【观点】陈文辉：股权投资基金是科技创新产业发展的重要推动力

10月22日下午，中国财富管理50人论坛副理事长、全国社保基金理事会原副理事长陈文辉在全球财富管理论坛•2023上海苏河湾大会作会议致辞。

陈文辉以“股权投资基金是科技创新产业发展的重要推动力”为题，提出三点观点：第一，中国经济高质量发展必须依靠科技创新。依靠科技创新驱动，推动经济从外延式扩张上升为内涵式发展，是我国经济发展的必由之路。世界百年未有之大变局加速演进，科技创新对我国来说不仅是发展问题，更是生存问题。第二，发展科技创新产业必须得到金融的全方位支持。在我国人工智能、新能源技术、生物医药等前沿技术领域，股权投资基金和科创板、创业板、北交所等新金融基础设施紧密结合，有望形成“股贷债保”联动的金融服务支撑体系，推动“科技-产业-金融”的良性循环。第三，股权投资基金支持科技创新产业应关注的三个重点问题：一是要把民营科创小企业作为支持的重点；二是要大力发展养老金和长期寿险，为股权投资基金积累长期耐心资本；三要加快培育并购市场、发展S基金，切实提升股权市场流动性，让短钱变长。 CXO UNION-CXO联盟（cxounion.cn）

股权投资基金是科技创新产业发展的重要推动力

——全球财富管理论坛•2023上海苏河湾大会上的会议致辞

陈 文 辉

尊敬的各位来宾：

大家好！苏河湾历史底蕴深厚，是近代上海民族工商业的集聚地。很高兴同各位新老朋友相聚于此，召开全球财富管理论坛·2023年上海苏河湾大会。首先，向各位来宾表示热烈的欢迎和诚挚的问候！

此次论坛探讨的主题是“金融助力经济复苏与全球合作”。当今世界进入新的动荡变革期，全球经济复苏急需新动能，我国改革开放进入攻坚期、深水区，各国携手共进成为历史所趋、人心所向。正如习近平总书记所言：“各国之间的联系从来没有像今天这样紧密，世界人民对美好生活的向往从来没有像今天这样强烈，人类战胜困难的手段从来没有像今天这样丰富。”新一轮科技革命为我们战胜困难提供了新契机，也带动了技术与产业变革的快速发展，金融将在其中发挥更加重要的支持作用。下面我将以“股权投资基金是科技创新产业发展的重要推动力”为题，谈几点认识。

一、中国经济高质量发展必须依靠科技创新

改革开放以来，我国取得举世瞩目的经济发展成就，但也因粗放发展模式带来了不少问题，人口、资源、环境等约束日益趋紧。二战结束以来，有不少国家实现了工业化，并短暂地达到了中高收入水平。但是，能稳固位列发达经济体行列的，只有韩国、新加坡、以色列等少数几个依靠科技创新驱动发展，最终占据产业链高附加值环节的国家。因此，依靠科技创新驱动，推动经济从外延式扩张上升为内涵式发展，是我国经济发展的必由之路。

与此同时，世界百年未有之大变局加速演进：全球化进入潮落周期，各国加速本土产业链建设，中美科技领域竞争加剧。在此背景下，科技创新对我国来说不仅是发展问题，更是生存问题。我们要有底线思维，在保持开放合作的前提下，加快打赢关键核心技术攻坚战，确保在极端情况下，核心产业链的自主可控、安全可靠。同时，我国科技创新从过去追赶模仿为主，转向强调原创性、引领性的科技创新。唯有如此，才能强化我国产业链的优势，紧握价值链分工的主动权。 CXO UNION-CXO联盟（cxounion.cn）

在改革开放四十五年的历史进程中，我国顺应全球化大势，为发展科技创新产业打下了坚实基础。从供给侧来看，我国从早年缺乏资本、技术、人才，到现在拥有较充裕的资金、原创技术和自主品牌以及1.7亿受过高等教育或拥有专业技能的人才，建立了世界上最完整的现代工业体系和完善的基础设施。从需求侧来看，我国已形成了十四亿人口、四亿中等收入群体的国内大市场。超大市场形成的规模效应是我国独特的竞争优势，将带动我国科技创新产业快速发展，释放出巨大而持久的增长动能，助力全球经济的复苏与增长。

