吴翠林,张超,程泉,伍泓宇.关于健全产业投融资环境推进商业航天健康发展的若干思考[J].中国科学院院刊,2025,40(11):1926-1936.

关于健全产业投融资环境推进商业航天健康发展的若干思考

Reflections on improving industrial investment and financing environment to promote healthy development of commercial aerospace

吴翠林^1,2,3
上海交通大学 安泰经济与管理学院 上海 200030;上海交通大学 国家战略研究院 上海 200030;上海交通大学 行业研究院 上海 200030
WU Cuilin^1,2,3
Antai College of Economics and Management, Shanghai Jiao Tong University, Shanghai 200030, China;National Institute of Strategic Studies, Shanghai Jiao Tong University, Shanghai 200030, China;Industry Research Institute, Shanghai Jiao Tong University, Shanghai 200030, China
张超^1,2,3
上海交通大学 安泰经济与管理学院 上海 200030;上海交通大学 国家战略研究院 上海 200030;上海交通大学 行业研究院 上海 200030
ZHANG Chao^1,2,3
Antai College of Economics and Management, Shanghai Jiao Tong University, Shanghai 200030, China;National Institute of Strategic Studies, Shanghai Jiao Tong University, Shanghai 200030, China;Industry Research Institute, Shanghai Jiao Tong University, Shanghai 200030, China
程泉^4*
中国信息通信研究院 北京 100083
CHENG Quan^4*
China Academy of Information and Communications Technology, Beijing 100083, China
伍泓宇⁵
上海交通大学 船舶海洋与建筑工程学院 上海 200240
WU Hongyu⁵
School of Naval Architecture, Ocean and Civil Engineering, Shanghai Jiao Tong University, Shanghai 200240, China

         商业航天;投融资;资本结构;风险分担;投融资生态

        commercial aerospace;investment and financing;capital structure;risk sharing;investment and financing ecosystem

        商业航天产业作为全球科技竞争的新高地，其可持续发展高度依赖健全、高效的投融资环境。我国商业航天投融资体系虽已取得初步成效，但仍存在资本结构失衡、风险分担机制不足及市场激励弱化等问题，制约了产业创新与竞争力提升。文章系统分析了我国商业航天投融资环境现状及主要挑战，借鉴国际经验，提出优化对策：（1）完善资金供给结构，拓展多元化融资渠道；（2）建立全链条风险分担机制，降低投融资不确定性；（3）培育开放协同的投融资生态，提升产业创新能力；（4）完善政策法规体系，保障商业航天有序发展，力求构建高效、理性、可持续的商业航天投融资生态。文章旨在为我国商业航天产业发展提供战略性、可操作的投融资优化方案，助力产业实现更大突破。

        As a new frontier in global technological competition, the sustainable development of the commercial aerospace industry highly depends on a sound and efficient investment and financing environment. Although China’s commercial aerospace investment and financing system has achieved initial progress, it still faces multiple challenges, including imbalanced capital structure, insufficient risk-sharing mechanisms, and weakened market incentives, which constrain industrial innovation and competitiveness. This study systematically analyzes the current status and main challenges of China’s commercial aerospace investment and financing environment and draws on international experience to propose following optimization strategies. First, improve the structure of capital supply and expand diversified financing channels. Second, establish a full-chain risk-sharing mechanism to reduce investment uncertainty. Third, cultivate an open and collaborative financing ecosystem to enhance industrial innovation capability. Fourth, strengthen the policy and regulatory framework to ensure orderly development of the commercial aerospace sector, aiming to build an efficient, rational, and sustainable investment and financing ecosystem. The study seeks to provide strategic and actionable solutions for optimizing China’s commercial aerospace investment and financing, supporting greater breakthroughs in the industry.