Our reporter Wu Xiaolu
Since the beginning of this year, stocks and debts in the capital market have made concerted efforts to accelerate the inflow of capital into the field of technological innovation.
Wind information data shows that as of May 29, since the beginning of this year, 138 companies have landed on A-shares (excluding mergers and listings and transfer listings), of which the number of the Science and Technology Innovation Board and the Growth Enterprise Market accounts for more than 70%.
In the bond market of the exchange, since May 20, 7 corporate bonds of technological innovation have been successfully issued, raising a total of 15.6 billion yuan.
Shao Yu, chief economist of Orient Securities, said in an interview with the "Securities Daily" that at present, the capital market has established a sound equity and bond financing support mechanism to support the development of technological innovation enterprises.
Among them, large-scale high-quality enterprises have more and more advantages.
In the future, the capital market needs to further improve the system and form a good investment and financing ecology.
103 new companies were added to the Science and Technology Innovation Board and ChiNext
A total of 171.476 billion yuan was raised
According to the reporter's review, 138 companies were listed in the above-mentioned years, and the total amount of funds raised by the listing was 274.189 billion yuan, a year-on-year increase of 75.28%.
Among them, 29 are specialized and special new enterprises, and there are 5, 12, 10 and 2 on the Shanghai and Shenzhen Main Board, the Science and Technology Innovation Board, the ChiNext and the Beijing Stock Exchange respectively.
From the perspective of sectors, there were 103 new listed companies on the Science and Technology Innovation Board and the Growth Enterprise Market, accounting for 74.64% of the new shares during the year, with a total initial fundraising of 171.476 billion yuan, accounting for 62.54% of the new shares.
From the perspective of R&D expenditures, the R&D expenditures of newly listed companies on the Science and Technology Innovation Board and ChiNext during the year were 9.873 billion yuan and 3.557 billion yuan respectively, accounting for 13.16% and 3.60% of operating income respectively.
"Under the reform of the registration system, the capital market has strongly supported my country's 'hard technology' enterprises and innovative and entrepreneurial enterprises, and promoted the development of my country's new economy." Tian Lihui, dean of the Financial Development Research Institute of Nankai University, said in an interview with a reporter from Securities Daily. Given the huge capital demand for technological innovation, the high uncertainty of innovation and the fixed income limitation of debt financing, the capital market can pool social funds to share innovation risks, realize intertemporal pricing, and provide equity incentives.
Therefore, the capital market plays an important supporting role in my country's technological innovation and development.
"After a science and technology enterprise is listed in A-shares, in addition to obtaining direct financing support, it will also bring brand effects to the enterprise, and will also have some advantages in customer development and supply chain management, which is equivalent to the capital market access to the enterprise's 'endorsement'. " Shao Yu said.
Tian Lihui believes that in addition to financing, the capital market can carry out inter-temporal pricing to encourage companies and entrepreneurs to innovate; it can provide equity incentives to guide scientific and technological teams to unite and innovate.
Under the guidance of the capital market, corporate innovation has become a key force in implementing the innovation-driven development strategy, and it has also made it easier for corporate innovation to gather scientific researchers.
7 Technological Innovation Corporate Bonds Successfully Issued
Helping companies with low-cost financing
In addition to equity financing, since the beginning of this year, the bond market of the exchange has also made efforts to promote the accumulation of factor resources to technological innovation.
On May 20, the Shanghai and Shenzhen Stock Exchanges officially launched corporate bonds for technological innovation, focusing on supporting high-tech industries and strategic emerging industry segments, as well as leading technological innovation and development in the field of industrial transformation and upgrading.
Since then, Duodan technology innovation corporate bonds have been successfully issued.
On May 27, Jiangsu Yonggang issued 2022 Green Technology Innovation Corporate Bonds (specially used for carbon neutrality) on the Shanghai Stock Exchange, with an issuance scale of 100 million yuan and a coupon rate of 5%.
This is the first corporate bond for technological innovation issued by a private enterprise after the implementation of the new regulations, and it is also the first corporate bond for green carbon-neutral technological innovation in the country.
Wind information data shows that from May 20 to May 29, 7 technology innovation corporate bonds were successfully issued, raising a total of 15.6 billion yuan.
In addition, the reporter learned from the Shanghai Stock Exchange that Guoxin Holdings and Shanghai State-owned Assets have also submitted pre-issuance filings for 2.5 billion yuan and 1 billion yuan of science and technology innovation bonds, which are planned to be issued in the near future.
Judging from the issuance interest rate, the issuance interest rates of the first batch of 2- to 3-year state-owned technological innovation corporate bonds are all lower than 2.8%, while the 5-year coupon rate of Three Gorges Group is as low as 0.1%, and the 10-year coupon rate of SDIC Group is low. to 3.62%.
Tian Lihui said that technological innovation corporate bonds can gather market funds, reduce the financing cost of technological innovation corporate debts, and are also an alternative or supplement to stock market refinancing.
"Especially for companies with relatively certain innovations, there will be a strong push for their financing."
"In support of technological innovation, the capital market equity and bond financing support mechanisms are advancing simultaneously." Shao Yu said that the cost of bond financing is lower than the indirect financing cost of banks, and the issuance of bonds on the exchange is open to the entire market, with higher transparency and formation of A credit constraint mechanism is in place.
Therefore, for enterprises, technological innovation corporate bonds not only increase constraints, but also provide a lower-cost financing tool.
Talking about how the capital market can further support technological innovation, Shao Yu said that at present, technological innovation has been integrated into all aspects of the economy and society, and the capital market plays a very important role in direct financing.
However, from the perspective of overall social financing, the proportion of technological innovation financing needs to be further increased.
"It takes a process from quantitative change to qualitative change, and then to the formation of an enterprise innovation ecosystem, it requires more long-term consideration and planning." (Securities Daily)