Research On Venture Capital And Bank Credit Of High Tech Enterprise

With the arrival of the knowledge economy,the trend of economic globalization,high-tech industry has been rapid development.As the carrier of high-tech industry,the development of high-tech enterprises has become a decisive factor of economic growth.As the industrialization of high-tech can promote the optimization of industrial structure,the development of high-tech enterprises is also the embodiment of international competitiveness and strength.However,high-tech companies need a lot of investment in the establishment,continuously investment on research and development after company completion.Research and development engaged with a high degree of uncertainty,the risk is great.In addition,there is always information asymmetry in the market,which makes it difficult for external investors to understand the development of high-tech enterprises,and hard to invest to this high-risk enterprises.Especially in China,this capital market is not perfect system,banks and other financial institutions should have been the main external financing sources,but these financial institutions often find it hard to invest such high risk high-tech enterprises considering the security of funds.Therefore,the financing problem is a prominent problem existing in the development of our high-tech enterprises,also a main bottleneck to curb its development.High-tech enterprises financing problems is not only because of their own high-risk characteristics,but also the information asymmetry.To study the financing of high-tech enterprises has its own great practical and theoretical significance.It has been pointed out that enterprises and banks can reduce the information asymmetry between them through the establishment of certain relationship,helpful to improve the credit allocation efficiency.So how can high-tech enterprises establish relationships with banks,to have facilitating access to bank loans? The past credit research of bank-enterprise were mostly either based on the relationship established by the business between the enterprise and the bank,or the relationship established by the enterprise executive's bank business background.However,in recent years,China's major banks have carried out the innovative financing business "investment linkage" with VC: the banks will increase the lending business in the premise of VC participating the equity of enterprises.As an investment in high-tech enterprises,with the purpose of obtaining high returns,and bearing a higher risk,a venture capital of long-term,professional equity investment can improve the external information transmission capacity of high-tech enterprises.But in the past study of the impact of venture capital on enterprise credit financing is less,mainly mentioned venture capital investment as a special equity financing channels,The related research mainly focuses on venture capital itself,such as venture capital selection,contract conclusion and risk management,capital Exit and so on,and rarely involved in the impact of venture capital investment behavior.Although some individual scholars noted the impact of venture capital on corporate credit financing,but mostly remained in the analysis level of countermeasures,no significant research on its mechanism and effect.This paper,attempting to study further on the impact of venture capital on corporate finance based on the relationship mechanism,helps expand and enrich the relationship between banks relationship research.Based on the above analysis,this paper based on relationship mechanism intends to study if the participation of venture capital investment can bring convenience for the credit financing of high-tech enterprises and its economic consequences from the relationship of credit soft information,specifically to answer the following questions:(1)whether the participation of venture capital investment can bring credit financing facilities to high-tech enterprises?(2)which kind of venture capital is better able to build the relationship and thus bring more convenience to the financing of high-tech enterprises?(3)the economic consequences of the availability of credit facilities with the participation of venture capital(is there a lower loan default probability)?The theoretical significance of this study is to help clarify the impact of venture capital on corporate credit financing,and then expand and enrich the venture capital and enterprise credit financing related research;In addition,from the perspective of relationship mechanism of the analysis,help to expand and enrich the related research on the relationship between the bank related relationship.In practice,it is helpful to provide reference for venture capital financing decision.