党的二十届三中全会要求，构建同科技创新相适应的科技金融体制。中央金融工作会议明确把科技金融放在金融“五篇大文章”的首要位置，并要求将更多金融资源用于促进科技创新。我国资产证券化产品（ABS）自2005年推出以来，已成为金融市场中重要的融资工具之一，在盘活存量资产、降低融资成本及服务实体经济发展等方面发挥着重要作用。应深挖ABS的产品特色，建立长效机制，提升服务质效，助力构建科技金融生态系统。
深挖ABS产品特色，做好科技型企业金融服务。研究解决知识产权变现难点、堵点，扩大知识产权资产证券化业务，鼓励符合条件的科技型企业发行ABS，盘活科技企业资产。加强研究ABS创新，完善产品体系，支持人工智能、数据中心等新型基础设施及科创产业园区等领域项目发行不动产投资信托基金，以提供长期、稳定的资金支持。在做好分担创新风险的同时，加强ABS的风险评估与监测，构建科技金融风险监测模型，促进企业信息共享，为科技信贷评审和保险定价提供动态信息支持。持续提升第三方服务机构在科技咨询、价值评估、技术风险评价等领域的专业能力和服务质量。
建立资产证券化长效机制，助力构建科技金融生态系统。加强政策支持与引导，完善市场制度和机制。结合各地区科技发展特点，分类推进科技金融政策试点。在经济实力较强、科技企业质量较高、研发投入量较大的地区，鼓励探索技术融资创新，支持发行各类创新产品。加大科创类ABS的投资配置力度，鼓励保险机构、公募基金等长期资金参与科创类ABS投资；允许并支持风险承受能力较强的私募基金、私人银行客户、高资产净值客户理财产品参与投资科创类ABS次级档。完善资产证券化科技金融服务路径，改进服务模式，发挥其高效、灵活的融资特性，为不同发展阶段的科技型企业提供全链条金融服务，助力构建多元、协调、连通的科技金融生态系统。
探索优化服务模式，提升信贷ABS服务科技金融质效。建议加大科技信贷投放力度，落实适当提高科技型企业不良贷款容忍度的要求。按照专精特新中小企业、独角兽企业、瞪羚企业等不同类型，提供定制化的信贷服务，研究试行灵活设置贷款利率定价和利息偿付方式，满足科技企业多样化需求。鼓励以科创领域信贷资产为基础发行ABS，放宽对公贷款资产证券化的限制。加强金融机构内各部门协同联动，畅通科技型企业贷款与发行科技类信贷ABS联动机制。充分考虑科技类信贷ABS对于盘活存量金融资源、服务科技金融的贡献，对已发行信贷ABS金融机构的科技信贷考核指标给予还原计算的优惠政策。探索研究标准资产数据库，集中小而分散的科技类信贷资产，扩大信贷ABS发行量。
在资产证券化市场成立20周年之际，展望未来，随着市场规模不断扩大、法律法规不断完善、产品体系逐渐健全、标准化规范化建设继续提升，资产证券化市场将发挥愈加重要的作用，持续助力构建科技金融生态系统，推动早日实现金融强国的国家战略。
Securitization Supports Crafting a Grand Narrative for Science and Technology Finance
Zhong Yan
The Third Plenary Session of the 20th CPC Central Committee emphasized the need to establish a financial system that aligns with technological innovation． The Central Financial Work Conference prioritized technology finance among the “Five Key Areas of Finance” and called for more financial resources to be allocated to promote technological innovation． Since its introduction in China in 2005， asset-backed securities （ABS） have become an important financing tool in the financial market， playing a significant role in revitalizing idle assets， lowering financing costs， and supporting the real economy． It is essential to tap into the unique features of ABS， establish long-term mechanisms， enhance service quality and efficiency， and improve the technology finance ecosystem．
It is suggested to leverage ABS to improve financial services for sci-tech enterprises．Efforts are needed to address the challenges and bottlenecks in monetizing intellectual property， so as to expand intellectual property-backed securitization． It is suggested to encourage eligible sci-tech enterprises to issue ABS to revitalize their assets． Research into ABS innovation can be strengthened to refine the product system， supporting the issuance of real estate investment trusts （REITs） for projects in new infrastructure such as artificial intelligence and data centers， as well as sci-tech industrial parks， to provide long-term， stable funding． While sharing innovation risks， ABS risk assessment and monitoring also needs to be enhanced by developing technology finance risk surveillance models and promoting corporate information sharing to provide dynamic data support for tech credit evaluations and insurance pricing． The professional capabilities and service quality of third-party service providers in areas such as tech consulting， valuation， and technical risk assessment also need to be continuously improved．
It is necessary to establish long-term securitization mechanisms to support the technology finance ecosystem． It is suggested to enhance policy support and guidance to improve market systems and mechanisms． Based on regional technological development characteristics， pilot programs for technology finance policies can be advanced in a categorized manner． In regions with strong economic foundations， high-quality sci-tech enterprises and substantial RD investments， explorations can be made to encourage innovation in financing methods and issuance of innovative products． Investment in sci-tech ABS can be increased by encouraging long-term investors such as insurance institutions and public funds to invest in sci-tech ABS， and allowing and supporting risk-resilient private equity， private banking clients and high-net-worth individual wealth management products to invest in subordinated tranches of sci-tech ABS． The service pathways for ABS in technology finance can be refined by optimizing service models to provide efficient and flexible end-to-end services for sci-tech enterprises at different development stages， and facilitate the building of a diversified， coordinated， and interconnected ecosystem for technology finance．
