What are the "obstacles" for banks to support technological innovation?

What are the "obstacles" for banks to support technological innovation?

Promoting the construction of an innovative country and accelerating the transformation and upgrading of the economic structure are the top priorities facing the current economy and society. In this process, the role of finance is particularly important. As the blood of economic activities, finance plays a guiding, supporting and promoting role in promoting scientific and technological innovation and guiding the effective allocation of social resources. How to remove the "obstacles" of financial services from the institutional mechanism and promote the transformation of China's economy from factor-driven and investment-driven to innovation-driven, the financial industry has a lot of work to do.

-Yav

■ China's high-tech enterprises generally face the problem of "difficult and expensive financing", and related financial constraints have become a "roadblock" for the development of innovative economy. Under the current financial structure dominated by indirect financing, it is an important hurdle for China's scientific, technological and financial development to fully tap and play the role of the banking system and promote the reform of relevant mechanisms and systems.

■ At present, China's science and technology banks are dominated by science and technology branches, and science and technology branches and science and technology microfinance companies coexist. However, neither the science and technology sub-branches established by commercial banks nor the science and technology micro-loan companies initiated by private capital are the "ideal model" of science and technology banks, and they are not real science and technology banks.

■ Compared with the technological innovation of enterprises, the credit varieties of commercial banks in China can provide less financing means, and there are not many incentives and methods for innovation in credit varieties, financing methods and settlement services. Especially for the technological innovation of small and medium-sized enterprises, there are few credit varieties and financing means to choose from, and the credit products are not targeted. The existing loan approval process cannot meet the characteristics of "soft, small, frequent and urgent" loans for small and medium-sized enterprises.

□ Li Ruoyu

Accelerate the service innovation of technology and finance in the banking system.

In February, 2006, the State Council issued the Outline of the National Medium-and Long-Term Scientific and Technological Development Plan (2006-2020), which started the period of rapid development of technology and finance in China, and the service innovation in technology and finance was obviously accelerated. As far as the banking system is concerned, there are mainly the following aspects:

1. Accelerate the establishment of scientific and technological branches.

In 2007, the All-China Federation of Industry and Commerce submitted a proposal to the "two sessions" to set up a science and technology bank, suggesting that it should be piloted in qualified national high-tech parks. Science and technology bank refers to a banking institution that provides financing services for small and medium-sized science and technology enterprises. Its business mainly provides products and services for high-tech enterprises related to technological innovation, such as technology introduction, technology research and development, new product testing and promotion. The "Silicon Valley Bank" in the United States is a typical successful technology bank. On the basis of referring to the mode of "Silicon Valley Bank" in the United States and combining the objective reality of China's financial development and financial system, China Science and Technology Bank was established in the form of "Science and Technology Branch".

In 2008, under the impetus of the Ministry of Science and Technology, the People's Bank of China and the China Banking Regulatory Commission, local science and technology departments of various provinces and cities actively cooperated with local banking regulatory commissions and financial institutions to promote domestic commercial banks to set up science and technology branches to provide financial services for science and technology enterprises. Since June 5438+October 2009 10, the first two national science and technology sub-branches were established in Chengdu, science and technology sub-branches have blossomed all over the country, and mainstream commercial banks have set up science and technology sub-branches in succession. By the end of 20 13, * * had established more than 60 science and technology sub-branches, and Jiangsu Province was the province with the largest number of science and technology sub-branches. On October 20111010, the Sino-US joint venture Shanghai Pudong Silicon Valley Bank was established, which is the first technology bank with independent legal person status in China.

In order to better serve small and medium-sized science and technology enterprises, science and technology sub-branches usually enjoy the special policy of "one line, two systems". According to the characteristics of small and medium-sized science and technology enterprises, science and technology sub-branches have carried out various financial innovations. It mainly includes: establishing a special bank loan evaluation index system; Introducing scientific and technological experts into the bank loan review Committee; Provide a variety of financial products and services mainly based on intellectual property pledge loans, and innovate a large number of "weak guarantee and weak mortgage" credit products; Cooperate with venture capital institutions, guarantee companies and other financial institutions to innovate business models; Explore the establishment of a separate loan risk tolerance and risk compensation mechanism.

