Optimize the innovation environment for technology-based small, medium and micro enterprises and create a strong engine for high-quality development

Su Mu Zhang Mingxi

The report of the 20th National Congress of the Communist Party of China proposed, "Create a good environment conducive to the growth of technology-based small, medium and micro enterprises, and promote the deep integration of innovation chain, industrial chain, capital chain, and talent chain." The People's Bank of China announced on April 7 that it would set up a reloan for scientific and technological innovation and technological transformation, with a quota of 500 billion yuan and an interest rate of 1.75%, aiming to encourage and guide financial institutions to increase financial support for small and medium-sized scientific and technological enterprises, technological transformation and equipment renewal projects in key areas.

After years of development, the innovation environment of technology-based micro, small and medium-sized enterprises in mainland China has been greatly improved, but it still faces some challenges.

1. Characteristic measures to optimize the innovation environment of technology-based small, medium and micro enterprises

(1) Build a high-quality platform and improve the level of enterprise cultivation. In recent years, the number of science and technology business incubators has been growing, the services have been expanded, the types have been continuously enriched, and the quality has been continuously improved, which has provided important support for creating a good ecology of innovation and entrepreneurship in the mainland and cultivating new momentum for economic development. On the one hand, the verticalization, specialization, digitalization, and networking transformation and upgrading of science and technology business incubators are obvious. For example, Hubei Province, as the birthplace of the first science and technology business incubator in the mainland, has actively explored in serving technology-based small, medium and micro enterprises, including forming industry incubators with vertical categories of professional fields around the upstream and downstream development of the industrial chain, building a learning incubator with knowledge management as the center and precise drip irrigation services, improving the service efficiency of incubators through digital system tools, and broadening the service boundaries of incubation carriers to the "incubator +" model. On the other hand, the incubation platform system covers various industries and fields, providing start-ups with a full range of incubation services such as office space and financial support. For example, Shangyu District, Shaoxing City, Zhejiang Province, in accordance with the idea of "one corridor as a whole, multi-point support, and multi-chain integration", has built a high-energy science and technology innovation platform regional innovation system driven by the Cao'e River Science and Technology Innovation Corridor.

(2) Highlight the attributes of scientific and technological innovation and gather innovative elements. In terms of capital elements, we will continue to improve the wide-channel, multi-level, full-coverage and sustainable technology financial service system. For example, Shanghai has made great efforts to promote the linkage development of international financial centers and science and technology innovation centers, especially the Science and Technology Innovation Board of the Shanghai Stock Exchange (hereinafter referred to as the "Shanghai Stock Exchange"), based on the strategic goal of "mainly serving scientific and technological innovation enterprises that are in line with national strategies, breaking through key core technologies, and highly recognized by the market", focusing on building China's hard-core science and technology. As of the end of January 2024, a total of 567 companies across the country have been listed on the SSE STAR Market, with a turnover of 46.853 billion yuan, mainly concentrated in high-tech industries and strategic emerging industries. In terms of talent elements, it provides strong intellectual support for technology research and development, product innovation and management upgrading of technology-based small and medium-sized enterprises. For example, Shangyu District of Shaoxing City adheres to the principle of "attracting talents, cultivating talents, using talents, and retaining talents", with 254,000 talents of all kinds in the district, and more than 20,000 new college students every year, ranking first in the city in terms of talent competitiveness index.

(3) Complete service system and build a good innovation ecosystem.

On the basis of providing innovative elements, hardware facilities, office space, etc., local governments actively improve the innovation and entrepreneurship ecological chain covering multiple entities and all links, so as to provide more opportunities for entrepreneurs. On the one hand, we will continue to improve the institutional system to support scientific and technological innovation. For example, based on the management concept of "one large, two hard, three more, and four refined", the Shanghai Stock Exchange supports the comprehensive service system of large-cap blue-chip, hard technology enterprises, multi-variety services, and precise services, strengthens the joint force of service scientific and technological innovation, and cooperates with local governments to hold "high-quality application tutorial classes" for enterprises that intend to apply for the SSE Science and Technology Innovation Board to help enterprises prepare for declaration. On the other hand, actively promote the construction of incubation platforms. For example, Shangyu District, Shaoxing City, focuses on building a linkage entrepreneurship and innovation ecology of "industry-university-research funds, talents, government and Meiyun", integrates elements such as technology, capital, talents, policies, environment, and services, and sets up an industrial merger and acquisition guidance fund with a total scale of 5 billion yuan, a transformation and upgrading industry fund of 1 billion yuan, as well as a talent and science and technology innovation fund, and has built a total of 24 provincial-level and above maker spaces (including 3 national-level maker spaces), and 35 provincial-level small and micro enterprise parks and fund investment project industrial parks.

