摘要
商业银行和风险投资机构的合作，即银投合作，将成为解决科技型中小企业融资问题的创新之举。本文基于中国的制度现实探讨银投合作的具体模式，将传统非银投合作的单纯的银行贷款、风险投资，与开展银投合作的投贷联盟、债权模式等进行比较，研究在这四种不同模式下，银行、风险投资机构和科技型中小企业的合作参与条件和期望收益。研究发现，在银投合作的债权模式下，银行将降低最高利息要求水平，风险投资机构将提高最高权益分成比例，科技型中小企业的项目成功概率也将得到提高，从而实现了多赢。因此建议大力推进银投合作，在近期银投合作适宜采用债权模式，在未来可创新发展更具前瞻性的模式。
The cooperation between commer- cial banks and venture capital institutions, name- ly, cooperation of bank and venture capital, will become an innovative move to solve the financing problems of science and technology SMEs. Based on the institutional reality of China, this paper discusses the specific model of cooperation of bank and venture capital, compares the traditional bank loans and venture capital of traditional non - coop- eration of bank and venture capital with the invest- ment and loan alliances and creditor＇s rights mod- els that carry out cooperation of bank and venture capital, and studies the participation conditions and expected benefits of the banks, venture capital institutions and science and technology SMEs under the four different models. The study finds that under the creditor＇ s rights model for cooperation of bank and venture capital, banks will reduce the maximum interest requirement level, venture capital institutions will increase the maximum share of equity,. and the chance of project success for science and technology SMEs will also increase, resulting in a win -win situation. Therefore, it is recommended that the cooperation between the bank and venture capital be vigorously promoted. In the near future, it is appropriate to adopt the creditor＇ s rights model for cooperation of bank and venture capital. In the innovate and develop model. future, it will be possible to a more forward -looking
出处
《宏观经济研究》
CSSCI
北大核心
2018年第9期19-29,共11页
Macroeconomics
基金
国家社会科学基金项目(15GBL046)
广州市软科学项目(201609020006)
广东省自然科学基金项目(2016A030313535)
国家社科基金项目(16BGL094)
教育部人文社会科学研究规划基金(15ⅪCZH225)
广东省社科基金项目(GD14XGL53)的资助
关键词
银投合作
银投合作的债权模式
投贷联盟
Cooperation of bank and venturecapital
Creditor＇ s rights model of bank and ven-ture capital cooperation
Investment - loan alliance mode
