摘要
运用动态博弈模型对科技创新企业与其投资者的行为进行模拟研究,发现科技创新企业风险与收益的非对称性是导致科技创新企业融资难的关键。银行等金融机构运用"股权+债券"的投贷联动融资模式对科技创新企业进行投资,不仅可以缓解其不良资产的压力,而且还可以有效解决科技创新企业的融资难问题。在运用投贷联动融资模式时,应采取完善专营管理和风险分担等具体措施。建议加大政府对投贷联动模式的宣传和支持,修订相关法律法规,发展和完善中介体系等。
The paper used dynamic game model to investigate science and technology innovative enterprises and their investors and then discovered that the cause of science and technology innovative enterprises’ financing difficulty is the asymmetry of their profit and risks. If banks and other financial institutions use the＂equity investment and securities investment＂model of investment loan linkage, they can alleviate the pressure of bad assets,but also can effectively solve the financing problem of the high-tech enterprises. Finally, the paper proposed that government should strengthen publicity and support to investment loan linkage and improve relevant laws and regulations and improve intermediary service system.
出处
《金融理论探索》
2017年第3期63-68,共6页
Exploration of Financial Theory
关键词
投贷联动
科技创新企业
金融支持
动态博弈模型
investment loan linkage
science and technology innovation enterprises
financial support
dynamic game model
