基于企业生命周期的科技型小微企业信贷融资机制

The Credit Financing Mechanism of Technology-based Small Micro Enterprise Based on Enterprise Life Cycle

本文从科技型小微企业发展周期视角,构建科技型小微企业不同发展阶段的信贷融资机制的多阶段演化博弈模型,通过理论分析和计算机仿真分析,探讨处于不同发展阶段的科技型小微企业信贷融资的演化状态。研究结果表明:(1)及时还款科技型小微企业的期望收益同平均收益的差额以及科技型小微企业由于违约所支付的罚金同违约给银行带来的损失之间的差额是影响演化稳定策略(ESS)的两类关键因素;(2)当科技型小微企业及时还款策略的期望收益同平均收益的差额为正值时,科技型小微企业由于违约所支付的罚金同违约行为给银行带来的损失的差额对于科技型小微企业信贷融资的最终稳定状况的影响较小,不管差额为正值还是负值,科技型小微企业信贷融资的演化稳定策略(ESS)始终为(1,1);(3)在信贷融资契约设计中,提高科技型小微企业违约成本,使其支付罚金能够弥补由于违约给商业银行带来的损失,能够营造良好的信贷融资环境,从而为更多科技型小微企业提供资金支持服务。上述研究结论的提出,对处于不同发展阶段的科技型小微企业的信贷融资及其商业银行信贷行为提供理论参考和借鉴,同时也完善和发展了科技型小微企业投融资理论。

Based on the perspective of enterprise life cycle theory,we introduce the credit financing mechanism of technology-based small and micro enterprises at different developmental stages respectively,using evolutionary game model.By theoretical analysis and simulation analysis,we discuss the evolution state of the technology-based small and micro enterprises credit financing mechanism.This study has found that：（1）The evolutionarily stable strategy（ESS）of the technology-based small and micro enterprise credit financing mechanism are affected by two cluster factors：the difference between the expected revenue under the breach of contact condition and the average revenue,and the difference between the penalty and the expense of business bank induced by the defaults of the enterprises.（2）When the value of difference between the expected revenue under the breach of contact condition and the average revenue is a positive value,the ESS of the technology-based small and micro enterprises credit financing mechanism is（1,1）,and does not affected by the other cluster factors.（3）Increasing the default cost of the technology-based small and micro enterprises and making the expense of business bank be compensated,could create the positive credit financing environment and servemore technology-based small and micro enterprises.These conclusions provide the theoretical reference for solving the problem of technology-based small and micro enterprises which in different development stages credit financing,improving and developing the theory of investment and financing for technology-based small and micro enterprises.