Subjects: Other Disciplines >> Synthetic discipline submitted time 2023-03-28 Cooperative journals: 《中国科学院院刊》
Abstract： China has been promoting the combination of science, technology and finance for more than 40 years. A sci-tech finance system covering different links of enterprise technological innovations has been built. However, considering the new situation in the new era of high#2;quality development in China, sci-tech finance is facing major challenges and growing problems, and urgently needs to be further upgraded and developed. This study puts forward four suggestions. First, it suggests improving the financial system based on the law of innovation, so as to build a sci-tech finance system with differentiated positioning and integrated links. Second, it recommends innovating the financial system boldly, such as exploring the establishment of a national policy-oriented science and technology bank, and establishing a lifetime sponsor system on the “New Third Board”. Third, it proposes to further clarify the functional positioning of government venture capital funds, cultivate “patient” capital, and guide social capital to invest in science and technology, small, early, and long-term projects. Finally, the study suggests that the innovation-oriented policy environment should be optimized to provide a strong guarantee for the combination of science, technology and finance.
Subjects: Other Disciplines >> Synthetic discipline submitted time 2023-03-28 Cooperative journals: 《中国科学院院刊》
Abstract： Innovation always originates from scientific research (basic research and applied research). Investing in scientific research can create new products and new industries, and bring continuous and huge profit. It appeals to a wide range of social investment from market to fund scientific research in recent years. Such economical return, however, is often thwarted by the high risk and uncertainty of scientific research. The main obstacle to the social investments funding scientific research is analyzed in this paper and then some examples are presented as well. It illustrates that it is crucial for public policy to shorten the gap between the science and market in order to make it easier for all kinds of social capital to support innovation. The main challenge for policy makers is to determine the priority of innovation and to reduce the risks, and it is of great essence to construct a supportive system for social investment funding scientific research.
Subjects: Other Disciplines >> Synthetic discipline submitted time 2023-03-28 Cooperative journals: 《中国科学院院刊》
Abstract： It is one of the key tasks of science and technology in China to adjust the investment structure of basic research funds and accelerate the construction of multiple investment pattern. The National Natural Science Foundation of China (NSFC) plays an important role in leveraging diversified investment in basic research. At present, the joint funds are the main way for NSFC to guide diversified investment in basic research in China. It is a successful exploration for NSFC to meet national needs, guide diversified investment, promote resource sharing and multilateral cooperation. Nevertheless, on the one hand, the cooperation of the joint funds is limited to state-owned organizations, institutions, and enterprises, but has not been extended to private sectors. On the other hand, the management system and operation mode cannot fully reflect the inherent property of the cooperative investment of the joint funds. Thus, it is suggested that the joint funds break through the boundary between public and private sectors in terms of management philosophy to realize the transformation to the public-private partnership (PPP) cooperation model of R&D; set up a relatively independent “Joint Funds Management Center” to improve the governance system and mechanism; establish and improve the evaluation criteria and mechanism for the utilization of results that are in line with the characteristics of the joint funds. In the new stage of development, it is necessary to solve the long-standing problem that NSFC has been unable to receive donations from society. Based on the analysis that the NSFC’s acceptance of social donations is a “public trust” behavior, this study figures out that NSFC should first be given the qualification and identity to accept social donations legally and in compliance. It is suggested to set up a “China Science Fund Public Trust Center” to break through the existing institutional barriers and promote the NSFC to accept social donations.
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