我国超精密装备行业发展和耐心资本的支撑

Development of China’s ultra-precision equipment industry and support of patient capital

        姜洪(国家开发银行 北京 100031)

         超精密装备;耐心资本;科技信用;战略科学家;政策建议

        ultra-precision equipment;patient capital;scientific and technological credit;strategic scientists;policy recommendations

        我国超精密装备行业作为高端制造业的核心领域，在政策支持和技术进步推动下快速发展，但仍面临技术瓶颈、国际竞争及资金短缺等挑战。其研发周期长、风险高、投入大的特性，与传统金融体系的风险厌恶特性不匹配，急需“耐心资本”支撑。当前，我国虽拥有庞大的长期资金 （如社保基金、保险资金等），但因机制缺失，未能有效转化为支持前沿技术的耐心资本。文章提出，发展耐心资本需构建科技信用体系，发挥战略科学家的桥梁作用，打通科技与资本融合的路径。目前，政府基金、企业直投、金融资产投资公司及专注超精密装备的基金构成四大投资模式，但均存在决策灵活性不足、风险容忍度低等问题。为此，建议通过强化战略科学家在金融机构中的作用、扶持科技转化基金、优化保险资金对接条件、提供税收优惠等政策，构建多层次耐心资本生态，助力突破“卡脖子”技术，推动产业升级。

        As a core field of high-end manufacturing, China’s ultra-precision equipment industry has achieved rapid development driven by policy support and technological advancements. Nevertheless, it still faces challenges such as technological bottlenecks, international competition, and funding shortages. Its characteristics—long R&D cycles, high risks, and substantial capital investments —are misaligned with the risk-averse nature of traditional financial systems, urgently requiring the support of “patient capital”. Although China possesses a vast pool of long-term capital (e.g., social security funds and insurance funds), systemic gaps prevent these funds from being effectively transformed into patient capital that supports frontier technologies. This study argues that developing patient capital necessitates establishing a scientific and technological credit system, leveraging the bridging role of strategic scientists, and bridging the gap between scientific and technological innovation and capital integration. Current investment models, including government funds, corporate direct investments, financial asset investment firms, and specialized funds focusing on ultra-precision equipment, face issues such as limited decision-making flexibility and low risk tolerance. To address this, the study proposes policy measures to strengthen the role of strategic scientists in financial institutions, support technology-transfer funds, optimize conditions for insurance capital participation, and provide tax incentives. These efforts aim to build a multi-tiered patient capital ecosystem, overcome “bottleneck” technologies, and promote industrial upgrading.