年内逾百只新股登陆“双创”板块 7只科创债募资156亿元

During the year, more than 100 new shares were listed in the entrepreneurship and entrepreneurship sector, and 7 science and technology innovation bonds raised 15.6 billion yuan

本报记者 吴晓璐

Our reporter Wu Xiaolu

今年以来，资本市场股债齐发力，推动资本加速流入科技创新领域。Wind资讯数据显示，截至5月29日，今年以来，138家公司登陆A股（剔除吸收合并上市和转板上市），其中，科创板和创业板数量占比超过七成。交易所债市方面，自5月20日以来，7只科技创新公司债成功发行，合计募资156亿元。

Data from Wind Information show that as of May 29,138 companies have been listed on the A-share market (excluding merger and conversion), of which more than 70% are listed on the Science and Technology Innovation Board and the Growth Enterprise Board In the exchange bond market, since May 20, seven technology and innovation corporate bonds have been successfully issued, raising a total of 15.6 billion yuan.

东方证券首席经济学家邵宇接受《证券日报》记者采访时表示，目前，资本市场建立了完善的股权和债券融资支持机制，支持科技创新企业发展。其中，大型优质企业越来越具有优势。未来，资本市场需进一步完善制度，形成良好的投融资生态。

Shao Yu, chief economist of Orient Securities, said in an interview with 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 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.

科创板和创业板新增103家公司

103 new companies on the board and GEM.

合计募资1714.76亿元

A total of 171.476 billion yuan was raised.

据记者梳理，上述年内上市138家公司，上市募资合计2741.89亿元，同比增长75.28%。其中，29家为专精特新企业，沪深主板、科创板、创业板和北交所分别有5家、12家、10家和2家。

According to the reporter, the above year listed 138 companies, listed capital raised a total of 274.189 billion yuan, a year-on-year increase of 75.28%. Among them, 29 are specialized and special new enterprises, while there are 5 on the Main board of Shanghai and Shenzhen, 12 on the Science and Technology Innovation Board, 10 on the GEM and 2 on the North Stock Exchange respectively.

从板块来看，科创板和创业板新增上市公司103家，占年内新股比例74.64%，合计首发募资1714.76亿元，占新股募资比例62.54%。从研发支出来看，科创板和创业板年内新增上市公司去年研发支出分别为98.73亿元和35.57亿元，占营业收入比重分别为13.16%、3.60%。

In terms of sectors, 103 companies were newly listed on the Science and Technology Innovation Board and the Growth Enterprise Board, accounting for 74.64% of new shares in the year, with a total initial capital of 171.476 billion yuan, accounting for 62.54% of new capital raised. In terms of R&D expenditure, newly listed companies on the Science and Technology Innovation Board and the Growth Enterprise Board spent 9.873 billion yuan and 3.557 billion yuan respectively, accounting for 13.16 percent and 3.60 percent of their operating revenue.

“注册制改革下，资本市场有力支持了我国‘硬科技’企业和创新创业企业，推动我国新经济的发展。”南开大学金融发展研究院院长田利辉接受《证券日报》记者采访时表示，鉴于科技创新的资金需求庞大，以及创新的高度不确定性和债务融资的固定收益限制，资本市场可以集合社会资金，分担创新风险，实现跨期定价，提供股权激励。因此，资本市场对于我国的科技创新发展具有重要支撑作用。

In terms of sectors, 103 companies were newly listed on the Science and Technology Innovation Board and the Growth Enterprise Board, Accounting for 74.64% of new shares in the year, with a total Initial capital of 171.476 billion yuan, Accounting for 62.54% of new Capital raised. In terms of R&D expenditure, Newly listed companies spent 9.873 on the Science and Technology Innovation Board and the Growth Enterprise Board Billion yuan and 3.557 billion yuan respectively, Accounting for 13.16 percent and 3.60 percent of their operating revenue.

“科创企业登陆A股后，除了获得直接融资支持，也会给企业带来品牌效应，在客户开发和供应链管理方面也会具有一些优势，相当于资本市场准入给企业‘背书’。”邵宇表示。

"After listed in A-share market, in addition to obtaining direct financing support, it will also bring brand effect to the enterprise and have some advantages in customer development and supply chain management, which is equivalent to the capital market access 'endorsement' to the enterprise." "Shao Yu said.

田利辉认为，除了融资外，资本市场能够进行跨期定价，鼓励企业和企业家勠力创新；能够提供股权激励，引导科技团队团结创新。在资本市场的引导下，企业创新成为落实创新驱动发展战略的关键力量，也使企业创新更容易凝聚科研人员。

Tian Lihui believes that in addition to financing, the capital market can carry out inter-period pricing to encourage enterprises and entrepreneurs to work hard to innovate. Can provide equity incentives to guide the scientific and technological team to unite and innovate. Under the guidance of the capital market, enterprise innovation has become a key force to implement the innovation-driven development strategy, and it also makes it easier for enterprise innovation to gather scientific researchers.

