Development Of New-and High-tech Enterprises And Financial Innovation

Lacking of effective risk collocating system is the profound of new-and high-tech enterprises' financing difficulty in China. Creating an effective risk collocating system is as important as exploiting new financing channels or creating new financing instruments, even is more essential. This paper tries to discuss this issue by using game theory and information economics. Then propose some suggestion on approach to risk collocating system innovation. And expect to provide some insights into the development of new-and high-tech enterprises in China.At first, we prove putting too much focus on loan rate will result in two extremenesses by applying traditional financing models, then bring out the necessity of financial innovation. We analyze functions of risk collocating which venture investment possess from a whole new idea, and explain that vacancy of risk collocation mechanism causes weak supports to new-and high-tech enterprises in China. So, solving this problem by embedding new financial instruments and services with functions of risk collocation in traditional financing channels through financial innovation will be more effective in a bank-dominant financial system.Over-concentration of credit risk is regarded as the immediate cause of financing difficulty. Traditional credit risk managements are inefficient in spreading and transferring credit risk. Introducing credit derivatives in China is put forward to solve this problem. At the same time, risks are regarded as a type of resource using the idea of risk package and partition, intellectual property and order form are regarded as vehicles of technical risk and market risk in indirect financial market, then we introduce idea of providing services of intellectual property and order form guarantee loan according to actual conditions in China, so that new-and high-tech enterprises can spread, transfer risk timely and obtain capital to develop.In the end, we analyze the relationship between financial innovation and risk, categories of regenerative risks, how to deal with regenerative risks prevention correctly from a macroscopic view. And provide some advices on development of new-and high-tech enterprises in China.