Data source: National Intellectual Property Administration, China Banking and Insurance Regulatory Commission, etc.

Innovation is the first driving force for development. In recent years, driven by the innovation-driven development strategy, China's high-tech industry is in the ascendant, a number of innovative enterprises with international competitiveness have accelerated their development and growth, and scientific and technological innovation achievements have emerged one after another, among which the financial industry has provided strong support. In order to increase support for scientific and technological innovation and enhance the competitiveness of science and technology enterprises, what effective methods have the financial sector explored and formed? How to further exert efforts in the future? The reporter conducted an investigation and interview.

Patent pledge + credit guarantee fund guarantee, financing problems are solved

This Spring Festival, Wu Shang, the head of Zhejiang Zhongze Precision Technology Co., Ltd., was in a particularly good mood. Before the Spring Festival, the problem of factory production line transformation that had been bothering him was solved.

Wu Shang said that the company is an innovative small and micro enterprise in Jiaxing City, Zhejiang Province, mainly engaged in the research and development and production of lithium battery covers and battery core aluminum shells for new energy vehicles. "The aluminum shell of the battery cell we developed adopts a minimalist design. It is about 50% lighter than ordinary products on the market, and has a larger internal space and better explosion-proof performance. With its technological advantages and excellent product quality, the company received an order of nearly 100 million yuan from a leading company in the industry at the end of last year."

This should be a happy thing, but Wu Shang was in trouble. "With a large order, the company needs to further increase its production capacity in the new year, and at the same time increase the purchase of raw material aluminum. Whether it is equipment transformation, establishing a more automated assembly, stamping, and injection molding production line, or increasing the purchase of raw materials, it requires a considerable amount of capital investment, and the company's cash flow pressure has risen all of a sudden."

Can I apply for a bank loan to solve the financial difficulties? "The company is a light-asset technology-based enterprise and lacks collateral. It is not easy to find a bank loan." Wu Shang said.

In early January this year, Shi Mengjiao, a customer manager of the Zhejiang Jiaxing Science and Technology Branch of the Agricultural Bank of China, learned about the company's situation and gave Wu Shang an idea.

"The company has patented technology for lithium battery power cover structure, and can use patent rights for pledge financing." Shi Mengjiao said that in the past, loans were mainly mortgaged by real estate such as houses and factories. Now, in order to better provide financing support for light-asset technology companies, banks are actively innovating loan mortgage guarantee methods, allowing companies to apply for loans by pledging patent rights and other intellectual property rights.

Wu Shang was overjoyed and applied for a loan of 2 million yuan on the spot with the help of Shi Mengjiao. "This is a great help to me. I didn't expect the funds to be settled so quickly."

"With sufficient financial support, the company's innovative achievements can be smoothly put into production, and R&D investment can get an ideal return. I am more confident that the company will take the path of innovation and development." Wu Shang said.

The happy things are not over yet. In order to meet the financing needs of innovative enterprises, the local government has established a credit guarantee fund led by government departments and jointly funded by financial institutions and other organizations to provide financing credit guarantees for small and micro enterprises that are in line with industrial policy orientation, have high technological content and good growth potential, and increase the loan amount of enterprises through the "patent pledge + credit guarantee fund guarantee" method. In less than a week, with the support of the credit guarantee fund, Wu Shang obtained a new approved loan of 5 million yuan with a preferential interest rate.

Nowadays, like Wu Shang, more and more technology companies have become guests of honor of financial institutions, and the successful practice of supporting enterprises to carry out technological innovation has blossomed everywhere. Ping An Group adopts an investment-loan linkage model to provide financial support for Guangzhou Science City Investment Group, successfully issuing renewable corporate bonds with a total scale of 4.6 billion yuan, helping to build an international science and technology innovation center and cultivate three emerging industrial clusters of new generation information technology, artificial intelligence, and biomedicine. China Construction Bank has explored the implementation of "talent loans" in Shandong, Jiangsu and other places, providing credit support to enterprises with various high-end talents and leading talents according to talent conditions, helping more enterprises achieve innovative development. In 2020, the total amount of financing for patent and trademark pledge in China reached 218 billion yuan, a year-on-year increase of 43.9%.

"The technology industry and technology companies have certain particularities, so financial institutions need to launch more tailor-made and targeted financial products." A relevant person in charge of the China Banking and Insurance Regulatory Commission said that they will improve financial support policies and measures for technological innovation, promote financial institutions to increase product and service innovation, explore intellectual property pledge, supply chain financing, innovation and entrepreneurship financial bonds, equity funds, industrial funds, angel investment and other products and services, broaden the diversified financing channels for technology-based enterprises, and improve the level of financial services for technological innovation.

"Points" can increase credit, tools can be "packaged", and there are many ways for finance to help technological innovation

Accelerating technological innovation is necessary to build a new development pattern and promote high-quality development. In recent years, the financial sector has continuously made new explorations to improve its ability and level of serving technological innovation, so that more financial "living water" can flow to the heights of innovation.

--Quantifying innovation capabilities, helping financing and credit increase, and making it easier for enterprises to get loans.

"The company's corporate innovation score is 67 points, and it obtained a bank loan of 6.89 million yuan based on this." Yao Ruoxuan, head of Hangzhou Weimude Technology Co., Ltd., said that this was a new thing he had encountered recently.

What are corporate innovation points? Bao Zuming, director of the Zhejiang Banking and Insurance Regulatory Bureau, introduced that this is a new initiative launched by Hangzhou to quantify corporate innovation capabilities and help companies increase financing and credit. Through a comprehensive assessment of corporate innovation investment, R&D platforms, innovation outputs, growth and other aspects, it can accurately evaluate the innovation capabilities of companies at different development stages and give corporate innovation points. "We will connect the Zhejiang Provincial Financial Comprehensive Service Platform with the corporate innovation points system, organically coordinate government public data, bank financial services, and corporate financing needs. Banks use the results of corporate innovation points evaluation to convert corporate innovation capabilities into real credit lines. At present, local banks have completed a total of 150 million yuan in credit in this way."

