当前我国科技型中小企业发展正面临无偿性财政资金错位和经营性国有资本缺位的双重矛盾,而以武汉国资公司为代表的国有资本管理运营新模式在纾解该类企业融资难和融资贵问题上具有推广价值.该模式的内在机理在于,通过有偿化使用提高财政资金使用效益、市场化运作提高财政资金决策效率、战略性投资弥补社会资本市场失灵、杠杆化运作发挥国有资本引导功能,以及混合所有制改革激发国有资本市场活力.武汉模式的实践表明,国有资本的合理介入应当成为当前纾解科技型中小企业融资困境的优先选项.%Currently ,Chinese technological SMEs is facing the double contradictions of the misplacement of financial funds and the absence of state-owned capital .To Wuhan state-owned assets management company as the representative ,the new mode of state-ow ned capital management and operation is meaningful for easing the financing difficulties of technologi-cal SMEs .The Wuhan mode will improve the financial funds benefits and the decision-making efficiency of financial funds , also makes up for the market failure of social capital .At the same time ,it will enlarge the guiding role of state-owned cap-ital and stimulate the market vitality of state-owned capital .The Wuhan practice shows that the rational intervention of state-ow ned should be the priority of easing the financing difficulties of technological SM Es .
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