7只科技创新公司债成功发行

7 Science and Technology Innovation Corporate Bonds Successfully Issued

助力企业低成本融资

Help enterprises to raise low-cost financing.

除了股权融资，今年以来，交易所债市也发力推动要素资源向科技创新集聚。5月20日，沪深交易所正式推出科技创新公司债，重点支持高新技术产业和战略性新兴产业细分领域，以及引领产业转型升级领域的科技创新发展。此后，多单科技创新公司债成功发行。

In addition to equity financing, this year, the exchange bond market has also made efforts to promote the concentration of factor resources to technological innovation. On May 20, the Shanghai and Shenzhen stock exchanges officially launched science and technology innovation corporate bonds, focusing on supporting high-tech industries and strategic emerging industry segments, as well as the development of science and technology innovation leading industrial transformation and upgrading. Since then, many single scientific and technological innovation corporate bonds successfully issued.

5月27日，江苏永钢在上交所发行2022年绿色科技创新公司债券（专项用于碳中和），发行规模为1亿元，票面利率5%。这是新规落地后，首单民企发行的科技创新公司债，也是全国首单绿色碳中和科技创新公司债。

On May 27, Jiangsu Yonggang issued the 2022 Green Technology Innovation corporate bond (specifically for carbon neutrality) on the Shanghai Stock Exchange, with a coupon rate of 5% and a issuance size of 100 million yuan. This is the first technology innovation corporate bond issued by a private company after the implementation of the new regulations, and the first green carbon neutral technology innovation corporate bond in China.

Wind资讯数据显示，5月20日至5月29日，7只科技创新公司债成功发行，募资合计156亿元。此外，记者从上交所获悉，国新控股、上海国资也已分别提交了25亿元和10亿元科创债的发行前备案，拟于近期发行。

From May 20 to May 29, seven innovative corporate bonds were successfully issued, raising a total of 15.6 billion yuan, according to Wind Information. In addition, the reporter learned from the Shanghai Stock Exchange, China New Holdings, Shanghai State assets have respectively submitted 2.5 billion yuan and 1 billion yuan of science and technology debt before the issuance of the record, planned to be issued in the near future.

从发行利率来看，首批2年期至3年期国有科技创新公司债发行利率均低于2.8%，而三峡集团5年期票面利率低至0.1%，国投集团10年期票面利率低至3.62%。

In terms of issuing interest rates, the first batch of 2-year to 3-year state-owned s&T innovation corporate bonds issued interest rates were lower than 2.8%, while the 5-year coupon rate of Three Gorges Group was as low as 0.1%, and the 10-year coupon rate of SDIC group was as low as 3.62%.

田利辉表示，科技创新公司债能够集聚市场资金，降低科创企业债务的融资成本，也是股市再融资的替代或补充。“特别是对于创新相对确定的公司，会有力地推动其融资发展。”

Tian Lihui said that sci-TECH innovation corporate bonds can gather market funds, reduce the financing cost of sci-tech enterprises' debt, and also replace or supplement the stock market refinancing. "Especially for companies with relatively certain innovations, it will give a strong boost to their financing development."

“支持科技创新，资本市场股权和债券融资支持机制在同步推进。”邵宇表示，债券融资成本比银行间接融资成本要低，而且在交易所发行债券，面向整个市场，透明度更高，也形成了信用约束机制。所以，对于企业而言，科技创新公司债既增加了约束，也提供了成本更低的融资工具。

"In support of scientific and technological innovation, equity and bond financing mechanisms in the capital market are advancing simultaneously." Shao yu said bond financing costs are lower than banks' indirect financing costs, and issuing bonds on exchanges for the whole market has higher transparency, which also forms a credit constraint mechanism. Therefore, for enterprises, STI bonds not only increase constraints, but also provide a lower-cost financing tool.

谈及资本市场如何进一步支持科技创新，邵宇表示，目前，科技创新已融入经济社会的各个方面，在直接融资方面，资本市场扮演非常重要的角色。但是，从整个社会融资来看，科技创新融资占比还有待进一步提升。“从量变到质变需要一个过程，再到企业创新生态的形成，需要做更加长远的考虑和计划。”

Talking about how the capital market can further support scientific and technological innovation, Shao yu said that at present, scientific and 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 social financing, the proportion of s&T innovation financing needs to be further improved. "From quantitative change to qualitative change requires a process, and then to the formation of an enterprise innovation ecosystem, we need to think about and plan for a longer term."