March 25，Publishing Media in the South (6.380, -0.01, -0.16%)、The "2019 (Hengqin) Economic Development and Innovation Conference of Hengqin) Economic Development and Innovation and the Ninth Nobel Prize winner China" jointly sponsored by the Financial Services Bureau of Hengqin New District，Bank of China (3.730, 0.02, 0.54%) Chief Economist of Industry Association、The Executive Dean of the HSBC Financial Research Institute of Peking University conducted a speech on "How finance became the core competitiveness of the country in promoting industrial upgrading and economic transformation。
Pahasatsu pointed out，When traditional growth momentum gradually weakens，Macro policy is trying to reduce growth to "infrastructure+Real Estate "mode dependence time，China is new industry、New format、The new economic sector represented by the new business model began to develop rapidly。
but，The current traditional financing channels fail to fully meet the financing Sky Bet app needs of the development of new economic enterprises。
New and old economic power conversion period
2month22Day，Political Bureau of the Central Committee of the Communist Party of China improves financial services、The thirteenth collective learning held in preventing financial risks，Xi Jinping, General Secretary of the Central Committee of the Communist Party of China, pointed out，Finance is an important core competitiveness of the country，Financial security is an important part of national security，The financial system is an important basic system in economic and social development。
Babatong thinks，How Finance becomes the core competitiveness of the country in the process of industrial upgrading and technological progress.。After the global financial crisis，GlobalTFP(full factor productivity) pairGDPThe contribution of the growth rate is at a historical low, ChinaTFPIt also shows a trend of convergence to the United States，The current transformation of the Chinese economy is in this big background，9447_9462TFP。
Current，China's economic traditional growth momentum gradually weakened，Macro policy is trying to reduce growth to "infrastructure+Real Estate "mode dependence time，New Industry、New format、The new economic sector represented by the new business model began to develop rapidly。At present, the proportion Sky bet app download of the new economy has risen rapidly，Many industries have passed the initial period，Welcome to the growth period。
Global，The new economy of light capital is accelerating the old economy of replacing heavy capital，Become a driving force for economic growth，In the short term，IndustryROE(net asset yield) level presents "upstream and downstream differentiation" and "new and old industrial differentiation"。
Basatong said,2018In the year of the Chinese economy, there is indeed a decline in the Chinese economy，But what is in sharp contrast is，New industries and new formats Rise rapidly。Where，The information service industry has a single show，The year -on -year growth rate exceeds30%。
In addition，The technical cycle has become another background of the development of new economy。Babatong thinks，The current technical era is similar to20Century30Dynasties and70Times，The end of the cycle of the old technology and the introduction of the new technology cycle。So，Various countries are trying to compete for the right to talk about the introduction of the new technical cycle。China also continuously increases R & D investment，2018Annual R & D expenditure occupyingGDPThe proportion of the proportion is2.18%，2000Only in the year1%。
During the introduction of the new technical cycle，The capital market plays an irreplaceable role，It is both a mechanism of risk decentralization，It is also an incentive mechanism。"Innovation rely on research and development、Two dependence on the capital market，"Basatong said，The developed U.S. -Europe capital market is the cradle of cultivating innovative enterprises，Innovative capital and research and development are the process of organic interaction。
China is still in chase in many fields，But according toIC InsightData,20132018The top five countries in the unicorn of the year are unchanged，The first two are the United States、China，There is151Home,88Home, the global proportion of China and the United States76.3%。Industry distribution is mainly on the Internet、High -end manufacturing、High -end technology，Among them, the number of technical guided enterprises increases，This also emphasizes the direction of hard technology in the science and technology board。
Capital market and new economic enterprises must match
The role of the capital market for the innovative economy is self -evident，But the key is that the current financial system cannot meet the Sky Bet app needs of the sky bet games online development of the new economy。Because the growth process of new economic enterprises has different risk characteristics and funding requirements。
Basha explained，Early innovative enterprises generally have core technology and intellectual property rights，but often facing less capital investment、Long entrepreneurial cycle、Difficulties with high risk and uncertainty，Need a variety of financial instruments and incubation environment to support the innovation and industrialization process of supporting emerging technologies。
New economic enterprises have many restrictions on bank credit，For example, the traditional bank valuation method is not applicable、Light asset characteristics are not easy to provide mortgage、profit model and cash flow at a specific stage is unstable、Restrictions of traditional risk control mechanisms，Traditional financing channels cannot fully meet the needs of the new economy。
For example, the biomedical industry,80%The capital expenditure around the left is in the research and development stage，But there is no profit during the research and development stage，Wait until the profit standard for listing，Products that have been successfully commercialized do not need money。
Basatong said,The reform of the Hong Kong listing system is to make the listing financing time early to when the most needed money in pharmaceutical companies，Professional supervision assessment as a reference basis for risk control。2016Among the biotechnology companies listed in the United States in the United States,92%Before listing12No profit for a month.
At the same time，Learn the method of dealing with equity in the US market，Pay attention to human capital。The experience of the new economic enterprise management team and the technical and professional ability of core scientists are valuable，It is important to recognize their value when the equity arrangement。
So，Two -layer equity system that adopts different voting rights to become important ways to meet the enterprise，The market value of the stock market with different voting rights exceeds more than80%Most of them are information technology companies.
Pahasatsu pointed out，Studies made before the reform of the listing system of science and technology boards and the Hong Kong Stock Exchange.，These demands of new economic enterprises，It is not satisfied in the existing financial system，So go to the United States at the expense of high prices，This has Sky bet app download also become a realistic force for promoting institutional innovation。
Although the science and technology board is controversial，But the entire new economy still has high hopes，The important reason isVC(Venture Capital),PE(Private equity) also needs to be exited and needs liquidity.VC、PEFund is the most important source for new economic science and technology enterprises to obtain financing，Listing or mergers and acquisitions is the main way to achieve investment returns，This is good forVC、PEThe development and growth of more new economies.
Introduction to Bashasong，Exchange all over the world began to focus on the new economy。How to adapt to the unique financing needs of the new economic growth，It must be self -adjusting and innovation of the financial structure，Study the financing characteristics of the new economy，The sky bet games online development of the new economy in the future will also put forward new demand for improvement to the entire financial system。In addition，Innovative enterprises must also be good at learning and understanding the capital market，Understand the advantages and institutional innovation of different markets。