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中小企业是创新活动的主要承担者,然而在我国,融资困难已经成为创新型中小企业发展的主要障碍。本文提出,通过政府、风险投资、创业板相互配合、彼此衔接形成的创新融资体系是为创新企业提供外源性融资的有效模式。进而结合美国和其他国家发展创新融资体系的经验,系统论证了该体系在分担创新风险、引导社会投资、培育创新企业方面的作用。最后在评估我国创新融资体系目前发展情况的基础上,提出循序渐进地完善和发展我国创新融资体系的相关建议。
SMEs are the main undertaker of innovation activities. However, in our country, financing difficulties have become the major obstacle to the development of innovative SMEs. In this paper, we propose that an innovative financing system formed through the mutual cooperation of government, venture capital and GEM is an effective mode to provide exogenous financing for innovative enterprises. Combined with the experience of the United States and other countries in developing innovative financing systems, the paper systematically demonstrates the role of the system in sharing innovation risks, guiding social investment and fostering innovative enterprises. Finally, based on the assessment of the current development of China’s innovative financing system, some suggestions are put forward to improve and develop China’s innovative financing system step by step.