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图表6我国金融体系以间接融资为主

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所属报告：

银行业科技金融系列报告（三）：商业银行篇科技信贷发力关注生态建设-240418（15页）.pdf

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但不可忽视的科创企业面对的融资约束问题相较传统行业而言更为严重，特别是对处于企业生命周期中的萌芽期或成长期科创企业来说，其面对的例如信息不对称、企业经营风险、抵押担保品不足、金融资源错配、制度供给短缺等问题更为严重。多数情况下，科技企业融资难更多是因为金融供给意愿不足，结构性问题更为突出，集中表现在几个方面：1）科技行业间差异较大，银行缺乏普适化模式。产业间差异导致银行在面对不同类型科技型企业时缺乏统一性价值判断体系，不同无形资产作为抵押担保品的价值缺乏标准化、快速化的定价模式，企业服务的定制化使得业务模式难以实现批量复制，规模增长受到一定的制约。2）以间接融资为主的金融体系要求跟科创企业属性略有错配。银行经营所需遵循的安全性和流动性原则在面对科创型企业融资需求时有所冲突，特别是科创型企业技术风险、市场风险、担保不足等问题加剧了贷款过程中的逆向选择与道德风险。以贷款为代表的债务融资过程的风险收益不对称问题也是制约银行资金流入的重要因素，科技创新项目成功时，银行仅能按照合同收取固定收益，但项目投资失败往往带来本息损失。此外，信贷市场项目贷款评估体系中偏向“重资产、重抵押”的模式、信用体系不健全等问题都对银行支持科技创新造成了一定阻碍。3）投资端受到牌照、专业队伍等方面制约导致创新略有不足。商业银行受限于牌照以及专业人员缺失等因素的影响，难以大范围发挥“投贷联动”的效果，实践过程中信贷和投资分离的情况并不少见，模式创新的不足导致金融供给意愿的下降。

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