二、发展科技创新产业必须得到金融的全方位支持

金融是经济活动中资金融通的过程，对加速实体经济价值创造具有重要作用。纵观全球经济发展史与金融发展史，不同的经济社会发展阶段，对资金融通有不同要求。金融业因此与时俱进，不断革新。

地理大发现后的大航海时代，金融汇聚民间财富，支持国家主导的对外贸易以及殖民活动。工业革命时代，技术革新引领经济变革，金融随之服务于工商业主体。近代以来，并购重组为主导的投资银行业务兴起，支持了铁路、电力、汽车和钢铁等重资产行业的建设与整合，造就了繁荣的资本市场。随着人类进入创新经济时代，科技创新成为产业发展最重要的驱动力，而支持科技创新的股权投资基金也将逐步走向金融舞台的中央。科技初创企业作为创新者，具有前期研发周期长、无形资产占比高、信息不对称强、盈利周期滞后、高失败率与高成长性并存的特点。传统金融从盈利能力、现金流水平、资产抵押率等维度建立风险评估体系，很难与之匹配。而股权投资基金是风险投资机构，拥有更多的专业知识和行业信息，并通过构建投资组合分散风险，应对初创企业的高失败率。此外，股权投资基金用高薪和强利益绑定，吸引聪明、能干且愿意冒险的投资人，为了高收益敢于押注优秀的科技初创企业，提供资金支持并陪伴企业成长。在美国，股权投资基金加纳斯达克，创造了半导体和信息技术产业的硅谷奇迹，成就了互联网时代。展望未来，在人工智能、新能源技术、生物医药等前沿技术领域，我国股权投资基金和科创板、创业板、北交所等新金融基础设施紧密结合，有望成为新的金融主导力量，形成“股贷债保”联动的金融服务支撑体系，支持科技创新产业的发展，推动“科技-产业-金融”的良性循环。 CXO UNION-CXO联盟（cxounion.cn）

三、股权投资基金支持科技创新产业应关注的几个重点问题

第一，要把民营科创小企业作为支持的重点。当前，原创性科技创新是我国的攻关重点。过往追赶模仿式的创新活动，具有较高的确定性，但是需要大量资金、人力等资源，大型企业及国有企业有较大的优势，在实现“我无人有”技术的国产替代中发挥了重要作用。然而，原创性科技创新没有明确的方向，进入无人区后需要大量试错，失败概率极高。大企业和国有企业的考核评价体系及决策容错机制，都难以支撑对此类创新的支持。此外，大企业和国有企业也不符合股权投资基金要求的风险收益特征。民营科创小企业探索前沿科技领域动力强，在管理机制上灵活机动，对创新挫折的容忍度更高，因而表现出更强的活力和创造力，且其融资能力较弱，急需资金支持。这正是股权投资基金应该做的，也能够做的。另一方面，股权投资基金只要选准科技创新产业赛道，投中真正有发展潜力的初创企业，并做好风险分散，就能够在支持科技创新的同时，获得稳定的投资回报。

第二，要大力发展养老金和长期寿险，为股权投资基金积累长期耐心资本。在我国金融结构中，长期股权资金供给偏少，股权投资基金持有期偏短。2022年，人民币股权投资基金出资中，只有8.32%来源于养老金、社保基金、保险资金等长期资金。当前，我国股权投资基金的持有期大致在3.3年，低于国际上5年左右的平均水平。养老金和长期寿险资金是当前我国积累耐心资本首要途径（国外的捐赠基金、过去的银行理财资金短期看很难成为重要来源），能够为我国科创产业发展提供大量长期资金支持。另一方面，老龄化危机主要是财务危机，随着生物医药、人工智能、康养等产业发展，老龄化危机中的许多问题将迎刃而解，财务问题将成为养老的首要问题，需要积累大量的养老金来应对。养老金和长期寿险资金投资科创产业，能够创造高额回报，为人口老龄化危机提供更坚实的财务保障，从而更好地让人民群众共享改革发展成果。 CXO UNION-CXO联盟（cxounion.cn）

