本文選題：投貸聯(lián)動 + 風險投資　； 參考：《貴州財經(jīng)大學》2017年碩士論文

【摘要】：在國家大力推進實施創(chuàng)新驅(qū)動發(fā)展戰(zhàn)略的大背景下,政府及相關部門都在積極推動創(chuàng)新,為創(chuàng)新建造良好的環(huán)境�？萍夹椭行∑髽I(yè)作為創(chuàng)新主體,對建設創(chuàng)新型國家有重要的推動作用。但一直以來,科技型中小企業(yè)都被融資問題所困擾,科技型中小企業(yè)的發(fā)展受到制約,投貸聯(lián)動業(yè)務的開展為科技型中小企業(yè)的融資環(huán)境的改善帶來了新機遇。2016年4月我國投貸聯(lián)動業(yè)務首批試點名單的公布,標志著投貸聯(lián)動在我國正式啟動。投貸聯(lián)動是以“債權股權(10)”的形式,主要向中小企業(yè),尤其是科技型中小企業(yè)提供融資的一種有效方式。這種方式既是金融服務上的創(chuàng)新,又是科技型中小企業(yè)發(fā)展的強心劑。對投貸聯(lián)動業(yè)務進行拆分,風險投資先進入科技型中小企業(yè),銀行貸款再后續(xù)跟進,實現(xiàn)聯(lián)動�？萍夹椭行∑髽I(yè)在銀行的眼中具有較高的信用風險,受信貸配給的影響,科技型中小企業(yè)很難獲得銀行的貸款。投貸聯(lián)動是如何讓銀行對科技型中小企業(yè)改觀?前提必然是在投貸聯(lián)動業(yè)務中,科技型中小企業(yè)的信用風險有所下降。其中,風險投資發(fā)揮了重要作用。本文首先對投貸聯(lián)動模式及存在的主要風險進行分析;其次是風險投資對科技型中小企業(yè)信用風險作用機制研究及實證分析,本文基于資源基礎理論、企業(yè)價值理論、信息不對稱理論和信號理論,構建了“風險投資——技術創(chuàng)新——企業(yè)價值——信用風險”的理論分析框架,分析了風險投資有利于降低科技型中小企業(yè)信用風險的作用機制,并利用KMV模型,通過實證分析風險投資對科技型中小企業(yè)信用風險的影響,實證結果與理論分析結果一致;最后,從不同的參與主體角度出發(fā),提出防范科技型中小企業(yè)信用風險的建議,為進一步發(fā)展投貸聯(lián)動業(yè)務提供參考。在理論方面,本文的研究有望拓寬投貸聯(lián)動和信用風險度量的研究領域;在實踐方面,本文的研究可以加快我國投貸聯(lián)動業(yè)務發(fā)展的步伐,這對進一步加大對科技型中小企業(yè)的金融支持力度、推進自主創(chuàng)新具有重要意義。
[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.
【學位授予單位】：貴州財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F832.4;F275

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