习近平总书记指出，“发展新质生产力是推动高质量发展的内在要求和重要着力点，必须继续做好创新这篇大文章，推动新质生产力加快发展”。培育和发展新质生产力，以科技创新推动产业创新，离不开包括债券市场在内的金融市场的支持和助力。作为服务实体经济直接融资的重要渠道，债券市场将不断提升债券融资服务水平、提高资金配置效率，有效引导资金流向科技创新和绿色领域，深化金融科技赋能，开创债券市场服务支持新质生产力实现高质量发展的新局面。
优化提升债券融资服务，精准支持科创公司。一是探索提升制度包容性，完善科创债市场建设。简化完善科创债发行流程，合理设计交易机制，鼓励提供优质企业科创债的做市服务。探索优化完善风险分担、中介机构选择、第三方估值等配套机制，加大科创企业支持力度，有效促进科技、产业、金融良性循环。二是加大各类债券的组合支持力度，形成资金合力。鼓励科创领域资产以高科技产品的知识产权、专利等为基础资产开展资产支持证券业务，考虑适当调整地方政府专项债投向与科技创新相关的方向和领域，加强对科技创新领域的精准支持和资金直达。三是丰富科创债市场投资者结构，鼓励风险投资基金、私募股权投资基金等开展科创债投资，鼓励市场主要投资者加大科创债投资力度，有效引入更多长期资金参与科创企业成长。
加强绿色债券市场建设，推动绿色生产力发展。一是多措并举推动市场扩容，更好服务绿色科创企业。不断扩大绿色债券发行主体，鼓励对优质绿色科创类发行人设立绿色通道，简化发行审批程序，提升绿色资产流转效率，帮助绿色科创企业发展壮大。二是采取激励措施，扩大绿色投资者队伍。提升对绿色债券投资业务的考核权重，将绿色债券环境效益披露广泛应用于金融机构绿色金融评价。鼓励企业年金、养老金、社保基金等投资绿色债券。考虑通过税收优惠、减提风险资本准备金等政策，提升绿色债券的投资吸引力。三是着重推进绿色金融与科技金融、数字金融融合发展。鼓励绿色债券应用区块链、大数据、人工智能（AI）等新技术进行识别、监测，降低绿色债券识别成本，提升数据使用真实性和准确性。依托绿色债券数据库，提升绿色债券环境效益信息披露的数字化水平，拓展绿色金融的数字化应用。
深化金融基础设施科技赋能，助力形成金融领域新质生产力。一是探索拓展金融科技应用与创新，持续提升债券市场的基础服务水平。以新兴技术驱动金融基础设施数字化转型，提供数字债券全生命周期服务、多类别金融资产服务，利用大数据、云计算等技术优势夯实债市一线监测，推动债券市场现代化水平全面提升。二是深化科技赋能，以新兴技术推动债券担保品管理自动化、智能化发展，促进实现担保品管理服务跨市场应用、跨区域联通、跨资产管理。三是以创新为驱动，不断丰富债券估值产品，延展可持续金融产品价值链，深挖数据价值。打造估值特色终端，提升科技金融服务质效。通过科技手段赋能产品升级，不断提高实时高频估值生产能力。
◇ 本文原载《债券》2024年5月刊
◇ 作者：钟言
◇ 编辑：李劼 鹿宁宁
Enhancing the Quality and Efficiency of the Bond Market in Serving the New Quality Productive Forces
Zhong Yan
It has been pointed out that developing the new quality productive forces is an inherent requirement and a critical focus for promoting high-quality development， thus continued efforts must be made on innovation and to accelerate the development of the new quality productive forces． Cultivating and developing the new quality productive forces， and promoting industrial innovation through technological innovation， cannot be separated from the support and assistance of financial markets， including the bond market． As an important channel for direct financing of the real economy， the bond market will improve bond financing services and the efficiency of fund allocation， guide capital to technological innovation and green development， and deepen financial technological empowerment， thus creating a renewed landscape where the bond market facilitates the new quality productive forces and the high-quality development．
Optimizing bond financing services to provide precise support for sci-tech innovation enterprises． First， it is necessary to enhance institutional inclusiveness as well as the construction of the sci-tech innovation bond market． The issuance procedures need to be streamlined， the trading mechanisms need to be properly designed， and the market-making service for sci-tech innovation bonds by high-quality enterprises can be encouraged． Efforts need to be made to explore enhanced supporting mechanisms such as risk sharing， intermediary selection and third-party valuation， thus more support can be given to sci-tech innovation enterprises， which can lead to a virtuous cycle of technology， industry and finance． Second， different types of bonds can be combined to create a financial synergy． Securitization backed by the IPR or patents of high-tech products should be encouraged in the field of sci-tech innovation． Special purpose local government bonds can be properly adjusted to be earmarked for sci-tech innovation． In these ways， financial support can be more accurate． Third， it is also suggested to diverse the investor base of the sci-tech innovation bond market， attract participation from venture capital and private equity， and encourage major investors to increase their investment in sci-tech innovation bonds， so as to secure more long-term funds to support the growth of sci-tech innovation enterprises．
Strengthening the green bond market to promote the development of green productivity． First， all-around measures are required to expand the market size and support green sci-tech innovation enterprises． It is suggested to expand the range of green bond issuers， encourage the establishment of fast lanes for high-quality green sci-tech innovation issuers， simplify the issuance and approval process， and improve the efficiency of green asset circulation， thus facilitating the development of green sci-tech innovation enterprises． Second， incentive measures can be taken to expand the green investor base． It is suggested to raise the weight of green bond investment and use the disclosure of environmental benefits of green bonds in the green finance assessment of financial institutions． Annuities， pension funds and social security funds can be encouraged to invest in green bonds． Tax incentives， reduction in risk capital reserves and other preferential policies may be granted to increase the appeal of green bonds． Third， focus needs to be placed on coordinated development of green finance， technology finance and digital finance． It is suggested to encourage the use of new technologies such as blockchain， big data， and artificial intelligence （AI） in the identification and monitoring of green bonds， reduce the identification cost， and improve data authenticity and accuracy． On the basis of the green bond database， efforts can be made to enhance digital disclosure of environmental benefits generated by green bonds， as well as to expand the digital application of green finance．
Deepening the technological empowerment of financial infrastructure to help form new quality productive forces in the financial sector． First， explorations in expanding the application and innovation of financial technologies can further improve the basic services in the bond market． It is necessary to drive the digital transformation of financial infrastructure by using emerging technologies， provide digital bond life-cycle services and multiple-type financial asset services， consolidate market monitoring with cutting-edge technologies such as big data and cloud computing， and promote the comprehensive improvement of the modernization level of the bond market． Second， the technological empowerment can be deepened． Emerging technologies can be leveraged to facilitate the automation and intelligent development of bond collateral management， and to promote the cross-market application， cross-regional connectivity， and cross-asset management of collateral management services． Third， based on innovation， efforts can be made to offer more bond valuation products， extend the value chain of sustainable financial products to tap into the value of data， create a featured terminal of valuation services， and empower product upgrading with technological means to enhance the productivity of real-time， high-frequency valuations．
◇ Editors：Li Jie， Lu Ningning
责任编辑：赵思远
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