In addition, Zhejiang Province has strengthened the sharing of data and information of science and technology enterprises among different departments, established a list of financial services for science and technology-based small and medium-sized enterprises, and widely developed science and technology financial products based on enterprise innovation evaluation, credit information, and business flow data to provide enterprises with differentiated and precise financial services.

"Innovation ability is the most valuable capital of enterprises. In the next step, more banking institutions will be supported to use enterprise innovation points and data to develop exclusive loan products to promote the increase and expansion of science and technology financial services." Bao Zuming said.

--The insurance industry and the capital market work together to provide more comprehensive financial support.

The "Blue Whale 1" used for the exploitation of combustible ice in the South China Sea, the domestic floating production storage and offloading platform "Hope 6", and the electric locomotive exported to Southeast Asia...The launch of the first major technical equipment insurance business provides strong guarantees for the research and development and production of these advanced equipment.

According to relevant persons in charge of China Ping An Property Insurance Co., Ltd., some large-scale advanced equipment are complex in technology and high in value, which requires large capital investment and risks for manufacturers. The first-unit insurance uses a market-oriented operation mechanism to help enterprises effectively disperse the potential liability risks of products, reduce equipment warranty costs, and speed up the capital turnover of enterprises, which is conducive to improving product competitiveness and promoting better promotion of new equipment.

In recent years, the pilot work of the insurance compensation mechanism for the first-unit major technical equipment has been carried out smoothly in China. The central government provides certain premium subsidies to insured enterprises, which has effectively promoted the technological innovation and market application of the first-unit major technical equipment. At the same time, the insurance industry has designed a number of insurance products around the application of technological innovation, such as technology research and development expense loss insurance, technology-based enterprise business interruption insurance, and technology transfer service contract credit insurance, so that the diversified technological protection needs of enterprises are better met.

In the capital market, the Shanghai Stock Exchange established the Science and Technology Innovation Board and piloted the registration system to support and encourage "hard technology" enterprises to be listed on the Science and Technology Innovation Board; the reform of the Growth Enterprise Market and the pilot registration system were successfully implemented, and the service capacity for innovative enterprises was enhanced. In addition, relevant departments actively support qualified innovative and entrepreneurial enterprises to issue corporate bonds. As of the end of June 2020, the cumulative financing amount of innovative and entrepreneurial bonds was 15.1 billion yuan.

Promote resource integration, improve service efficiency, and inject stronger financial impetus into technological innovation

For the financial industry, how to better support technological innovation is a new challenge and a new opportunity for its own high-quality development. Experts believe that in the future, efforts should be made to continuously innovate systems and mechanisms, build professional institutions, and inject stronger financial impetus into technological innovation.

--Improve the construction of systems and mechanisms, and strengthen the integration of resources from all parties.

The work related to financial support for technological innovation involves a wide range of areas, and it is necessary for relevant departments in the fields of finance, science and technology, and industry to strengthen coordination and cooperation and establish an efficient coordination mechanism. Many industry insiders interviewed by the reporter said that to improve the level of financial technology services, it is especially necessary to open up information "highways", strengthen information interconnection, strengthen the planning and construction of relevant databases, establish and improve the technology and financial information platform, and realize the efficient collection and integration of relevant data, thereby improving service efficiency.

"To solve the problems that some financial institutions are afraid to do or not know how to do in the process of supporting technological innovation, we should further improve the risk-return matching and risk-sharing mechanism." Zeng Gang, deputy director of the National Finance and Development Laboratory of the Chinese Academy of Social Sciences, said that we should actively explore the combination of various financial means such as investment-loan linkage, banks and insurance, and establish a financing service system covering the entire life cycle of technological innovation. On the one hand, financial institutions need to actively explore innovation. On the other hand, regulatory authorities should also establish a differentiated regulatory system based on the characteristics of financial business models such as investment-loan linkage to create better conditions for the development of science and technology finance.

Some places are actively promoting the integration and docking of financial and technological resources to strengthen professional complementarity. Bao Zuming said that Zhejiang's financial regulatory authorities will guide banking and insurance institutions to deepen strategic cooperation with scientific research platforms and industrial incubation and cultivation platforms such as Zhijiang Laboratory and Zhejiang University Hangzhou International Science and Technology Innovation Center, build and share together, empower each other, and promote the transformation and industrialization of scientific and technological achievements.

--Support the construction of professional institutions and improve the efficiency of financial services.

Zeng Gang believes that the multi-level system of specialized science and technology financial institutions should be improved, and qualified banking institutions should be encouraged to set up science and technology financial departments, science and technology branches, etc., and qualified insurance companies should be encouraged to set up specialized science and technology insurance institutions or departments, and a supporting and improved supervision mechanism for specialized science and technology institutions should be established to better encourage and guide specialized science and technology institutions to provide financial support for innovative enterprises. "In addition, in important carriers of scientific and technological innovation such as national high-tech zones, commercial banks should be encouraged to set up science and technology branches, and support the development of intellectual property pledge financing and other services." Zeng Gang said.

A relevant person in charge of the China Banking and Insurance Regulatory Commission said that in the future, it will comprehensively consider policy orientation, market demand, institutional development and talent team, and comprehensively consider the necessity and feasibility of establishing professional science and technology insurance companies. It will encourage and support qualified financial entities to establish professional science and technology insurance companies on the premise of compliance with the law.

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