"先投后股"模式通过财政资金的灵活投入方式，正在多地推动科技成果向现实生产力的转化。[1]该模式让财政资金先以拨款形式投入科技项目，待项目成果进入市场化融资阶段时，按约定转化为相应股权，从而既发挥了财政资金的引导作用，又实现了资金的循环可持续投资。[1]
山东省在这一探索中走在前列。[1]该省2023年10月印发《山东省省级财政科技股权投资项目改革工作方案》，明确提出"先投后股"模式。[1]为确保投资的科学性，山东设置了三条转股触发线：企业获得不低于300万元的市场化股权融资、支持期内累计营业收入超过5000万元，或项目通过验收且企业自愿申请转股。[1]同时，财政资金的持股比例最多不超过25%，且不做第一大股东，体现了"持股不控股，帮忙不添乱"的理念。[1]
在实践中，这一模式已显现成效。脉和增材公司2024年入选"先投后股"支持名单，获得500万元财政资金，到2025年营收突破2000万元。[1]南通埃萨科技有限公司通过"拨投结合"模式成立不到一年就签下逾500万元的销售合同。[1]长三角地区的探索更是规模化推进，长三角国家技术创新中心已支持200余个"拨投结合"项目落地实施，累计吸引社会资本投资超过25亿元。[1]
A growing number of Chinese regions are adopting the "invest first, convert to equity later" mechanism to accelerate the commercialization of scientific and technological achievements. Under this model, government fiscal funds are initially allocated to technology projects as grants, then automatically convert to equity stakes once the innovations reach market-based financing stages [1].
Shandong Province formalized this approach in October 2023 by issuing the "Shandong Provincial-Level Fiscal Science and Technology Equity Investment Project Reform Work Plan," which explicitly outlined the conversion framework [1]. The mechanism establishes three conversion triggers: when enterprises secure market-based equity financing of at least 3 million yuan, when cumulative operating revenue exceeds 50 million yuan during the support period, or when projects pass assessment and enterprises voluntarily request conversion [1]. To maintain market discipline, fiscal capital holds no more than 25 percent of shares and never becomes the largest shareholder, operating under the principle of "providing assistance without interference" [1].
Early results demonstrate the model's effectiveness in bridging the commercialization gap for startups. Maihuo Additive Manufacturing, selected for the program in 2024, received 5 million yuan in fiscal funding and achieved over 20 million yuan in annual revenue by 2025 [1]. Similarly, Nantong Essachem Technology, operating under a combined "allocation-investment" approach, secured contracts worth over 5 million yuan within less than a year of establishment [1]. The Yangtze River Delta National Technology Innovation Center has supported over 200 such "allocation-investment" projects and attracted more than 2.5 billion yuan in private capital investment [1].