Theoretical And Empirical Research On "Linkage Of Investment And Loan" To Promote The Development Of Small And Medium Innovative Technological Enterprises

At present,in the critical period of China's economic transformation in transformation of development mode,optimization of economic structure and transformation of growth momentum,the direction of transformation based on “the supply side structural reform” has become an effective way to adapt to the new normal pattern of economic development.At the same time,as the first power to drive the development,innovation become an important strategy mainstay for the construction of modern economic system,and as the leading innovation carrier,small and medium-sized innovative technological enterprises has become the focus of attention.In order to solve its financing problems effectively,the concept of "the linkage of investment and loan" is put forward and promoted to build a new financing model for small and medium-sized innovative technological enterprise in financial field.In April 2016,the first pilot project of "linkage of investment and loan" kicked off officially.However,problems such as the lack of practical experience make the financing model of "linkage of investment and loan" cann't be given full play to the role.Therefore,by exploring the deep mechanism of "linkage of investment and loan" to promote the development of small and medium-sized innovative technological enterprises,this paper has important value and significance for the scientific guidance of "linkage of investment and loan" pilot and solving the financing problem of small and medium-sized innovative technological enterprises effectively.Based on the "total-separate" framework and pervious research achievements,through the analysis route of " reality-theory-reality",according to the present situation of operation model and problems of " linkage of investment and loan" pilot at home and abroad,choosing the R&D efficiency,capital structure and the interests of the participants as the breakthrough point,through the optimization modeling,empirical analysis of simulation and game analysis of participants to explore the internal mechanism of the model of "linkage of investment and loan".And inspired by this,we put forward some systematic countermeasures for the financing model of "linkage of investment and loan" to promote the development of small and medium-sized innovative technological enterprises deeply.First of all,the current mainstream foreign model of "linkage of investment and loan" contain "the small business investment company "," Silicon Valley banks " and " small and medium-sized enterprise growth fund".Combined with Chinese own actual situation and foreign successful esperience,China currently mainly exist two categories of external and internal model of "linkage of investment and loan",and each category has special and different forms of expression.In the current domestic pilot process of "linkage of investment and loan",the main highlighting problems include deficiency in legislation and regulation,investment philosophy conflict among the participants,defect of risk control measures for investment institutions,inefficient cooperation and the lack of professional talents and so on.Secondly,In this paper,by establishing a optimization model considering the balance interests of relevant participants and intuitive simulation analysis,we concluded that,under special capital structure,the model of " linkage of investment and loan" is not only more efficient and safer than the model of "investment without loan",but also more feasible and risk-proofed than the model of "loan without investment".At the same time,it's more efficient than the model of "combination of investment and loan" on financing.Besides,Through the game analysis based on the perspective of the interests selection of the participants,this paper draw conclusions that,due to the R&D efficiency premium,"the linkage of investment and loan" can bring the highest value to the participants.And to built a stable cooperation relationship among all participants,they need to make more equitable benefit coordination and premium redistribution under the premise of consideration about the opportunity cost and additional transaction costs.Finally,combined with the existing problems,based on the related research findings and problem excavating,this paper puts forward a targeted countermeasures system from the perspective of regulators and participants.Among them,regulators should focus on improving relevant laws and regulations,strengthening supervision and weaking the direct intervention,carring out the generalized "linkage of investment and loan" pilot as a contrast and so on.And all participants should strengthen communication and coordination,perfect risk control systems,built and improve talent introduction and cultivation regulations,enhance the corporation service efficiency depending on the modern technology of Internet,big data and artificial intelligence and so on.