投贷联动下风险投资对科技型中小企业信用风险的影响研究

发布时间：2018-05-13 00:35

本文选题：投贷联动 + 风险投资　；参考：《贵州财经大学》2017年硕士论文

【摘要】：在国家大力推进实施创新驱动发展战略的大背景下,政府及相关部门都在积极推动创新,为创新建造良好的环境。科技型中小企业作为创新主体,对建设创新型国家有重要的推动作用。但一直以来,科技型中小企业都被融资问题所困扰,科技型中小企业的发展受到制约,投贷联动业务的开展为科技型中小企业的融资环境的改善带来了新机遇。2016年4月我国投贷联动业务首批试点名单的公布,标志着投贷联动在我国正式启动。投贷联动是以“债权股权(10)”的形式,主要向中小企业,尤其是科技型中小企业提供融资的一种有效方式。这种方式既是金融服务上的创新,又是科技型中小企业发展的强心剂。对投贷联动业务进行拆分,风险投资先进入科技型中小企业,银行贷款再后续跟进,实现联动。科技型中小企业在银行的眼中具有较高的信用风险,受信贷配给的影响,科技型中小企业很难获得银行的贷款。投贷联动是如何让银行对科技型中小企业改观?前提必然是在投贷联动业务中,科技型中小企业的信用风险有所下降。其中,风险投资发挥了重要作用。本文首先对投贷联动模式及存在的主要风险进行分析;其次是风险投资对科技型中小企业信用风险作用机制研究及实证分析,本文基于资源基础理论、企业价值理论、信息不对称理论和信号理论,构建了“风险投资——技术创新——企业价值——信用风险”的理论分析框架,分析了风险投资有利于降低科技型中小企业信用风险的作用机制,并利用KMV模型,通过实证分析风险投资对科技型中小企业信用风险的影响,实证结果与理论分析结果一致;最后,从不同的参与主体角度出发,提出防范科技型中小企业信用风险的建议,为进一步发展投贷联动业务提供参考。在理论方面,本文的研究有望拓宽投贷联动和信用风险度量的研究领域;在实践方面,本文的研究可以加快我国投贷联动业务发展的步伐,这对进一步加大对科技型中小企业的金融支持力度、推进自主创新具有重要意义。
[Abstract]:Under the background of the country pushing forward the strategy of innovation-driven development, the government and related departments are actively promoting innovation and constructing a good environment for innovation. As the main body of innovation, S & T SMEs play an important role in promoting the construction of an innovative country. However, the development of technology-based SMEs has been constrained by the financing problem. The development of investment and loan linkage business brings a new opportunity for the improvement of the financing environment of small and medium-sized technological enterprises. The announcement of the first batch of pilot list of investment and loan linkage business in China in April 2016 marks the official start of the joint venture in our country. Investment and loan linkage is an effective way to provide financing to small and medium-sized enterprises, especially technology-based SMEs, in the form of "creditor's rights and equity". This way is not only the innovation of financial service, but also the strong agent of the development of science-and-technology-oriented medium-sized enterprises. Split the joint investment and loan business, venture capital into the technology of small and medium-sized enterprises, bank loans followed up to achieve linkage. High-tech SMEs have a high credit risk in the eyes of the bank. Under the influence of credit rationing, it is very difficult for them to obtain bank loans. How does the investment and loan linkage change the bank to the small and medium-sized technological enterprises? The premise is that the credit risk of small and medium-sized technological enterprises has declined in the joint operation of investment and loan. Among them, venture capital has played an important role. This paper first analyzes the mode of investment and loan linkage and the main risks, and then studies the mechanism of risk investment on the credit risk of small and medium-sized technological enterprises, based on the resource-based theory, enterprise value theory, The theory of information asymmetry and signal theory is used to construct the theoretical analysis framework of "venture capital-technological innovation-value-credit risk", and the mechanism of risk investment is analyzed to reduce the credit risk of small and medium-sized scientific and technological enterprises. Using KMV model, the paper empirically analyzes the impact of venture capital on credit risk of small and medium-sized technological enterprises. The empirical results are consistent with the theoretical analysis results. Finally, from the perspective of different participants, the paper analyzes the impact of venture capital on the credit risk of small and medium-sized scientific and technological enterprises. The paper puts forward some suggestions on how to prevent the credit risk of small and medium-sized technological enterprises, and provides a reference for the further development of the joint investment and loan business. In theory, the research of this paper is expected to broaden the research fields of investment and loan linkage and credit risk measurement. In practice, the research of this paper can accelerate the pace of the development of investment and loan linkage business in China. This is of great significance to further increase the financial support for science-and-technology small and medium-sized enterprises and promote independent innovation.
【学位授予单位】：贵州财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.4;F275

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