Research On The Investment-Loan Linkage Financing Model Of Science And Technology Enterprises

China's economy is facing an important moment of transformation and upgrading.Innovation and entrepreneurship have become the key factors and driving forces in this period,whether it is the country or the micro-subject.The position of science and technology enterprises in China's economic development is obvious.But in fact,the difficulty of financing for science and technology enterprises has not been effectively solved.In 2016,a new financing service mode,investment-credit linkage,has started pilot work in China.Investment-credit linkage has become a new financing mode for science and technology enterprises and a new tool for commercial banks to expand their business.Investment-credit linkage refers to the mode that commercial banks cooperate with PE/VC third-party institutions to design the financing needs of science and technology enterprises by equity and provide financial support for science and technology enterprises.This model relieves the financing difficulties of science and technology enterprises to a certain extent by innovating loan methods,reduces the financing risks of commercial banks,and realizes win-win interests of all parties.Although the pilot project of investment-credit linkage in China has lasted for three years,there are still many problems in the process of practice.This paper takes E Bank as a case to study the linkage model of investment and loan,which has been successfully practiced in China.Firstly,this paper elaborates the relevant theories,and then combines them with the characteristics and development status of science and technology enterprises to analyze the causes of financing difficulties of science and technology enterprises.Then,it analyses the necessity and main modes of developing investment-credit linkage in China.Secondly,from the operating system,specific mode,risk control,profit mechanism and exit mechanism,compared with the classical Silicon Valley banking model of China's E-bank andforeign countries,we find the shortcomings and reasons of the linkage model of E-bank investment and loan in China,and further propose how commercial banks should build the linkage system of investment and loan.Finally,some suggestions are put forward from the aspects of law and policy,information sharing platform,exit mechanism and personnel training,and some suggestions are put forward for the investment-loan linkage financing mode to better serve science and technology enterprises.