Research On The Mechanism Of The Impact Of Loan Risk Compensation Funds On The Credit Rationing Of Technology-based SMEs

Scientific and technological small and medium-sized enterprises are the main force of the national technology renewal and replacement.As premier Li Keqiang advocated in the report of the government authorities in 2015,"mass entrepreneurship and innovation",the continuous growth of scientific and technological small and medium-sized enterprises can not only promote the higher level of the national technological innovation,but also bring infinity to our country.The employment opportunities and the relief of employment pressure.But because the small and medium sized enterprises of science and technology are small,the registered capital of investors is limited,that is,their own money funds are relatively limited,but in order to maintain the technical advantage in their own field and provide better customer experience,the enterprise often has a large investment in the R & D field.Therefore,the enterprise will have a large amount of investment in the R & D field.Foreign financing is often needed.The mechanism of loan risk compensation is an important financial means which can encourage and guide the banks to increase the amount of loans for the high-tech SMEs.We will deeply research on the influence mechanism of loan risk compensation funds on credit rationing of high-tech SMEs.Firstly,we will briefly introduce some main models related to loan risk compensation funds.Secondly,under the conditions of asymmetric information,the influence of loan risk compensation funds on the loan behavior of banks and enterprises is investigated,in competitive market.Furthermore,the influence mechanism of loan risk compensation funds on equilibrium credit rationing is analyzed.In order to analyse the above,this paper establishes two related theoretical models.The first model is based on interest credit rationing model when add the loan risk subsidy variable into the above model,the second model is based on collateral credit rationing model when add the loan risk subsidy variable into the above model.Thirdly,the loans' effect of loan risk compensation funds is test empirically.This paper empirically analyses the leverage effect of technological SMEs' loan risk compensation funds on the bank loan based on the data in 13 cities belonging to Jiangsu Province from 2010 to 2015 with simultaneous equation.The result shows the fund supported by government can significantly guide the banks to provide more loans to technological SMEs.Finally,we can draw a conclusion,and then some policy suggestions are put forward.The academic value of our research results is that the research field of equilibrium credit rationing theory and finance expenditure theory is extended,and it has important theory meaning and realistic meaning to reduce the credit rationing of high-tech SMEs,promote the technology combined with finance,and promote the independent innovation.