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本课题从实际操作和理论分析两方面阐明目前商业银行的科技信贷创新只能局部、有限地增加信贷配给规模,无法实现市场均衡,难以从根本上解决科技信贷市场供求严重失衡的问题。按照风险和收益对称原则,本课题通过引入股权融资模式,为银行科技信贷创新提供了全新思路。从资金供给看,本课题主张高信用主体建立风险投资基金,并通过获取企业股权收益覆盖投资风险。作为当前我国资金主要供给者的银行将为风险投资机构而不是单个科技企业提供信贷支持,这实现了在不改变银行风险偏好情况下信贷资源和风险投资的有机结合;从资金需求看,通过取得科技企业未来部分股权收益,提高融资机会成本,形成对科技企业的有效甄别机制,排除无效资金需求,保证部分潜力科技企业的有效资金需求得到满足,在风险和收益对称基础上实现科技信贷市场新的、更大范围的均衡。
From the actual operation and theoretical analysis, this subject illustrates that the innovation of credit in science and technology of commercial banks can only increase the scale of credit rationing locally and in a limited way, fail to achieve market equilibrium and fundamentally solve the serious imbalance between supply and demand in the science and technology credit market. According to the principle of symmetry of risks and benefits, this topic provides a new idea for bank credit for science and technology innovation by introducing equity financing model. From the perspective of capital supply, this subject advocates the establishment of venture capital funds by high credit entities and covers the investment risks through the acquisition of corporate equity returns. As the main provider of funds in our country, banks will provide credit support for venture capital institutions rather than individual technology enterprises, which realizes the organic combination of credit resources and venture capital without changing the bank’s risk appetite. In view of the demand for funds, Technology companies in the future part of the proceeds of equity, raising the cost of financing opportunities, the formation of an effective screening mechanism for science and technology enterprises, eliminating the demand for funds ineffective, to ensure that some of the effective capital needs of science and technology enterprises to meet the symmetry of risk and return to achieve scientific and technological credit market new A wider range of equilibria.