It is proposed to optimize service models to enhance the quality and efficiency of credit ABS in supporting technology finance．It is recommended to increase tech credit supply and allow appropriately higher non-performing loan tolerance for sci-tech enterprises． Tailored credit services can be provided based on the types of enterprises， such as specialized and sophisticated SMEs， unicorns， and gazelle enterprises， with flexible loan interest rates and repayment methods to meet diverse needs． ABS issuance based on sci-tech credit assets can be encouraged， and restrictions on corporate loan securitization can be relaxed． Coordination within financial institutions can be strengthened to streamline the linkage mechanism between sci-tech enterprise loans and sci-tech credit ABS issuance． The contribution of sci-tech credit ABS in revitalizing financial resources and serving technology finance should be fully recognized， by granting preferential policies to allow recalculation of sci-tech credit assessment indicators for financial institutions that have issued credit ABS． It is also suggested to explore standardized asset databases to consolidate small and distributed sci-tech credit assets， so as to increase credit ABS issuance．
This year marks the 20th anniversary of China’s ABS market． Going forward， with ongoing improvements in the market scale， laws and regulations， the product system， and standardization， the ABS market will play an increasingly vital role in supporting the technology finance ecosystem and enhancing the financial sector．
◇ Editors： Li Jie， Liu Ying
责任编辑：赵思远
党的二十届三中全会要求，构建同科技创新相适应的科技金融体制。中央金融工作会议明确把科技金融放在金融“五篇大文章”的首要位置，并要求将更多金融资源用于促进科技创新。我国资产证券化产品（ABS）自2005年推出以来，已成为金融市场中重要的融资工具之一，在盘活存量资产、降低融资成本及服务实体经济发展等方面发挥着重要作用。应深挖ABS的产品特色，建立长效机制，提升服务质效，助力构建科技金融生态系统。
深挖ABS产品特色，做好科技型企业金融服务。研究解决知识产权变现难点、堵点，扩大知识产权资产证券化业务，鼓励符合条件的科技型企业发行ABS，盘活科技企业资产。加强研究ABS创新，完善产品体系，支持人工智能、数据中心等新型基础设施及科创产业园区等领域项目发行不动产投资信托基金，以提供长期、稳定的资金支持。在做好分担创新风险的同时，加强ABS的风险评估与监测，构建科技金融风险监测模型，促进企业信息共享，为科技信贷评审和保险定价提供动态信息支持。持续提升第三方服务机构在科技咨询、价值评估、技术风险评价等领域的专业能力和服务质量。
建立资产证券化长效机制，助力构建科技金融生态系统。加强政策支持与引导，完善市场制度和机制。结合各地区科技发展特点，分类推进科技金融政策试点。在经济实力较强、科技企业质量较高、研发投入量较大的地区，鼓励探索技术融资创新，支持发行各类创新产品。加大科创类ABS的投资配置力度，鼓励保险机构、公募基金等长期资金参与科创类ABS投资；允许并支持风险承受能力较强的私募基金、私人银行客户、高资产净值客户理财产品参与投资科创类ABS次级档。完善资产证券化科技金融服务路径，改进服务模式，发挥其高效、灵活的融资特性，为不同发展阶段的科技型企业提供全链条金融服务，助力构建多元、协调、连通的科技金融生态系统。
探索优化服务模式，提升信贷ABS服务科技金融质效。建议加大科技信贷投放力度，落实适当提高科技型企业不良贷款容忍度的要求。按照专精特新中小企业、独角兽企业、瞪羚企业等不同类型，提供定制化的信贷服务，研究试行灵活设置贷款利率定价和利息偿付方式，满足科技企业多样化需求。鼓励以科创领域信贷资产为基础发行ABS，放宽对公贷款资产证券化的限制。加强金融机构内各部门协同联动，畅通科技型企业贷款与发行科技类信贷ABS联动机制。充分考虑科技类信贷ABS对于盘活存量金融资源、服务科技金融的贡献，对已发行信贷ABS金融机构的科技信贷考核指标给予还原计算的优惠政策。探索研究标准资产数据库，集中小而分散的科技类信贷资产，扩大信贷ABS发行量。
在资产证券化市场成立20周年之际，展望未来，随着市场规模不断扩大、法律法规不断完善、产品体系逐渐健全、标准化规范化建设继续提升，资产证券化市场将发挥愈加重要的作用，持续助力构建科技金融生态系统，推动早日实现金融强国的国家战略。
Securitization Supports Crafting a Grand Narrative for Science and Technology Finance
Zhong Yan
The Third Plenary Session of the 20th CPC Central Committee emphasized the need to establish a financial system that aligns with technological innovation． The Central Financial Work Conference prioritized technology finance among the “Five Key Areas of Finance” and called for more financial resources to be allocated to promote technological innovation． Since its introduction in China in 2005， asset-backed securities （ABS） have become an important financing tool in the financial market， playing a significant role in revitalizing idle assets， lowering financing costs， and supporting the real economy． It is essential to tap into the unique features of ABS， establish long-term mechanisms， enhance service quality and efficiency， and improve the technology finance ecosystem．
