摘 要
科技成果转化难与科技企业融资难,在于创新主体的创新活动与金融要素没有形
成有效的衔接,没有形成协同。其中科技成果和科技企业的资产化与流动性是科技金
融的最大瓶颈。科技创新的成果只有被产业界作为财务创造的工具时,科技金融活动
才能得以展开,也就是说科技金融是一种科技资本化的过程,即科技成果被金融资本
转化为一种财富创造工具的过程。只有将科技成果资本化,才能实现科技成果到现实
生产力的质变。要实现科技与金融融合,科技成果和科技企业股权的资产化与流动性
是关键,这两个瓶颈环节的突破,才能为股权投资谈判提供议价的依据,才能为信贷
贷款和债券融资提供可质押的担保,也因此才能实现科技与金融的真正融合。

因此,在长春高新区科技企业投融资体系的构建建议上,本文建议应重点遵循了
政府引导下,按照市场规则搭建科技企业投融资体系的理念。在国内现有金融市场环
境和条件下,尤其要突出政府政策性资金在创新成果的资产化与流动性方面发挥主体
作用,同时通过企业综合信用体系的建设构筑科技成果转化和科技企业发展赖以生存
的金融环境。

关键词:长春高新科技金融资本化资产化流动性

ABSTRACT

We believe that the bottleneck of the combination of technology and finance were the c

apitalization of research-finding and high-tech enterprises development. The combination of

technology and finance will succeed only if the innovation of technology can be used as mon

ey maker. We can say that,the commercialization of research findings was a process of fortu

ne making. The research-finding was never just a technology or science result. It has financia

1 values, and can create fortune. Moreover, the capitalization of technology was the only way

that can accelerate the commercialization of research findings. In order to achieve the combi

nation of technology and finance, we must improve the liquidity of equity of the high-tech en

terprises. The capitalization of research finding and the high liquidity of high-tech enterprise

s,equity were the most essential key which can enhance the negotiation-condition between

VC and the company, and also can raise the guaranty for indirect financing.

Hence,we need to concentrate on the government guidance,the market mechanism and

the present environment of Chinese finance in the contraction of the investment and financin

g system of high-tech enterprises in Changchun National Hi-tech Industrial Development Zo

ne.

Key words: Changchun National Hi-tech Industrial Development Zone Technology

Finance Capitalization Liquidity