第三，要加快培育并购市场、发展S基金，切实提升股权市场流动性，让短钱变长。当前，股权投资基金通过IPO退出空间有限。截至目前，上交所共有上市公司2251家，其中科创板562家；深交所共有上市公司2829家，其中创业板1323家；作为对比，纽交所拥有上市公司2014家，而纳斯达克有3480家。就数量而言，A股已逼近美股。在欧美股权投资基金实践中，并购是最重要的退出渠道。根据标普统计，2022年，美国股权投资基金77.3%的退出收益通过并购市场实现，13.3%通过PE权益二级市场实现，只有6.1%通过IPO实现。

中国经济进入新常态后，各类产业都提出了整合优化的新要求。传统行业产能过剩、竞争加剧，冗余资产需要高效利用；全球产业链重构变迁，部分劳动密集型产业外迁趋势加强，存量资产需要重组处理；新兴产业龙头企业诞生于技术革新，改变了市场格局，迫切需要集聚优质资源，从而做优做强。股权投资基金积极参与并购，整合存量资源，推动高质量发展，既能提高股权市场流动性，也将催生出更多投资机会。同时，要着力解决PE二级市场信息不透明、估值难的问题，培养S基金专业团队评估能力，推动市场形成统一的估值体系。

全球经济复苏需要金融的全方位支持。面对新一轮的科技革命，股权投资基金将作为关键环节，助力各方共同应对挑战。 CXO UNION-CXO联盟（cxounion.cn）

我就讲这些，谢谢大家！

翻译：

Chen Wenhui: Equity investment funds are an important driving force for the development of scientific and technological innovation industries

On the afternoon of October 22, Chen Wenhui, Vice chairman of the China Wealth Management 50 Forum and former Vice chairman of the National Social Security Fund Council, delivered a speech at the Global Wealth Management Forum 2023 Suhewan Conference in Shanghai. CXO UNION-CXO联盟（cxounion.cn）

With the title of “Equity investment fund is an important driving force for the development of scientific and technological innovation industry”, Chen Wenhui put forward three points of view: First, the high-quality development of China’s economy must rely on scientific and technological innovation. It is the only way for our country’s economic development to rely on the drive of scientific and technological innovation to promote the economy from the extension expansion to the intension development. The world has not seen great changes in a century, accelerating the evolution of scientific and technological innovation for China is not only a matter of development, but also a matter of survival. Second, the development of science and technology innovation industry must be fully supported by finance. In China’s frontier technology fields such as artificial intelligence, new energy technology and biomedicine, equity investment funds are closely integrated with new financial infrastructure such as the Science and Technology Innovation Board, GEM, and Beijing Stock Exchange, which is expected to form a financial service support system of “stock loan, debt and insurance” linkage, and promote a virtuous circle of “technology – industry – finance”. Third, the equity investment fund to support the science and technology innovation industry should pay attention to three key issues: first, to the private science and technology innovation enterprises as the focus of support; Second, we should vigorously develop pension and long-term life insurance, and accumulate long-term patient capital for equity investment funds; Third, we should speed up the cultivation of the merger and acquisition market, develop the S fund, effectively improve the liquidity of the equity market, and make short money longer.

Equity investment fund is an important driving force for the development of science and technology innovation industry

— Speech at the Global Wealth Management Forum 2023 Shanghai Suhewan Conference

Chen Wenhui

Dear guests,

Hello, everyone! Suhe Bay has a profound historical background and is the gathering place of national industry and commerce in modern Shanghai. It gives me great pleasure to gather here with old and new friends to convene the Global Wealth Management Forum 2023 Shanghai Suhewan Conference. First of all, I would like to extend my warm welcome and sincere greetings to all the guests.

The theme of the forum is “Financial Support for Economic Recovery and Global cooperation”. The world today has entered a new period of turbulence and change. Global economic recovery urgently needs new drivers. China’s reform and opening-up has entered a difficult period and a deep-water zone. The new round of scientific and technological revolution has provided us with new opportunities to overcome difficulties, and has also driven the rapid development of technological and industrial changes, in which finance will play a more important supporting role. Next, I will talk about some understandings on the topic of “Equity investment fund is an important driving force for the development of scientific and technological innovation industry”.

