| The financing problem of small and medium-sized technological enterprises has been a hot issue for years.With the implementation of innovation driven development and deepened all-round reform,China’s economy has entered a period of new normal.China’s government authorities have been proposed to use financial resources to support the scientific and technological innovation in a comprehensive way,and to support the development of scientific and technological small and medium-sized enterprises since 2015.At present,many banks have been qualified to carry out debt-equity combination financing and start the process of specialized management of science and technology finance.In the report of the nineteenth Congress of the Communist Party of China in 2017,it was mentioned that the pace of constructing an innovative country should be accelerated and the government should strengthen the support for the innovation of enterprises with innovation as the primary driving force and the important support for the construction of modern economic system.In the current innovation environment,the banking financial institutions carry out the debt-equity combination financing and establish our scientific and technological financial service system,which will effectively improve the financial supply for scientific and technological innovation enterprise and further meet their financing requirements.That will help to support the development of startups and promote the leading technology,promote the implementation of "mass entrepreneurship and innovation”and innovation driven development strategy,and accelerate the construction of an innovative country.However,the new financing mode combining loan and equity investment brings new challenge to banks.In the implementation process of debt-equity combination financing,the key issues such as pricing and decision making,risk and income coordination need to be solved.In this paper,we expect to answer these questions theoretically through the study of the behavior of commercial banks.In this paper,we attempt to depict bank behavior in pursuit of profit maximization based on the behavior model of debt-equity combination financing pilots.The paper is divided into six parts.The first part is the introduction,we clarify the background and essentiality of this research,review the literatures on microeconomics of banking and expound the research contents,framework,methods and possible innovations.The second part makes a general description of debt-equity combination financing and then summarizes the practice of foreign commercial banks.The third part focuses on the analysis of development,the present situation and conundrum of our country’s debt-equity combination financing,and conceive the pattern of debt-equity combination financing pilot operations on the basis of the previous text.The fourth part constructs the theoretical model of commercial bank behavior by expanding the Klein-Monti model,and applies the scenario analysis to analyze six possible situations that may occur in the future.The fifth part carries out parameter calibration and numerical simulation results analysis,validating and quantifying the qualitative analysis results obtained by scenario analysis.The sixth part puts forward feasible business operation proposals for the commercial banks pilots and regulatory authorities.The research shows that the main factors that affect the commercial banks’ decision-making are the number of competitive banks,the marginal management cost of the deposit,loan and investment,deposit supply interest rate elasticity,loan demand interest rate elasticity etc.Therefore,the commercial banks take effective measures to control the management cost of loan,the cost of deposit and the investment,the supervision authorities should guide the competition of the banks properly,and expand the number of the debt-equity combination financing pilots at the right time,which will help to play the role of the loan linkage business,these measures can help to alleviate the financing problem of technological innovation enterprises. |
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