This year's observation report (2017) is the third research report on the science and technology finance ecology in our country. It lasted a year and upheld the concept of opening up and collaboration. It gathered forces from all aspects, from the overall survey, the field situation, the topic discussion, the event and policy compilation etc. Observe the subtle elements of science and technology and financial ecology from a macro perspective and explore the law of development of science and technology finance, provide the latest information to the industry, and provide decision-making and research support to decision-makers, industry practitioners and experts and scholars.
"Report" shows that China's science and technology financial ecology presents seven light spots:
First, the scale of innovation and enterprise cultivation continues to expand. In 2016, our country has formed a whole chain of entrepreneurship incubators, such as hacker space, science and technology business incubator to industrial park, and innovative and entrepreneurial subjects represented by high-tech enterprises, gazelle enterprises and unicorns enterprises are transfer from the scale expansion to specialization and elaboration. Besides, the spillover effect of innovation and entrepreneurship is obvious
Second, diversification of credit products. Cooperation between banks and technological, financial, tax and other departments is strengthened, developing a variety of suitable credit products for small and medium-sized technology-oriented with constant innovation. The comprehensive development of the “investment-loan linking” has opened up new financing channels for technology-oriented enterprises in the start-up stage.
Third, venture capital investment is more active, while the gross scale is the second largest in the world. The fundraising channels are becoming more and more diversified, the new business mode of the industry is expanding, and the guidance fund has exploded, and policy benefits are constantly emerging.
Fourth, China's venture capital investment tax policy is in "spring-phase". "Low threshold, full coverage" is realized for venture capital and tax incentives. 175% research expenses are deducted for technology-oriented small and medium-sized enterprises, highlighting the "precise positioning, self-assessment". "Deferred tax, reduce risk." is achieved by equity incentive tax New Deal.
Fifth, multi-level capital market is more complete. The multi-level capital market continues to enrich the financing function of enterprises through the supply-side reform. Service scope of the capital market is extended by cooperation between the GEM and the park. The issuance of new products in the bond market strengthened the support for innovation and entrepreneurship. The Third Board introduced new systems and new products to raise the level of service enterprises.
Sixth, the scale of overseas mergers and acquisitions has been expanding. Chinese enterprises actively laid emphasis industrial, hi-tech, financial and consumptive fields with the enthusiasm of overseas mergers and favorable policies. The annual transaction volume exceeded the total amount of overseas M & A transactions conducted by Chinese enterprises in the past four years.
Seven, new format of technological insurance is being further expanded. New products, new models and new mechanisms for technological insurance have emerged. Financing mode combined the development of loans, insurance and compensation for financial risks will be expanding by the Executive Council of the State Council.