First, China’s high-quality economic development must rely on scientific and technological innovation

Since the reform and opening up, China has made remarkable achievements in economic development, but it has also brought many problems due to the extensive development model, and the constraints of population, resources, and environment have become increasingly tight. Since the end of World War II, a number of countries have industrialised and briefly reached upper-middle income levels. However, only South Korea, Singapore, Israel and a few other countries that rely on scientific and technological innovation to drive development and eventually occupy high value-added links in the industrial chain can firmly rank among the ranks of developed economies. Therefore, relying on scientific and technological innovation to promote the economy from the extension expansion to the intensional development is the only way for our economic development. CXO UNION-CXO联盟（cxounion.cn）

At the same time, the evolution of the world’s greatest changes in a century has accelerated: globalization has entered a ebb cycle, countries have accelerated the construction of local industrial chains, and competition in the field of science and technology between China and the United States has intensified. In this context, scientific and technological innovation is not only a matter of development, but also a matter of survival for our country. We must have a bottom-line thinking, and on the premise of maintaining openness and cooperation, speed up the battle to win key core technologies, and ensure that under extreme circumstances, the core industrial chain is autonomous, controllable, safe and reliable. At the same time, China’s scientific and technological innovation from the past to catch up and imitate mainly, to emphasize originality, leading scientific and technological innovation. Only in this way can we strengthen the advantages of China’s industrial chain and grasp the initiative of the division of labor in the value chain.

In the 45-year historical process of reform and opening up, China has adapted to the trend of globalization and laid a solid foundation for the development of scientific and technological innovation industries. From the perspective of supply side, China from the early years of lack of capital, technology, talent, to now has more abundant funds, original technology and independent brands, as well as 170 million people with higher education or professional skills, established the world’s most complete modern industrial system and perfect infrastructure. From the demand side, China has formed a large domestic market of 1.4 billion people and 400 million middle-income groups. The scale effect formed by the super-large market is China’s unique competitive advantage, which will drive the rapid development of China’s scientific and technological innovation industry, release a huge and lasting growth momentum, and help the recovery and growth of the global economy. CXO UNION-CXO联盟（cxounion.cn）

Second, the development of science and technology innovation industry must be fully supported by finance

Finance is the process of financing in economic activities, which plays an important role in accelerating the value creation of the real economy. Throughout the history of global economic and financial development, different stages of economic and social development have different requirements for financial financing. The financial industry has thus evolved and reinvented itself.

After the Great Age of navigation, finance pooled private wealth to support state-led foreign trade and colonial activities. In the Industrial Revolution era, technological innovation led the economic change, and finance then served the main body of industry and commerce. In modern times, the rise of investment banking led by mergers and acquisitions has supported the construction and integration of heavy asset industries such as railways, power, automobiles and steel, creating a prosperous capital market. As humans enter the era of innovative economy, scientific and technological innovation has become the most important driving force for industrial development, and equity investment funds supporting scientific and technological innovation will gradually move to the center of the financial stage. As innovators, science and technology start-ups have the characteristics of long early research and development cycle, high proportion of intangible assets, strong information asymmetry, profit cycle lag, high failure rate and high growth. Traditional finance establishes a risk assessment system from the dimensions of profitability, cash flow level, asset mortgage rate, etc., which is difficult to match. Equity investment funds, on the other hand, are venture capital institutions with more expertise and industry information, and diversify risks by building portfolios to cope with the high failure rate of start-ups. In addition, equity investment funds bind high salaries and strong interests to attract smart, capable and willing to take risks investors, dare to bet on excellent technology start-ups for high returns, provide financial support and accompany the growth of enterprises. In the United States, the equity investment fund and NASDAQ created the Silicon Valley miracle of the semiconductor and information technology industry, and achieved the Internet era. Looking forward to the future, in the field of cutting-edge technologies such as artificial intelligence, new energy technology and biomedicine, China’s equity investment fund is closely integrated with new financial infrastructure such as the Science and Technology innovation Board, GEM and Beijing Stock Exchange, and is expected to become a new financial leading force, forming a financial service support system of “stock lending, debt insurance” linkage to support the development of scientific and technological innovation industry. Promote the virtuous circle of “technology, industry and finance”. CXO UNION-CXO联盟（cxounion.cn）

Three, the equity investment fund to support the scientific and technological innovation industry should pay attention to several key issues

