“投贷联动”与技术创新效率——科创型中小企业视角下不同融资模式的泛函对比

“Linkage of Investment and Loan”and Technological Innovation Efficiency——Functional Comparison of Different Financing Models from the Perspective of Technology SMEs

"投贷联动"为解决科创型中小企业融资问题提供了一种新模式,有助于从资本投入角度推动科创型中小企业技术创新效率提升。文章将多方利益主体纳入分析框架,将"投贷联动"融资模式与其他融资模式的最优化机制进行泛函对比,并利用仿真模拟方法进行了实证检验。研究发现,在债务权益化一定的条件下,"投贷联动"模式下科创型中小企业的技术创新效率更高、风险分散优势更明显,同时更具较强的现实可行性。但参与主体与政策规制之间的互动在一定程度上限制了"投贷联动"模式效果的发挥,可以从参与主体的合作模式、政府引导力度等方面进行优化。

The“Linkage of Investment and Loan”provides a new mode to solve the financing problem of SMEs of scientific and technological innovation,which is helpful to promote the efficiency of these enterprises of scientific and technological innovation from the perspective of capital investment.In this paper,multi stakeholders are included in the analysis framework,and the“Linkage of Investment and Loan”financing mode is compared with the optimization mechanism of other financing modes by functional,and the simulation method is used for empirical test.It is found that under the condition of certain debt to equity ratio,the technological innovation efficiency of technology SMEs under the mode of“Linkage of Investment and Loan”is higher,the advantages of risk dispersion are more obvious,and the feasibility is stronger.However,the interaction between participants and policy regulation limits the effect of“Linkage of Investment and Loan”mode to a certain extent,which can be optimized from the cooperation mode of participants and the strength of government guidance.