Research On The Impact Of Investment-lending Linkage On Financing Efficiency Of Technology-based Enterprises

The report of the 20 th Party Congress clearly points out that China should always adhere to the innovation-oriented,innovation-driven strategy to implement and break the key technology problems.The main body to realize science and technology innovation in China is science and technology-based enterprises,the number of domestic high-tech enterprises is large,but most of them are facing serious financing constraints,the development process of science and technology-based enterprises are faced with a lack of financing channels,financing costs are too high and other urgent problems to be solved,the overall financing efficiency seems to be not high,which leads to the financing of science and technology-based enterprises often non-efficient situation.Therefore,many scholars in China are currently eager to study the financing of technology-based enterprises in order to improve their financing efficiency.To solve the financing problems of technology-based enterprises,the most important way is to innovate and improve the financial service mechanism.Under the traditional financing model,companies usually seek credit support from commercial banks to obtain funds,but most of the banks’ funds go to state-owned enterprises or large,established companies rather than to start-ups that are in desperate need of capital.To solve this problem,the CBRC,the Central Bank and the Ministry of Science and Technology jointly promulgated the "Guidance on Supporting Banking Financial Institutions to Increase Innovation and Launch Pilot Investment-Lending Linkage for Science and Innovation Enterprises" in 2016,encouraging commercial banks to develop the new financing model of "investment-lending linkage" to alleviate the financing difficulties of science and technology-based enterprises.The "investment-lending linkage" is a new financing model of "credit placement+ equity financing",in which technology-based enterprises not only broaden their financing channels,but also close the distance with commercial banks and other financial institutions,effectively alleviating the problem of information asymmetry.The "investment and loan linkage" can also reduce enterprise financing risks and financing costs,optimize the capital structure of enterprises,improve the financing efficiency of technology-based enterprises,and promote their high-quality development.China’s "investment-lending linkage" is late,and the domestic implementation of the separation of business,in China’s special financial market environment,China’s "investment-lending linkage" pilot work is still in the initial stage,the pilot banks have different degrees of development problems.Based on this,this paper will focus on the effect of the "investment-lending linkage" policy on the financing efficiency of technology-based enterprises since its implementation in 2016 and its mechanism of action.Through the analysis and research,we will further propose relevant measures to maximize the effect of the "investment-lending linkage",so as to better promote the development of technology-based enterprises.This paper establishes a double difference model and selects panel data of listed companies in GEM from 2012-2021 to verify the impact of the "investment-lending" pilot policy on the financing efficiency of technology-based enterprises.Research shows that the "investment-lending linkage" policy can improve the financing efficiency of technology-based enterprises to a certain extent.In addition,there are obvious differences,also called heterogeneity,in the impact of "investment-lending linkage" on the financing efficiency of technology-based enterprises.For example,the impact of "investment-lending linkage" on non-state-owned enterprises is greater than that of state-owned enterprises;the impact of "investment-lending linkage" on enterprises with low internal control quality is greater than that of enterprises with high internal control quality;the impact of "investment-lending linkage" on enterprises with high financing constraints is greater than that of enterprises with low financing constraints.Regarding the impact of "investment-lending linkage" on the financing efficiency of technology-based enterprises,this paper concludes through empirical analysis that "investment-lending linkage" can effectively alleviate the information asymmetry of enterprises and reduce their financing costs to a certain extent.The results of this paper can provide reference for better implementation of the "investment-lending linkage" policy,which can promote the development of technology-based enterprises and realize the innovation-driven strategy.