科技金融的风险分担机制与治理路径OA

In addressing key technological breakthroughs,the critical role of technol-ogy finance lies not in the supply of funds,but in how high-uncertainty projects are allowed to fail.This paper frames the issue around risk identification,risk pricing,loss absorption,and failure resolution,comparing the incentive structures and spill-over channels of government guidance funds,policy/commercial guarantees,tech-nology insurance,and the loan-equity linkage mechanism,while also defining their applicable boundaries.The findings reveal that funds excel in post-investment gov-ernance and exit recycling but are hindered by bureaucratic preferences and blocked exits;guarantees are effective in bridging credit but weaken risk-sharing and fee discipline,leading to entrenched soft budgets;insurance can disperse tail risks but is limited by insurability data and claims friction;loan-equity linkage improves the risk-return matching,but under capital constraints and valuation fluctuations,it may amplify pro-cyclical resonance.Policy implications suggest the need for unified project ledgers and hierarchical loss sequencing,clear delineation between fiscal and financial boundaries,enhanced exit mechanisms and stress testing,and the integra-tion of spillover costs and failure reviews into performance constraints.