一、政策驅(qū)動(dòng)：構(gòu)建多層次股權(quán)生態(tài)體系

1,、 Policy driven: Building a multi-level equity ecosystem

山東作為全國首個(gè)新舊動(dòng)能轉(zhuǎn)換綜合試驗(yàn)區(qū),，近年來通過政策創(chuàng)新打破資本要素流通壁壘。2023 年,，山東省市場監(jiān)管局推出股權(quán)變更 “一鏈辦理” 改革,，企業(yè)通過線上平臺(tái)提交材料后，稅務(wù)與審批部門數(shù)據(jù)實(shí)時(shí)共享，平均辦理時(shí)間從 15 天壓縮至 2 小時(shí),。這一改革已在濟(jì)南章丘區(qū)試點(diǎn),，累計(jì)受理自然人股權(quán)變更申報(bào) 50 余件，一次辦結(jié)率超 90%,，釋放出政府優(yōu)化營商環(huán)境的強(qiáng)烈信號(hào),。

As the first comprehensive experimental zone for the transformation of new and old driving forces in China, Shandong has broken down barriers to capital factor circulation through policy innovation in recent years. In 2023, the Market Supervision Bureau of Shandong Province launched the "one-stop processing" reform for equity changes. After enterprises submit materials through online platforms, data from tax and approval departments is shared in real-time, and the average processing time is reduced from 15 days to 2 hours. This reform has been piloted in Zhangqiu District, Jinan, and has received over 50 applications for changes in natural person equity, with a one-time completion rate of over 90%, sending a strong signal for the government to optimize the business environment.

在省級(jí)層面，《山東省 “數(shù)據(jù)要素市場化配置改革” 實(shí)施方案》明確提出,，支持區(qū)域性股權(quán)市場探索 “知識(shí)產(chǎn)權(quán) + 認(rèn)股權(quán)” 融資模式,，推動(dòng)數(shù)據(jù)資產(chǎn)入表。齊魯股權(quán)交易中心作為省內(nèi)唯一省級(jí)股權(quán)市場,，率先設(shè)立 “齊魯科創(chuàng)板”,，聚焦半導(dǎo)體、生物醫(yī)藥等硬科技領(lǐng)域,，截至 2025 年 4 月,，該板塊已培育掛牌企業(yè) 23 家，其中 6 家進(jìn)入上市輔導(dǎo)階段,。

At the provincial level, the Implementation Plan for the Market oriented Allocation Reform of Data Elements in Shandong Province clearly proposes to support regional equity markets in exploring the "intellectual property+stock option" financing model and promote the inclusion of data assets in the balance sheet. As the only provincial-level equity market in the province, Qilu Equity Trading Center has taken the lead in establishing the "Qilu Science and Technology Innovation Board", focusing on hard technology fields such as semiconductors and biomedicine. As of April 2025, the board has cultivated 23 listed companies, of which 6 have entered the stage of listing guidance.

地方政府同樣發(fā)力,，青島推出 “區(qū)域性股權(quán)市場支持政策”，對企業(yè)掛牌融資給予最高 50 萬元獎(jiǎng)勵(lì),，對機(jī)構(gòu)服務(wù)獎(jiǎng)勵(lì)上限達(dá) 200 萬元,。煙臺(tái)黃渤海新區(qū)則提出 “三年行動(dòng)計(jì)劃”，計(jì)劃到 2025 年新增上市企業(yè) 8 家,，重點(diǎn)支持汽車制造,、海洋科技等產(chǎn)業(yè)通過股權(quán)融資實(shí)現(xiàn)升級(jí)。

The local government has also made efforts, and Qingdao has launched a "regional equity market support policy", offering a maximum reward of 500000 yuan for enterprise listing and financing, and a maximum reward of 2 million yuan for institutional services. Yantai Huanghai Bohai New Area has proposed a "three-year action plan", which plans to add 8 new listed companies by 2025, with a focus on supporting industries such as automobile manufacturing and marine technology to upgrade through equity financing.

