Research On The Combination Mode Of Investment And Loan In Technology-based Sme Financing

The financing difficulties of technology-based small and mid-sized enterprises have become the key problem hindering their development.In Our country the main external sources of financing for technology-based small and mid-sized enterprises before IPO are bank loan and venture capital,but the two kinds of financing channel don't play a proper role.Based on bank loan and venture capital which are two simple financing ways respectively,this paper built a combination mode of investment and loan,to connect the credit markets and the capital markets,and designed the “linkage of investment and loan”financing mechanism to provide guidance to ease difficult financing problems of the technology-based small and mid-sized enterprises.In the research basing on the bank loan,this paper proposed the combination mode of investment and loan which contains institutions cooperation and risk loan in order to solve the financing problem of technology-based SME.This paper built a tripartite cooperation mode firstly in which the venture capital entered when the enterprise couldn't repay the loan.Then put forward two kinds of improvement direction,namely the quartet cooperation mode involving in the guarantee institution,and the risk loan mode of commercial banks.Through discussing the relationship between the recognition degree of VC to enterprise's growth value and enterprise's adjustment of input and output,analyzed the applicability of every financing mode.The combination mode of investment and loan can improve the bank's loan will,the quartet cooperation mode can increase the participation enthusiasm of venture capital,the bank's risk loan mode is more likely to make the interests of both sides form a unified whole,and the two kinds of improved modes are beneficial for enterprise keeping its value.In the research basing on the venture capital,this paper proposed the combination mode of “debt+equity”.Firstly studied the convertible bond's and the common stock's different incentive effects on VC and SME.Then on the basis of this result built a separate contract of "debt+equity",and discussed the contract parameters' impact on all access conditions and their income.Compared with the convertible bond,the separate contract of“debt+equity” can not only guarantee the lowest income of venture capital,and restore the degree of entrepreneurial motivation,and relative to the common contract,enterprise'sfinancing threshold is reduced.Separate contract's incentive levels determine whether the enterprise introduces bank loan.If the interest rate which the risk investor demands is higher than the ratio of their stakes,the parties may choose the way that VC provides all the debt and equity capital;On the contrary,they can choose the way that VC provides equity capital and the bank provides debt capital of the rest.Based on the combination mode of investment and loan,this paper designed a linkage of investment and loan financing mechanism.Through the cooperation of bank,VC and start-up guidance fund by government,this financing mechanism provided financing products for technology-based small and mid-sized enterprises within their whole life cycle in the form of a venture capital firm,and met the enterprises' financing demand with the professional,comprehensive and continuous services,to solve the problem of their financing difficulties.