufficient攻关 of core technologies, insufficient strength, breadth, and precision of financial support for scientific and technological innovation, and a low level of industry-finance integration. In terms of financial needs and service models of technology enterprises, the main goal is to adapt to the diverse needs of science and technology innovation enterprises. The development of technology finance has provided momentum for the growth of the technology industry, and has also spawned new productive forces within the financial field. Technology finance integrates financial resources such as credit, bonds, and equity to provide financing that fits the life cycle of technology enterprises, achieving effective docking of financial resources and technology resources, stimulating the research and development vitality of enterprises, and promoting the industrialization of science and technology. In addition, through the practical cases of the United States, the United Kingdom, Beijing, and Hangzhou, the successful experiences and practices of different regions in promoting high-level circulation of science and technology industry finance are demonstrated, providing references and insights for Shanghai. Regarding the strategic recommendations for Shanghai's state-owned enterprises to promote the high-level circulation of "technology-industry-finance", they include improving the system and mechanism, cultivating service models, and promoting market construction. On the one hand, it is necessary to create a full life cycle investment chain of Shanghai's state-owned assets, build an innovative supervision model that keeps pace with the times, and establish a corresponding error tolerance and exemption mechanism for state-owned investment institutions in the field of scientific and technological innovation. On the other hand, it is necessary to create a new financial model for transformation and development, build a full-spectrum, boutique financial product service system, play the role of state-owned assets as a hub in the construction of a unified large market, and build a high-level compound talent highland of Shanghai's state-owned assets.