Research On The Impact Of Venture Capital On Credit Risk Of Technology-based SMEs Under The Linkage Of Investment And Loan

The government and related departments are actively promoting innovation and building a good environment for innovation under the background of country implementing the strategy of innovation driven development.As the main body of innovation,technology-based SME play an important role in promoting an innovative country.But for a long time,technology-based SME have been plagued by financial problems,the development is restricted.However,the development of venture loan business has brought new opportunities for the improvement of financing environment of technology-based SME.Venture loan is a effective way of financing of technology-based SME by the combination of equity financing and debt financing.This way is not only innovative financial services,but also the guarantee of the development of technology-based SME.Split the business of venture loan,venture capital enters the technology-based SME firstly,and then loan follow-up to achieve linkage.In the eyes of the banks,technology-based SME have a high credit risk restricted by credit rationing.How did venture loan make the banks change? The prerequisite is that the credit risk of technology-based SME has declined in business of venture loan.Among them,venture capital plays an important role.Firstly,the paper will describe four feasible modes of venture loan briefly and analyze the risk of them.Secondly,the paper will construct the theoretical framework to analyze the mechanism of venture capital on credit risk of technology-based SME based on resource-based view,corporate value theory,asymmetric information theory and signaling theory.Thus to reduce the credit risk of technology-based SME.Thirdly,do an empirical study on the effect of venture capital on the credit risk of technology-based SME under venture loan based on KMV model,the empirical results are consistent with theoretical analysis;finally,propose the suggestions of how to prevent the credit risk of technology-based SME,and provide a reference for the further development of venture loan.In theory,this study is expected to broaden the research field of venture loan and credit risk measurement.In practice,this research can accelerate the development of venture loan in China,which is of great significance to further increase the financial support for technology-based SME,and to promote independent innovation.