2. Rapid development of science and technology microfinance companies

Since the CBRC and the People's Bank of China started the establishment of microfinance companies in 2008, some parts of the country have started the work of science and technology microfinance. In 2009, Tianjin Science and Technology Microfinance Co., Ltd., the first microfinance company in China, was established. 20 10 Jiangsu launched the pilot project of science and technology microfinance company. Tianjin Science and Technology Microfinance Company is only a microfinance company for small and medium-sized science and technology enterprises, and its innovation in system and business model is very limited. However, the pilot science and technology microfinance company in Jiangsu adopted a new model of "combining investment with loan", which broke through the tradition.

Pilot science and technology microfinance companies can engage in venture capital business, and the funds are not higher than 30% of the company's net capital. Since the pilot, as of 20 13, more than 50 small-scale science and technology loan companies have been established in Jiangsu province, mainly distributed in national and provincial high-tech parks, economic development zones above the provincial level and national university science parks. In addition, Beijing, Zhejiang, Guangdong, Hebei and other regions are also actively carrying out pilot projects of small-scale technology loan companies, or promoting local small-scale loan companies to issue loans to small and medium-sized technology enterprises.

3 to carry out pilot work to promote the combination of science and technology and finance.

2011110 In October, the Ministry of Science and Technology, together with the People's Bank of China, the China Banking Regulatory Commission, the China Securities Regulatory Commission and the China Insurance Regulatory Commission, issued the Notice on Determining the First Pilot Areas for Promoting the Integration of Science, Technology and Finance. Determine Beijing Zhongguancun Demonstration Zone, Tianjin, Shanghai, Jiangsu, Zhejiang "Hangzhou-Wenzhou-Hangzhou-Ningbo" area, Anhui Wu He-Bengbu Independent Innovation Comprehensive Experimental Zone, Wuhan, Changsha High-tech Zone, Guangdong "Guangfo-Dongguan" area, Chongqing, Chengdu High-tech Zone, Mianyang, Guanzhong-Tianshui Economic Zone (Shaanxi), Dalian, Qingdao and Shenzhen.

Various distinctive innovations in financial products and services have been carried out in the pilot areas, such as the establishment of a special fund for risk compensation and reward for the growth of science and technology credit in Jiangsu Province and a special fund for loan risk compensation for the transformation of scientific and technological achievements. Chengdu High-tech Zone has explored a new financing model with government guidance, active participation of private funds, corporate equity financing and debt financing as the main body. Zhongguancun National Independent Innovation Demonstration Zone and other places actively explore intellectual property pledge loans. Wuhan has built a service model of "science and technology venture capital+special bank loans", Shanghai has innovated bancassurance cooperation products and launched "performance guarantee insurance loans for small and medium-sized science and technology enterprises" and so on. According to the statistics of the Ministry of Science and Technology, in 20 13, 342 technology and finance policies were issued in the national 16 pilot areas, and the total amount of special funds for technology and finance established in Shanghai, Zhejiang and other 1 1 areas reached 3.2 billion yuan, establishing a diversified, multi-level and multi-channel science and technology investment and financing system.

20 14, 14 In June, the Ministry of Science and Technology, together with the People's Bank of China, the China Banking Regulatory Commission, the China Securities Regulatory Commission, the China Insurance Regulatory Commission and the Intellectual Property Office, jointly issued the Opinions on Vigorously Promoting Institutional Mechanism Innovation and Serving technology and finance Solidly, proposing to speed up the pilot work of combining science and technology with finance, start the second batch of pilot work in due course, and include more fields in the pilot scope.

What problems does the banking system face in supporting scientific and technological innovation?

1. The banking system has "congenital deficiency" in supporting scientific and technological innovation.

Both theory and experience show that the financial support efficiency of capital market for technological innovation is much higher than that of credit market, which is also an important reason why the United States has become a global technological innovation center and a leader of industrial revolution. However, for a long time, the banking system has been the core and main body of China's financial system, and it will take time to establish and improve a multi-level capital market system and compare the capital market with the credit market. Under the existing financial system in China, bank credit is still the main body of social financing.

In terms of stock, by the end of 20 14, local and foreign currency loans in the real economy accounted for 69% of the stock of social financing scale; In terms of flow direction, in 20 14 years, local and foreign currency loans of banks accounted for 6 1.6% of the newly-increased social financing scale. Under the existing financial system, the external financing of science and technology enterprises still needs to be solved in the form of commercial bank credit to a large extent.

