科创板资源配置优化问题研究

Research on Optimization of Resource Allocation of Science and Technology Innovation Board

摘要: 创新是经济发展的驱动力，但现有资本市场的资源配置方案通常以利润最大化为核心，科创型企业的融资约束问题难以解决。因此，本文以2023年34家在科创板中权重较大的企业为研究对象，通过因子分析评价企业的研发绩效，确定公募基金投资科创板的备选企业，并通过非线性规划进行投资组合优化，得到科创板资源配置优化的方案。本文研究有利于公募基金或其他国家投资机构在权衡投资收益与风险的基础上，将更多资金投入科技创新水平更高的企业，从而激励相关企业提高创新水平。

Abstract: Innovation is the driving force of economic development, but the resource allocation scheme of the existing capital market usually focuses on profit maximization. The financing constraints of science and innovation enterprises are difficult to solve. Therefore, this paper takes 34 enterprises with large weight in the Science and Technology Innovation Board in 2023 as the research object, evaluates the R&D performance of enterprises through factor analysis, determines the candidate enterprises for public funds to invest in the Science and Technology Innovation Board, and conducts investment combinatorial optimization through nonlinear programming, and obtains the scheme for optimizing the allocation of resources of the Science and Technology Innovation Board. This study is beneficial for public funds or other national investment institutions to invest more funds in enterprises with higher levels of technological innovation based on balancing investment returns and risks, thereby incentivizing relevant enterprises to improve their innovation level.