Second, the innovation environment of technology-based small, medium and micro enterprises has not yet adapted to the requirements of the new situation

The "Government Work Report" proposes to vigorously promote the construction of a modern industrial system and accelerate the development of new quality productive forces. As a powerful promoter of the formation of new quality productivity, technology-based small, medium and micro enterprises still face many challenges.

(1) It is more difficult to obtain funds. It is increasingly difficult for technology-based small, medium and micro enterprises to obtain financial support, the phenomenon of "financing difficulties" still exists, and it is difficult to release innovation vitality. First, the government's financial support is limited. The overall scale of government financial funds is limited and difficult to obtain, and some government support funds are approved quickly and implemented slowly, making it difficult to meet the capital needs of most technology-based small, medium and micro enterprises. Second, it is difficult for commercial banks to obtain loans. Technology-based small, medium and micro enterprises generally lack the collateral and collateral required by traditional bank credit, and commercial banks are "reluctant to lend". Third, the financing channels of the capital market need to be broadened. The main board and the small and medium-sized board have a high threshold for listing, and the gem has strict requirements for enterprise operating income and net profit, while most technology-based small, medium and micro enterprises are in the early stage of technology research and development, product development and market development, and their market share and profitability are unstable and do not have the conditions for listing. Fourth, the support of social capital such as venture capital is low. Most venture capital funds are small in scale, single source of capital, limited in development, and poor capital exit channels, which cannot provide effective financing support for technology-based small, medium and micro enterprises.

(2) The vitality of talents needs to be stimulated. Technology-based small, medium and micro enterprises often face the problem of shortage of technical talents, and it is difficult to retain talents, have high talent mobility, and it is difficult to form a long-term and stable employment relationship, which is the main factor affecting their innovation ability and vitality. First, the government's existing talent introduction policy has strict requirements for academic qualifications, which will screen out some talents who have skills but lack academic qualifications, which is not conducive to the introduction of talents. Second, enterprises lack access channels for high-level talents and service platforms that can quickly and effectively match talents, and there is an "island phenomenon" in attracting talents. Third, the incentive method of science and technology-based small and medium-sized enterprises for talents is relatively simple, and the incentive intensity is difficult to compare with large enterprises, and talents lack specific career development goals, work enthusiasm, sense of belonging, and sense of achievement are not strong, and talent loss is more common.

(3) There are still invisible thresholds for innovation and entrepreneurship. Technology-based small, medium and micro enterprises have the characteristics of high investment, high threshold and high risk, which brings challenges to the development of enterprises. First, the scientific and technological R&D support system for technology-based small, medium and micro enterprises is not perfect, the number of projects is small, the application requirements are high, and it is difficult for technology-based small and medium-sized enterprises to obtain projects. Second, the institutional mechanism for science and technology-based small and medium-sized enterprises to share large-scale instruments and equipment with universities and scientific research institutes is not perfect, and it is difficult for enterprises to apply for the use of equipment, the cost is high, the cycle is long, and the willingness of universities and scientific research institutes to share is low, and the relevant management system is not perfect.

(4) The cluster effect has not been fully utilized. The development of technology-based small, medium and micro enterprises is relatively independent, lacks the awareness of group development, and the cluster effect and scale effect have not yet been formed. First, there is a lack of relevant leading departments or associations in the development of the industry, showing the characteristics of many, scattered and scattered, the upstream and downstream enterprises are not closely integrated, and a complete industrial chain and supply chain have not been formed, and the industry itself lacks a clear development plan. Second, a good competitive environment in the industry has not yet been formed, and large enterprises monopolize resources through rule-making and capital hunting, forming competitive barriers to small, medium and micro enterprises. Third, the protection of intellectual property rights of enterprises is not effective, and some small and medium-sized enterprises have to transfer their own intellectual property rights to cooperative units in order to obtain cooperation opportunities.

