Liu Zhongmin, member of the National Committee of the Chinese People's Political Consultative Conference and director of the Dalian Institute of Chemical Physics, Chinese Academy of Sciences: exploring the establishment of a trading platform for the securitization of scientific and technological achievements

Guiding social capital into various stages of scientific and technological innovation from research to results and application, and promoting scientific and technological innovation and the transformation of scientific and technological achievements is an issue that requires in-depth thinking and exploration
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Liu Zhongmin, member of the National Committee of the Chinese People's Political Consultative Conference, academician of the Chinese Academy of Engineering, and director of the Dalian Institute of Chemical Physics, Chinese Academy of Sciences, recently submitted a proposal on exploring the securitization of scientific and technological achievements to promote social capital's investment in scientific research.

Talking about the original intention of the proposal, Liu Zhongmin said: "There is still a phenomenon of 'two skins' between technology and industry in China
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On the one hand, research funding is generally insufficient before the formation of scientific and technological innovation achievements; The scientific and technological achievements are not grounded and difficult to transform

"Introducing scientific and technological innovation from social capital and putting technology on the wings of capital is an effective means to promote scientific and technological innovation and the transformation of scientific and technological achievements,
" said Liu Zhongmin
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However, the current debt financing of intellectual property intangible assets is mostly concentrated at the end of the research and development process and the transformation stage of scientific and technological achievements.
In the environment where relevant regulations are not yet perfect, social capital is more inclined to support scientific research that has confirmed rights and can generate stable cash flow Results and related products

"Any progress in scientific and technological innovation corresponds to the improvement of its innovation value, and these value enhancements correspond to scientific and technological achievements at different stages, which can be identified and made public through expert or third-party evaluation
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" Liu Zhongmin emphasized that although from the initial stage of innovation to the production of The value corresponding to each stage of the application results is different.

In response to the above problems, Liu Zhongmin suggested that on the one hand, we should explore the establishment of a trading platform for the securitization of scientific and technological achievements, and guide capital to participate in the whole process of scientific and technological innovation; on the other hand, we should establish a sound third-party evaluation and certification system for scientific and technological achievements
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He also pointed out that when establishing a securitization trading platform for scientific and technological achievements, the concept of scientific and technological achievements should be extended to all stages of scientific and technological innovation, and a securitization trading platform covering different types of scientific and technological achievements should be established.
From a simple "buyer-seller" relationship to a multi-party participation in scientific and technological innovation and achievement transformation, it guides capital to actively participate in the entire process of technological innovation and application, and promotes technological innovation while promoting the development of the technological industry
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The trading platform should include scientific and technological rating, credit enhancement, issuance, custodian banks and other institutions, and the entire chain should support technology R&D parties, investors, industry implementers and other parties to fully engage, lower the threshold for investment participation, and design a series of measures to effectively avoid major risks, reasonably share uncertain risks, improve relevant financial incentives and compensation mechanisms, guide capital into the entire process of scientific and technological research and development, and further accelerate scientific and technological innovation

　　"The evaluation of scientific and technological achievements is the basis for the share-based transaction of scientific and technological achievements
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Science and technology itself has great instability of future income, and it is necessary at the national level to guide financial capital through securitization to establish a standardized and complete evaluation system for scientific and technological achievements.