However, there is a natural contradiction between the prudent operation principle of commercial banks and the high-risk characteristics of technological innovation, which has become an institutional obstacle for the banking system to support technological innovation. The business model of traditional banks is to absorb depositors' deposits and issue loans. The main source of funds for commercial banks is the savings funds of depositors who pursue risk-free and low returns. Therefore, banks will be very cautious when applying these risk-free savings funds to the field of scientific and technological innovation with distinctive "four highs" characteristics (that is, high technology content, high investment, high growth and high risk).

In fact, regulators in various countries have put forward stricter regulatory requirements for the safety and liquidity of bank assets. Banks' social tolerance for the risks they face is lower than that of other financial institutions, so they must have more prudent business strategies, emphasize prudent operation and be subject to stricter regulatory constraints. Generally, they are reluctant to lend to high-risk projects or high-risk enterprises.

For China's commercial banks, under the strict requirements of separate operation, the long-term operating inertia and institutional defects make the banks lack the motivation to support scientific and technological innovation. First, according to the principle of "separate operation", commercial banks are not allowed to enter the investment banking business except for taking deposits, issuing loans and engaging in some intermediary business. Therefore, commercial banks can't bear the high risk of investment in science and technology, and they don't have relevant professionals. Second, the existing commercial banks have been limited to the operation of mature traditional industries, limited to the customer marketing and maintenance of traditional industries, and often lack understanding of the operating characteristics and laws of technology-based enterprises and emerging industries. Third, the loan issuance of existing commercial banks usually needs to be realized through tangible material mortgage and enterprise guarantee. However, the characteristics of the majority of science and technology enterprises do not meet the requirements of banks for credit customers, such as more "soft assets" such as intellectual property rights and less traditional physical collateral such as fixed assets; There are many small and medium-sized enterprises, few large enterprises, strong professionalism and many uncertain factors. The traditional customer-oriented development model of "big loans and centralized loans" of banks is not suitable for the characteristics of "small, scattered and specialized" of science and technology enterprises.

2. Small and medium-sized science and technology enterprises have become the service "blind spots" of the banking system.

In China's current banking system, there are three types of financial institutions that provide technology loans: technology banks, commercial banks and policy banks in the formal banking system. At present, the realization forms of domestic science and technology banks are science and technology sub-branches, joint venture banks with independent legal personality (Shanghai Pudong Silicon Valley Bank) and science and technology micro-loan companies.

From the reality, there is still a big gap in science and technology loans, especially for small and medium-sized high-tech enterprises. Due to the lack of professionalism and risk control ability, small and medium-sized commercial banks have not played their due roles in science and technology loans for small and medium-sized science and technology enterprises. Due to the limitation of financial resources and existing functional orientation, as well as the inherent defects in operation, the support of policy banks for science and technology loans to small and medium-sized science and technology enterprises is limited. Although large commercial banks have a lot of surplus financial resources, due to their scale mismatch and risk control requirements, their supply of technology loans to small and medium-sized technology enterprises is extremely limited. As a franchise institution serving small and medium-sized science and technology enterprises, the Science and Technology Bank is small in scale and weak in strength, and it is difficult to make up for the gap in science and technology loans.

3. Policy banks lack support for innovation.

China's three existing policy banks, namely Agricultural Development Bank, The Export-Import Bank of China and China Development Bank, have their own emphases, and all provide some financial services to support scientific and technological innovation to a greater or lesser extent, but none of them are committed to the market positioning of scientific and technological innovation, and policy banks have been absent from supporting scientific and technological innovation for a long time. From the perspective of responsibilities and positioning, the service technology innovation of these three banks belongs to the "sideline" carried out by the way, and their business center and work focus are not here.

From the perspective of actual business development, the balance of science and technology loans of China Development Bank, which has the greatest support for scientific and technological innovation, was1410.6 billion yuan at the end of 2065, accounting for only 2.6% of its total loan balance. Among science and technology loans, science and technology-based SME loans only account for 1.7%. By the end of 20 1 1, the balance of science and technology loans in The Export-Import Bank of China was 7142.4 billion yuan, accounting for only 5.2% of the total loan balance, and the loans of small and medium-sized science and technology enterprises only accounted for 6.9%.