(5) Access to information is relatively limited. Compared with large enterprises, technology-based micro, small and medium-sized enterprises have insufficient access to information and lag behind, especially the lack of international communication channels, making it difficult to reach trade relations. First, the company's own resources are limited. The participation of technology-based small, medium and micro enterprises in policy promotion, large-scale exhibitions, and industry association activities is limited, and they cannot fully obtain cutting-edge information and scientific and technological resources at home and abroad, and lack opportunities for cooperation. Second, there is a lack of a unified policy release platform. Enterprises need to sort out the relevant policy content involving technology-based small, medium and micro enterprises in combination with their own business conditions, especially some of the fields involved are more specific, which increases the difficulty for enterprises to obtain information. Third, with the strategic shift of the United States and other Western countries towards China, the international exchanges of technology-based small, medium and micro enterprises have also encountered suppression and restrictions from relevant countries.

3. Take multiple measures to promote the high-quality development of technology-based small, medium and micro enterprises

In order to further stimulate the innovation and creativity of technology-based small and medium-sized enterprises, it is recommended to increase financing support for technology-based small and medium-sized enterprises, do a good job in government information disclosure, and promote international exchanges and cooperation.

(1) Do a good job in science and technology finance, and use more financial resources for technology-based small, medium and micro enterprises. The "Government Work Report" makes further strategic arrangements for economic and financial work, proposes to vigorously develop science and technology finance, green finance, inclusive finance, pension finance, and digital finance, and optimize supporting measures such as financing credit enhancement, risk sharing, and information sharing, so as to better meet the financing needs of small, medium and micro enterprises. We will further improve policies such as entrepreneurial support funds, loan guarantees, tax exemptions and subsidies, and encourage banks to carry out financing innovation based on the characteristics and needs of technology-based small, medium and micro enterprises, and provide more flexible loan solutions. Encourage small, medium and micro enterprises to actively develop various forms of financing such as financial leasing, enterprise cluster financing, and commercial credit financing, so as to improve the convenience of financing. Explore the establishment of venture capital funds, business incubators, angel investment networks, etc., to provide investment and incubation support for micro, small and medium-sized enterprises.

(2) Adjust and improve policy measures to help enterprises make full use of policy and public service resources. Focusing on the in-depth special action of digital empowerment of small and medium-sized enterprises clearly proposed in the "Government Work Report", it is recommended to use industrial clusters and industrial belts as carriers, and the government to provide financial subsidies and technical support to guide the establishment of general technology platforms and various digital infrastructure in the industry. Encourage platform enterprises to reduce the cost of traffic scenarios and the threshold for the use of digital tools, give profits to small and micro businesses, and build a mutually beneficial, win-win, open and inclusive service ecosystem. Coordinate the construction of financing credit service platforms, improve inclusive financing service systems based on credit information, and effectively increase the level of financing convenience for small, medium, and micro enterprises. Combined with the actual situation of technology-based small, medium and micro enterprises, the use of information technology means to push policy information.

(3) Increase foreign cooperation and help technology-based small, medium and micro enterprises to carry out exchanges. The "Government Work Report" regards the expansion of high-level opening up as one of the main tasks, and proposes to deepen multilateral, bilateral and regional economic cooperation. In this context, combined with the current development difficulties of technology-based small, medium and micro enterprises, it is necessary to actively establish regional and bilateral exchange and dialogue platforms for science and technology-based small and medium-sized enterprises, improve the support of intergovernmental science and technology innovation cooperation projects, encourage more technology-based small and medium-sized enterprises to participate in R&D cooperation, and promote technology exchanges and achievement transformation. Support the development of intermediary institutions for scientific and technological exchanges, and encourage technology-based small, medium and micro enterprises to accurately match and connect domestic and foreign innovation resources in combination with actual demands.

(Su Mu and Zhang Mingxi are associate researchers and researchers of the Chinese Academy of Science and Technology Development Strategy respectively)