Research On The Operation Mode Of Winpower Technology Financial Service Platform

Technological SMEs are the main force of China's scientific and technological progress and the main driving force for the transformation of China's economic development model.Its healthy development is of great practical significance for China's construction of an innovative society,but most SMEs are currently facing financing problems.Seriously hindered the quality and speed of technological innovation.To solve this problem,the theoretical and practical circles have conducted many discussions and attempts.Among them,the platform that provides comprehensive financing services has made useful attempts to solve the financing problems of technology-based SMEs,which has aroused widespread concern from all walks of life.According to the different main subjects of the financing platform,the academic community divides the platform into three types: government-led,government-participated and market-led.Winpower is one of the technology financial service platforms.As a representative "government-led" financing platform,it has provided value-added financing services to more than 10,000 technology-based SMEs to solve the financing problems of enterprises in Sichuan in China.After making contributions,the platform's operating model also provides references for other regions to solve financing problems.This article will analyze the operation mode of Winpower.Based on this,it will elaborate on the internal mechanism of the operation mode based on social embedding theory and relational financing theory,and try to answer how and why Winpower can help technology-based SMEs to obtain funds.And whether the operating mode of Winpower still needs to be improved,and if there are problems such as how to improve,try to provide experience for the establishment of other regions or cross-regional integrated service platforms and the design of operating modes.The research in this paper believes that the operation mode of Winpower can be summarized as "government-led,market-oriented operation,combined with online network platform and offline physical space as a carrier,providing multi-faceted investment and financing services and value-added services".The "dominant" operation mode,which helps small and medium-sized enterprises to build financing relationship networks and strengthen the embedding of enterprises in the network to solve the financing problems of enterprises.The embedding of enterprises in the network is divided into political embedding and structural embedding and relationship embedding,and believe that the three embedding enhancements can bring a certain amount of capital inflow to the enterprise,thus alleviating the financing dilemma facing the enterprise.After theoretical modeling and empirical testing,this paper proves that the operating mode of Winpower is to alleviate or even eliminate the financing constraints faced by the enterprise by constructing and strengthening the three embeddedness of the enterprise.At the same time,according to the empirical results,this article also found that although the promotion of political embedding,structural embedding of credit claims and relationship embedding in the operation results of Winpower Platform can effectively alleviate or even break the financing constraints of technology-based SMEs and solve corporate financing problems,but The effect of improving the equity approach in structural embedding is still relatively lacking.The operating mode of Winpower can be improved by further playing the role of government guidance,ensuring the market-oriented operation mechanism of equity services,and accelerating the cultivation of equity financing market.