4. Lack of real technology banks

At present, China's science and technology banks are dominated by science and technology branches, and science and technology branches and science and technology microfinance companies coexist. However, neither the science and technology sub-branches established by commercial banks nor the science and technology micro-loan companies initiated by private capital are the "ideal model" of science and technology banks, and they are not real science and technology banks.

There are the following problems in the development of China's science and technology sub-branches: First, science and technology sub-branches have no independent legal person status, can't operate independently, be responsible for their own profits and losses, and lack autonomy and flexibility in operation. Second, the credit basis of financial transactions of Science and Technology Sub-branch comes entirely from the parent bank. Despite the policy of "one line, two systems", the business of science and technology sub-branches is still restricted by the head office's risk preference, risk tolerance and performance appraisal system. Third, the risk control mechanism of science and technology branches is not much different from that of traditional banks, and the phenomenon of over-reliance on tangible collateral is widespread, while intangible intellectual property pledge financing is often a mere formality. Fourth, technology and finance products provided by science and technology sub-branches are relatively single, and science and technology loans are still the most important business model, which fails to better meet the financing needs of science and technology enterprises. Fifth, there are alienation problems that restrict the development of technology banks, such as strong administrative color and excessive government intervention. Sixth, the staff of science and technology sub-branches are drawn from the existing staff. They often lack understanding of the development trends and business models of high-tech industries and enterprises, and lack high-quality professionals.

As the only independent technology bank and the first real technology bank, Shanghai Pudong Silicon Valley Bank has a small scale, with a registered capital of only 654.38 billion RMB and limited business. At present, we can only carry out onshore dollar business for enterprises. The funds used by science and technology microfinance companies to provide services in science and technology and finance come from their own funds and interbank lending, and their lending ability is not strong.

In addition, subject to the financial system of separate operation and supervision, the technology banks initiated by China are basically based on creditor's rights. Because commercial banks are not allowed to invest in non-bank financial institutions and enterprises, science and technology sub-branches cannot realize the profit model of "creditor's rights plus equity" of Silicon Valley banks. Moreover, the current venture capital market in China has just started, and technology banks lack contact with venture capital.

5. The products and services of commercial banks are single, and the support for innovation is not targeted.

Compared with the technological innovation of enterprises, the credit varieties of commercial banks in China can provide less financing means, and the innovation power and methods in credit varieties, financing methods and settlement services are insufficient. Especially for the technological innovation of small and medium-sized enterprises, there are few credit varieties and financing means to choose from, and the credit products are not targeted. The existing loan approval process cannot meet the characteristics of "soft, small, frequent and urgent" loans for small and medium-sized enterprises.

At present, domestic mainstream commercial banks have designed a series of "weak guarantee" measures or financial products, such as accounts receivable pledge, equity pledge, intellectual property pledge, order pledge, export tax rebate pledge, inventory pledge, invoice financing, rent receivable factoring, contract energy management, etc. However, because the internal incentive and assessment mechanism of the bank is not in place, the marketing enthusiasm of the account manager is not high, and the decision-makers are unwilling to take greater risks. The actual entry threshold of technology enterprises has not been lowered, and "strong guarantee" is still the mainstream guarantee method for banks to provide such customers. Most commercial banks still use traditional mortgage and guarantee methods, while few banks carry out innovative business such as patent certificate pledge and intellectual property pledge.

6. The mechanism of enhancing trust in scientific and technological innovation is weak.

The problem of asymmetric loan risk and income of small and medium-sized science and technology enterprises can be solved by mortgage, guarantee and other credit enhancement methods. At present, when banks provide loans to technology enterprises, the collateral is still mainly land and factories. Due to the liquidity restriction of collateral, the scale of mortgage loans such as intellectual property pledge loans and inventory pledge loans is limited. It is reported that among the 6,543,800+6,300 patents owned by China, only 682 patents were pledged by banks in recent ten years, accounting for less than 0.05%, and the total financing amount was less than 5 billion yuan.

