数字金融赋能战略性新兴产业的多重困境与应对策略

Multiple Dilemmas and Countermeasures of Digital Finance in Empowering Strategic Emerging Industries

摘要: 在数字经济加快发展和现代化产业体系加速构建的背景下，数字金融凭借数据增信、线上触达与智能风控等机制，为战略性新兴产业拓展融资渠道、优化资源配置提供了新的实现路径。基于文献梳理与产业金融特征分析，本文构建“数据增信–资本适配–治理约束”的三元框架，系统阐释数字金融赋能战略性新兴产业的作用机理，并从信用生成与风险识别偏差、平台集中与风险外溢、期限错配与周期错位、制度制定与协同滞后、长期资本不足与退出机制约束五个方面归纳现实困境。研究认为，数字金融更好地服务战略性新兴产业发展的关键，在于推动数据增信治理、金融分层供给与金融监管协同，使数字金融与产业技术特征、成长周期和资本需求相适配。为此，本文提出完善数据增信与模型治理、健全平台治理与风险防控、优化期限结构与分层金融供给、推进数据制度与监管科技建设、发展耐心资本并完善“募投管退”体系等对策，持续提升对战略性新兴产业高质量发展的支撑能力。

Abstract: Against the backdrop of the accelerated development of the digital economy and the rapid construction of a modern industrial system, digital finance, through mechanisms such as data-enabled credit enhancement, online outreach and intelligent risk control, has provided new pathways for strategic emerging industries to expand financing channels and optimize resource allocation. Based on literature review and analysis of industrial-financial characteristics, this paper constructs a three-dimensional framework of “data-enabled credit enhancement - capital matching - governance constraints” to systematically elucidate the mechanism through which digital finance empowers strategic emerging industries. It further identifies practical dilemmas in five aspects: deviations in credit generation and risk identification, platform concentration and risk spillover, maturity mismatch and cyclical misalignment, lagging in system formulation and coordination, long-term capital shortages and constraints on exit mechanisms. The study argues that the key to enabling digital finance to better serve the development of strategic emerging industries lies in promoting data-enabled credit governance, tiered financial supply and coordinated financial regulation, so as to align digital finance with industrial technological characteristics, growth cycles and capital demands. Accordingly, this paper proposes countermeasures such as improving data-enabled credit enhancement and model governance, strengthening platform governance and risk prevention, optimizing maturity structures and tiered financial supply, advancing data institutions and regulatory technology, developing patient capital and improving the system of “fundraising, investment, management and exit”, thereby continuously enhancing support for the high-quality development of strategic emerging industries.