银行信贷、风险投资与中小企业创新研究综述——基于信息传递和风险转移视角

随着企业创新越来越受到社会各界的关注,如何缓解中小企业创新信贷融资约束成为我国金融业的重点探讨方向之一。在信息不对称情况下,关系融资是解决中小企业融资困境的重要方式,然而关系融资会催生信贷寻租,降低社会资源的配置效率。风险投资可以较好地降低银企信息不对称程度、缓解企业融资约束问题。当前国内风投与银行信贷联动效果评价研究不够深入,未来评价研究还面临着投贷联动界定等挑战难题。

A Literature Review of Bank Credit,Venture Capital and SME Innovation——Based on Perspective of Information Transmission and Risk Transfer

As corporate innovation is more and more considered,how to ease the financing constraints of SMEs'innovation has become one of the key directions in China's financial industry.In the case of asymmetric information,relationship financing is an important way to solve the financing difficulties of SMEs.However,relationship financing will promote credit rent-seeking and reduce the allocation efficiency of social resources.Venture capital can better reduce the degree of information asymmetry between banks and enterprises and ease the problem of financing constraints.At present,the research on the effect evaluation of the linkage between venture capital and bank credit is not deep enough,and the future evaluation research is still facing challenges such as the definition of the linkage between investment and loan.