From the international experience, the credit guarantee mechanism is usually set up by the government, not the commercial guarantee mechanism. Because the government's credit is much higher than that of commercial guarantee companies, the credit guarantee mechanism mainly established by the government can not only share risks with banks, but also reduce the financing cost of enterprises. However, commercial guarantee is the mainstream in China. By the end of 20 13, the share of China, a financing guarantee legal person institution in China, was 23.5%, and the share of private and foreign holding was 23.5% and 76.5% respectively. The guarantee rate of 3% to 5% required by commercial guarantee companies greatly increases the financing cost of SMEs. In order to avoid risks, commercial guarantee companies usually put forward counter-guarantee requirements, requiring loan customers to pay deposit and risk reserve, which increases the burden on enterprises.

Starting from the system and mechanism to promote the scientific and technological innovation of banking system services

1. Guide commercial banks to promote the innovation of science and technology credit products and service models and increase the supply of science and technology loans.

In the current regulatory environment where the credit scale is generally tight, the risk prevention and control of banks and the pressure of responsibility are great, we can learn from the state's credit support policies for agriculture, rural areas and small and micro enterprises and give certain policy inclination to science and technology loans. For example, giving discount, requiring "two not less than", implementing differential deposit reserve ratio, relaxing provision policy, giving priority to supporting science and technology credit securitization, etc.

Encourage commercial banks to enrich the technology credit product system and innovate the service model of technology and finance. On the premise of effectively preventing risks, support banking financial institutions to cooperate with venture capital, securities, insurance, trust and other institutions to innovate cross-cutting financial products. We will comprehensively promote the innovation of financial products that meet the characteristics of scientific and technological enterprises, and gradually expand the scale of warehouse receipts, orders, accounts receivable, industrial chain financing and equity pledge loans. Encourage banking financial institutions to innovate repayment methods and develop and improve credit models suitable for the financing needs of technology enterprises. Actively provide one-stop and systematic financial services such as account opening, settlement, financing, wealth management, consulting, cash management and international business for technology enterprises.

Let go of the restrictions on the cooperation mode between banks and venture capital institutions. At present, the cooperation mode between commercial banks and venture capital institutions in China is still in a rough business cooperation relationship, that is, the cooperation mode between banks and venture capital companies or private equity institutions is "financial consultation+multi-faceted financing services", in which banks play the roles of financial consultants, project recommendation agents and asset custodians. If we relax the restrictions on the cooperation between commercial banks and venture capital institutions in China and allow banks to invest or lend to venture capital institutions, it will be beneficial to the organic combination of the two.

Develop large financial holding companies to support scientific and technological activities, for example, set up subsidiaries to participate in investment banking and venture capital business with the participation of commercial banks, and provide funds for emerging industries in the initial stage in a variety of creative ways, so as to play the role of an integrated financial service platform and avoid the principle of "separate operation". Banks can be appropriately relaxed to set up or participate in new financial institutions serving emerging industries, such as setting up investment funds or venture capital funds or financial leasing companies specializing in strategic emerging industries for commercial banks. If it meets the existing access standards, the approval process can be accelerated to achieve priority access, and even the conditions can be appropriately relaxed on the basis of the existing access standards.

2. Explore the feasibility and development model of establishing professional policy banks.

Due to the strong positive externalities of science and technology, it is necessary to have financial institutions that shoulder historical responsibilities, do not pursue short-term returns and are willing to take risks to support the growth of small and medium-sized science and technology enterprises. This is the meaning of policy finance. South Korea has rapidly developed into one of the top ten industrial powers in the world within 60 years, which is closely related to the availability of policy and financial support. We can learn from South Korea's experience, integrate financial investment funds scattered in many departments, and explore the establishment of policy banks to support innovation. Policy banks directly lend to small and medium-sized scientific and technological enterprises, and can also provide them with credit guarantees and interest subsidies, and also provide loans for venture capital, thus producing a demonstration effect and playing a role of four or two.

3. Establish specialized science and technology banks to support the financing of science and technology innovative enterprises.

The establishment of science and technology bank can not only provide targeted and efficient financial services for fully commercialized and industrialized scientific and technological resources, but also mobilize social resources to invest in the field of scientific and technological innovation to the maximum extent, and also find a docking platform for government financial investment and fully market-oriented private capital investment. In the long run, the target model of establishing independent technology banks in China in the future is the Silicon Valley Bank model in the United States. Therefore, we should learn from the main practices and successful experiences of Silicon Valley banks in the United States. On this basis, combined with China's basic national conditions, we will cultivate and establish a market-oriented, professional, localized, interactive and independent technology bank. On the basis of accumulated experience, with the adjustment of national policies and the improvement of business environment, professional technical banks should be gradually established.