First, we should focus on supporting small, privately owned scientific and technological enterprises. At present, the original scientific and technological innovation is the focus of our country. In the past, the catch-up and imitation innovation activities have a high certainty, but they require a lot of capital, human resources and other resources, and large enterprises and state-owned enterprises have greater advantages, playing an important role in realizing the domestic replacement of “I have no one” technology. However, the original scientific and technological innovation has no clear direction, and it needs a lot of trial and error after entering the no-man’s land, and the probability of failure is very high. The evaluation systems and fault-tolerant decision-making mechanisms of large enterprises and state-owned enterprises are unable to support such innovation. In addition, large enterprises and state-owned enterprises do not meet the risk-return characteristics required by equity investment funds. Private science and technology innovation small enterprises have strong motivation to explore the frontier science and technology field, flexible management mechanism, and higher tolerance for innovation setbacks, so they show stronger vitality and creativity, and their financing ability is weak, and they are in urgent need of financial support. This is exactly what equity investment funds should and can do. On the other hand, as long as the equity investment fund selects the scientific and technological innovation industry track, invests in start-ups with real development potential, and does a good job of risk diversification, it can obtain stable investment returns while supporting scientific and technological innovation. CXO UNION-CXO联盟（cxounion.cn）

Second, we should vigorously develop pensions and long-term life insurance, and accumulate long-term patient capital for equity investment funds. In China’s financial structure, the supply of long-term equity funds is less, and the holding period of equity investment funds is shorter. In 2022, only 8.32% of RMB equity investment funds will come from long-term funds such as pensions, social security funds and insurance funds. At present, the holding period of equity investment funds in China is roughly 3.3 years, which is lower than the international average level of about 5 years. Pension and long-term life insurance funds are currently the primary way for China to accumulate patient capital (foreign endowment funds and past bank financing funds are difficult to become important sources in the short term), which can provide a large number of long-term financial support for the development of China’s science and technology industry. On the other hand, the aging crisis is mainly a financial crisis, with the development of biomedicine, artificial intelligence, health care and other industries, many problems in the aging crisis will be solved, financial problems will become the primary problem of pension, need to accumulate a large number of pensions to deal with. Pension and long-term life insurance funds invested in science and innovation industries can create high returns, provide more solid financial security for the aging population crisis, and better let the people share the fruits of reform and development.

Third, it is necessary to accelerate the cultivation of the merger and acquisition market, the development of S fund, and effectively enhance the liquidity of the equity market, so that short money becomes long. At present, the exit space of equity investment funds through IPO is limited. Up to now, there are 2,251 listed companies on the SSE, including 562 on the Science and Technology Board; There are 2,829 listed companies on the Shenzhen Stock Exchange, including 1,323 on the GEM. For comparison, the New York Stock Exchange has 2,014 listed companies, while Nasdaq has 3,480. In volume terms, A-shares have closed in on the US. In the practice of European and American equity investment funds, M&A is the most important exit channel. According to S&P statistics, in 2022, 77.3% of the exit income of equity investment funds in the United States was realized through the merger and acquisition market, 13.3% was realized through the PE equity secondary market, and only 6.1% was realized through IPO.

After China’s economy has entered the new normal, various industries have put forward new requirements for integration and optimization. Overcapacity and intensifying competition in traditional industries require efficient utilization of redundant assets. Global industrial chain restructuring changes, some labor-intensive industries to strengthen the trend of relocation, stock assets need to be restructured and disposed of; Emerging industry leading enterprises were born in technological innovation, changed the market pattern, there is an urgent need to gather high-quality resources, so as to do better and stronger. Equity investment funds actively participate in mergers and acquisitions, integrate stock resources, and promote high-quality development, which can not only improve the liquidity of the equity market, but also give birth to more investment opportunities. At the same time, we should focus on solving the problems of opaque PE secondary market information and difficult valuation, cultivate the evaluation ability of S fund professional team, and promote the formation of a unified valuation system in the market.

Global economic recovery needs full financial support. In the face of a new round of scientific and technological revolution, equity investment funds will serve as a key link to help all parties jointly cope with challenges. CXO UNION-CXO联盟（cxounion.cn）

That’s all. Thank you.

由CXO UNION-CXO联盟（cxounion.cn）转载而成，来源于中国财富管理50人论坛；编辑/翻译：CXO UNIONCXO联盟小U。

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