二,、產(chǎn)業(yè)實(shí)踐：從 “硬科技” 到 “鄉(xiāng)村振興” 的多元探索

2,、 Industrial Practice: Diversified Exploration from "Hard Technology" to "Rural Revitalization"

（一）科技企業(yè)：股權(quán)融資破解 “卡脖子” 難題

（1） Technology companies: equity financing solves the bottleneck problem

濟(jì)南晶正電子的發(fā)展軌跡堪稱山東科技型企業(yè)融資典范。這家深耕鈮酸鋰單晶薄膜的企業(yè),，通過 B + 輪,、C 輪及 Pre-IPO 多輪融資，累計(jì)獲得超 10 億元資金支持,，其產(chǎn)品打破美國壟斷,，填補(bǔ) 5G 芯片材料空白。類似案例還有優(yōu)寶特機(jī)器人,，通過 “政府引導(dǎo)基金 + 市場化投資” 模式,，完成數(shù)千萬元融資，推動(dòng)仿生機(jī)器人技術(shù)產(chǎn)業(yè)化,。

The development trajectory of Jinan Jingzheng can be regarded as a model of financing for technology-based enterprises in Shandong. This company, which is deeply involved in lithium niobate single crystal thin films, has received over 1 billion yuan in funding support through multiple rounds of B+, C, and Pre IPO financing. Its products have broken the monopoly of the United States and filled the gap in 5G chip materials. Similar cases include Ubotec Robotics, which completed tens of millions of yuan in financing through the "government guided fund+market-oriented investment" model, promoting the industrialization of bionic robot technology.

（二）農(nóng)業(yè)農(nóng)村：集體資產(chǎn)股權(quán)激活鄉(xiāng)村經(jīng)濟(jì)

（2） Agriculture and rural areas: collective asset equity activates rural economy

在德州武城,，農(nóng)村集體資產(chǎn)股權(quán)質(zhì)押貸款試點(diǎn)將 “沉睡資源” 轉(zhuǎn)化為 “流動(dòng)資本”,。當(dāng)?shù)剞r(nóng)民憑借股權(quán)證可獲得最高 80 萬元貸款，政府設(shè)立 1000 萬元風(fēng)險(xiǎn)補(bǔ)償金兜底,。截至 2024 年,，全省 17 個(gè)試點(diǎn)縣累計(jì)發(fā)放貸款超 1 億元，支持家庭農(nóng)場,、合作社等新型經(jīng)營主體擴(kuò)大生產(chǎn)規(guī)模。諸城的 “按揭農(nóng)業(yè)” 模式更具創(chuàng)新性,，通過國企投資建設(shè)農(nóng)業(yè)基地,，農(nóng)民以 “零首付 + 分期還款” 方式經(jīng)營，既降低農(nóng)戶風(fēng)險(xiǎn),，又吸引社會(huì)資本投入鄉(xiāng)村振興,。

In Wucheng, Texas, the pilot project of rural collective asset equity pledge loans will transform "dormant resources" into "working capital". Local farmers can obtain up to 800000 yuan in loans with their equity certificates, and the government has set up a 10 million yuan risk compensation fund as a backup. As of 2024, 17 pilot counties in the province have cumulatively issued loans exceeding 100 million yuan, supporting new business entities such as family farms and cooperatives to expand their production scale. The "mortgage agriculture" model in Zhucheng is more innovative. By investing in the construction of agricultural bases through state-owned enterprises, farmers operate in a "zero down payment+installment repayment" manner, which not only reduces farmers' risks but also attracts social capital to invest in rural revitalization.

（三）傳統(tǒng)產(chǎn)業(yè)：混改與并購重塑競爭力

（3） Traditional industries: reshaping competitiveness through mixed ownership reform and mergers and acquisitions

萬華化學(xué)通過增資擴(kuò)股引入戰(zhàn)略投資者，45.8 億元融資用于石化產(chǎn)業(yè)鏈升級(jí),，推動(dòng)其在全球聚氨酯市場的份額提升至 18%,。青島建邦汽車則通過股權(quán)融資完成對歐洲零部件企業(yè)的并購，快速切入高端市場,，2024 年海外營收占比達(dá) 43%,。

Wanhua Chemical has introduced strategic investors through capital increase and share expansion, with a financing of 4.58 billion yuan for upgrading the petrochemical industry chain, driving its market share in the global polyurethane market to 18%. Qingdao Jianbang Automobile has completed its acquisition of European component companies through equity financing, quickly entering the high-end market, with overseas revenue accounting for 43% in 2024.

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