《保险研究》20241001-《科技金融理论再解析》（张明喜）

［摘   要］大国科技博弈日趋激烈，科技金融的重要性和紧迫性凸显。本文在总结全球技术革命、产业革命与金融革命基础上，结合中国特色科技金融的实践，剖析了科技金融的兴起与发展动因。研究认为：技术—金融范式变革是根本动因，应对大国科技博弈是外因，实现高质量发展是内因。科技金融体系由主体群落和生态环境构成，具有融资支持、资源配置、信息处理、风险管理、监督治理等功能，创新性、混合性、结构性等特征明显，运行机制独特。从本质上而言，科技金融是资本有机构成提高的过程，是技术资本化和资本高能化的过程，更是经济高质量发展的典型形态，发展科技金融的核心要义是培育发展新质生产力。当前，我国科技金融发展处于政府主导阶段，面临诸多主要挑战，应坚持问题导向和目标导向相结合，从资本高能化、投资端改革、强化科技金融顶层设计和系统谋划等出发，更好发挥科技金融对科技创新的推动作用。

［关键词］科技金融；理论解析；创新经济学；技术—金融范式

［基金项目］国家高端智库课题：推动构建中国特色科技金融体系和多元化科技投入格局的政策机制研究。国家社科基金青年项目(21CJY015)。

［作者简介］张明喜，经济学博士，中国科学技术发展战略研究院研究员，研究方向为科技财税与科技金融理论。

Re-analysis of the Science and Technology Finance Theory

ZHANG Ming-xi

Abstract：The game of science and technology among major countries is becoming increasingly fierce,and the importance and urgency of science and technology finance has become prominent.On the basis of summarizing the global technological revolution,industrial revolution and financial revolution,and combined with the practice of science and technology finance with Chinese characteristics,this paper analyzes the cause of the rise and development of science and technology finance.The research holds that the fundamental motivation is the change of technology-finance paradigm,the external cause is to deal with the game of science and technology among great powers,and the internal cause is to achieve high-quality development.The science and technology finance system is composed of a community of subjects and an ecological environment,and has functions such as financing support,resource allocation,information processing,risk management and supervision and governance.It has innovative,mixed,structural characteristics and unique operating mechanism.In essence,science and technology finance is a process of improving the organic composition of capital,a process of technology capitalization and capital enhancement,and a typical form of high-quality economic development.The key point of developing science and technology finance is to cultivate and develop new quality productivity.At present,the development of science and technology finance in our country is at the stage of strong government behavior and faces many major challenges.Therefore, we should adher e to the problem-oriented and target-oriented approach, and proceed from the aspects of capital enhancement, reform on the investment side, strengthen the top-level design of science and technology finance and systematic planning, so that the role of science and technology finance on promoting technical innovation can be better mobilized.

Key words：science and technology finance;theoretical analysis;innovation economics;technology-finance paradigm