Specialized science and technology banks should be banks with independent legal personality. In practice, there are three ways to set it.

First, a joint-stock science and technology bank with the participation of commercial banks and other investors has been newly established. Relevant legislative departments and banking supervision departments should formulate special laws and regulations such as the Law on Science and Technology Banks and the Measures for the Administration of Science and Technology Banks in a timely manner to regulate the operation of science and technology banks. The state should introduce policies to give necessary support to the establishment of science and technology banks in terms of registered capital, sources of funds and business scope, especially to allow science and technology banks to engage in innovative financial services such as equity investment. In order to realize the diversification of investment subjects of science and technology banks, social capital should be encouraged to participate in science and technology banks, such as introducing foreign strategic investors and encouraging domestic private capital to participate in the establishment of science and technology banks, so as to improve the organizational structure of science and technology banks.

Second, the technology sub-branches of commercial banks have been transformed into independent technology banks. With the continuous expansion of the existing science and technology loan business of science and technology sub-branches, the risk control ability is improved, and a more mature profit model is gradually developed. Science and technology sub-branches can be separated from the original commercial banks and set up science and technology banks, which can be transformed into independent science and technology banks. Consider merging and reorganizing small and medium-sized commercial banks or science and technology branches with the attributes of science and technology banks nationwide. It is necessary for the national financial management department to issue relevant policies as soon as possible, and give support in the aspects of license application, institutional setup and capital demand.

The third is to encourage private capital to set up specialized technology banks. At present, the state has gradually liberalized the restrictions on private capital to participate in the establishment of commercial banks. In the future, we should actively promote more social capital to set up small and medium-sized science and technology banks with high degree of specialization, and release the innovative vitality of social capital in science and technology credit management and asset risk control through system reform.

4. Actively develop non-bank financial institutions and organizations that serve scientific and technological innovation.

Financial leasing companies and science and technology microfinance companies are the main non-bank financial institutions that serve scientific and technological innovation. Encourage qualified microfinance companies and financial leasing companies to raise funds through asset securitization and bond issuance. Improve the regional adaptability of science and technology microfinance companies, gradually promote the pilot work of science and technology microfinance companies, and extend this model to economically and financially developed areas. Strengthen the cooperation and exchange of venture capital institutions of science and technology microfinance companies, and increase their ability to resist risks. Reasonably increase the leverage ratio of science and technology microfinance companies and increase the ability to supply funds. The government should introduce preferential policies for science and technology microfinance companies and set up risk reserves to promote their sustainable development.

5. Take the government as the main body, and improve the loan risk sharing mechanism and credit guarantee mechanism of scientific and technological innovative enterprises.

Improve the loan risk sharing mechanism of scientific and technological innovative enterprises: first, encourage local governments at all levels to establish a loan risk compensation fund for scientific and technological small and medium-sized enterprises, and improve the credit risk sharing mechanism through interest subsidies for scientific and technological loans; The second is to establish a policy insurance institution for technological innovation of SMEs. The source of funds for policy insurance institutions is mainly government financial allocation to attract other funds to participate in the stock market, and the insurance target is small and medium-sized enterprises with technological innovation.

Establish a national credit guarantee framework to guide provincial and municipal governments to establish a government-led credit guarantee mechanism for small and medium-sized science and technology enterprises as soon as possible. The government can set up a special guarantee company or fund to provide guarantee services for the financing of small and medium-sized science and technology enterprises. By concentrating limited financial funds and establishing a non-profit credit guarantee mechanism, credit guarantee will return to the policy mission. In fact, the existing high-tech guarantee system in China is mainly funded by local governments, which has some problems, such as low guarantee level, narrow coverage and insufficient total guarantee funds, which is still far from the requirements of the market system for high-tech guarantee. To improve the guarantee system of scientific and technological innovation in China, it is also necessary to establish a guarantee mechanism jointly funded by the central and local governments.

(Author: National Information Center)