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　　習近平總書記指出，“發展新質生產力是推動高質量發展的內在要求和重要著力點，必須繼續做好創新這篇大文章，推動新質生產力加快發展”。培育和發展新質生產力，以科技創新推動產業創新，離不開包括債券市場在內的金融市場的支持和助力。作為服務實體經濟直接融資的重要渠道，債券市場將不斷提升債券融資服務水平、提高資金配置效率，有效引導資金流向科技創新和綠色領域，深化金融科技賦能，開創債券市場服務支持新質生產力實現高質量發展的新局面。

　　優化提升債券融資服務，精準支持科創公司。一是探索提升制度包容性，完善科創債市場建設。簡化完善科創債發行流程，合理設計交易機制，鼓勵提供優質企業科創債的做市服務。探索優化完善風險分擔、中介機構選擇、第三方估值等配套機制，加大科創企業支持力度，有效促進科技、產業、金融良性循環。二是加大各類債券的組合支持力度，形成資金合力。鼓勵科創領域資產以高科技產品的知識產權、專利等為基礎資產開展資產支持證券業務，考慮適當調整地方政府專項債投向與科技創新相關的方向和領域，加強對科技創新領域的精準支持和資金直達。三是豐富科創債市場投資者結構，鼓勵風險投資基金、私募股權投資基金等開展科創債投資，鼓勵市場主要投資者加大科創債投資力度，有效引入更多長期資金參與科創企業成長。

　　加強綠色債券市場建設，推動綠色生產力發展。一是多措并舉推動市場擴容，更好服務綠色科創企業。不斷擴大綠色債券發行主體，鼓勵對優質綠色科創類發行人設立綠色通道，簡化發行審批程序，提升綠色資產流轉效率，幫助綠色科創企業發展壯大。二是采取激勵措施，擴大綠色投資者隊伍。提升對綠色債券投資業務的考核權重，將綠色債券環境效益披露廣泛應用于金融機構綠色金融評價。鼓勵企業年金、養老金、社保基金等投資綠色債券。考慮通過稅收優惠、減提風險資本準備金等政策，提升綠色債券的投資吸引力。三是著重推進綠色金融與科技金融、數字金融融合發展。鼓勵綠色債券應用區塊鏈、大數據、人工智能（AI）等新技術進行識別、監測，降低綠色債券識別成本，提升數據使用真實性和準確性。依托綠色債券數據庫，提升綠色債券環境效益信息披露的數字化水平，拓展綠色金融的數字化應用。

　　深化金融基礎設施科技賦能，助力形成金融領域新質生產力。一是探索拓展金融科技應用與創新，持續提升債券市場的基礎服務水平。以新興技術驅動金融基礎設施數字化轉型，提供數字債券全生命周期服務、多類別金融資產服務，利用大數據、云計算等技術優勢夯實債市一線監測，推動債券市場現代化水平全面提升。二是深化科技賦能，以新興技術推動債券擔保品管理自動化、智能化發展，促進實現擔保品管理服務跨市場應用、跨區域聯通、跨資產管理。三是以創新為驅動，不斷豐富債券估值產品，延展可持續金融產品價值鏈，深挖數據價值。打造估值特色終端，提升科技金融服務質效。通過科技手段賦能產品升級，不斷提高實時高頻估值生產能力。

　　◇ 本文原載《債券》2024年5月刊

　　◇ 作者：鐘言

　　◇ 編輯：李劼　鹿寧寧

　　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

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責任編輯：趙思遠