It is suggested to leverage ABS to improve financial services for sci-tech enterprises．Efforts are needed to address the challenges and bottlenecks in monetizing intellectual property， so as to expand intellectual property-backed securitization． It is suggested to encourage eligible sci-tech enterprises to issue ABS to revitalize their assets． Research into ABS innovation can be strengthened to refine the product system， supporting the issuance of real estate investment trusts （REITs） for projects in new infrastructure such as artificial intelligence and data centers， as well as sci-tech industrial parks， to provide long-term， stable funding． While sharing innovation risks， ABS risk assessment and monitoring also needs to be enhanced by developing technology finance risk surveillance models and promoting corporate information sharing to provide dynamic data support for tech credit evaluations and insurance pricing． The professional capabilities and service quality of third-party service providers in areas such as tech consulting， valuation， and technical risk assessment also need to be continuously improved．
It is necessary to establish long-term securitization mechanisms to support the technology finance ecosystem． It is suggested to enhance policy support and guidance to improve market systems and mechanisms． Based on regional technological development characteristics， pilot programs for technology finance policies can be advanced in a categorized manner． In regions with strong economic foundations， high-quality sci-tech enterprises and substantial RD investments， explorations can be made to encourage innovation in financing methods and issuance of innovative products． Investment in sci-tech ABS can be increased by encouraging long-term investors such as insurance institutions and public funds to invest in sci-tech ABS， and allowing and supporting risk-resilient private equity， private banking clients and high-net-worth individual wealth management products to invest in subordinated tranches of sci-tech ABS． The service pathways for ABS in technology finance can be refined by optimizing service models to provide efficient and flexible end-to-end services for sci-tech enterprises at different development stages， and facilitate the building of a diversified， coordinated， and interconnected ecosystem for technology finance．
It is proposed to optimize service models to enhance the quality and efficiency of credit ABS in supporting technology finance．It is recommended to increase tech credit supply and allow appropriately higher non-performing loan tolerance for sci-tech enterprises． Tailored credit services can be provided based on the types of enterprises， such as specialized and sophisticated SMEs， unicorns， and gazelle enterprises， with flexible loan interest rates and repayment methods to meet diverse needs． ABS issuance based on sci-tech credit assets can be encouraged， and restrictions on corporate loan securitization can be relaxed． Coordination within financial institutions can be strengthened to streamline the linkage mechanism between sci-tech enterprise loans and sci-tech credit ABS issuance． The contribution of sci-tech credit ABS in revitalizing financial resources and serving technology finance should be fully recognized， by granting preferential policies to allow recalculation of sci-tech credit assessment indicators for financial institutions that have issued credit ABS． It is also suggested to explore standardized asset databases to consolidate small and distributed sci-tech credit assets， so as to increase credit ABS issuance．
This year marks the 20th anniversary of China’s ABS market． Going forward， with ongoing improvements in the market scale， laws and regulations， the product system， and standardization， the ABS market will play an increasingly vital role in supporting the technology finance ecosystem and enhancing the financial sector．
◇ Editors： Li Jie， Liu Ying
责任编辑：赵思远
