Research On The Venture Lending Mechanism Of Commercial Banks Supporting Innovation Enterprises Financing

There is new downward pressure on the domestic economy.Employment is facing severe challenges,and some core technologies still need to be broken.Science and technology enterprises have outstanding scientific and technological innovation capabilities and strong employability.However,in the process of growing up,it faces difficulties in financing and financing expensive.Compared with financing expensive,it is more urgent to solve financing difficulties.Only by ensuring the availability of financing,and establishing an effective cooperation mechanism among financial institutions,can a long-term mechanism for serving science and technology enterprises be formed.This paper forms a combination of credit funds and investment funds by improving the linkage mechanism of investment and loan.Increase the source of channels for science and technology enterprises to obtain funds,and improve the financing difficulties of science and technology enterprises.This paper firstly conducts a comparative analysis of the theoretical analysis and practical dilemma of science and technology enterprises' investment and loan linkage.We study the direct investment-based countries with the United States as the main representative,and the investment-loan linkage model in the European region,which is dominated by banking system credit.We combed the recent risk-based debt and corporate venture capital models of the science and technology corporate finance mainstream.Based on the existing theory and practice,we construct a dynamic evolutionary game model of investment and loan linkage between commercial banks,science and technology enterprises and venture capital institutions.We also seek a balanced solution that maximizes the benefits of the participants.On the basis of the specific operation of China Merchants Bank's investment and loan linkage business model,we selected the investment and loan linkage case between China Merchants Bank and venture capital institutions and analyzed it.Our research found that the main reason for the difficulty in the linkage between investment and loan is that the science and technology enterprises have large credit risks and lack of sufficient collateral.At the same time,the higher capital costs of commercial banks and venture capital institutions have also hindered the investment of funds into many science and technology enterprises.On the basis of the above research,we propose to improve the construction of the linkage mechanism of investment and loan.This paper has important practical significance for perfecting the linkage mechanism of investment and loan and constructing the cooperation framework of investment and loan under the catch-up strategy in the new era to help the growth of science and technology enterprises.