风险投资的信贷融资便利效应与高新技术企业创新研究

Studies have shown that serious external financing constraints exist in high-tech enterprises innovation, due to the failure of credit resource allocation in China. This research intends to study the credit financing convenience effect of venture capital and its impact on innovation investment and innovation output in high-tech enterprises. It specifically intends to answer the following four questions: (1) Whether the venture capital could bring bank loans convenient financing for high-tech companies? (2) The mechanism of the effect of credit financing facility of venture capital mainly comes from the governance mechanism or relationship mechanism?(3) Whether the credit financing facilitation effect of venture capital can significantly alleviate financing constraints in innovation investment of high-tech enterprises? (4) Whether the effect of credit financing facility can help to improve the innovation output of high-tech companies? This topic helps to clarify the effect and mechanism of venture capital for business credit financing in theory, and at the same, contributes to make clear the action mechanism of venture capital to enterprise innovation from the perspective of financing constraints, and the analysis of the effect of venture capital financing convenience, from the point of " relationship mechanism", will help to expand and enrich the related research about banks’ incidence relation. In practice, this research will provide theoretical guidance for high-tech enterprises (especially private enterprises) to broaden the financing channels of innovation activities, and put forward policy recommendations to promote the development of the venture capital industry in China.

已有研究表明，我国信贷资源配置失效使得高新技术企业创新存在严重的外部融资约束。本课题拟研究风险投资的信贷融资便利效应及其对高新技术企业创新投入和创新产出的影响，具体拟回答以下四个问题：（1）风险投资能否为高新技术企业带来银行贷款方面的融资便利？（2）风险投资的信贷融资便利效应作用机理主要源于治理机制还是关系机制？（3）风险投资的信贷融资便利效应是否能显著缓解高新技术企业创新投入的融资约束？（4）这一信贷融资便利效应是否有助于提高高新技术企业的创新产出？本课题在理论上有助于弄清风险投资对企业信贷融资的影响及其作用机理，有助于从融资约束角度弄清风险投资对企业创新的作用机理，并且从“关系机制”角度对风险投资的信贷融资便利效应的分析有助于拓展和丰富银行关联关系的相关研究；在实践上为高新技术企业（尤其是民营企业）拓宽创新活动的信贷融资渠道提供理论指导，并为促进我国风险投资行业发展提出政策建议。

我国信贷资源配置失效使得高新技术企业创新存在严重的外部融资约束，而近年来各大商业银行纷纷联合风险投资机构开展“投资联动”等金融创新，那么风险投资的引入能否有效改善高新技术企业技术创新的信贷环境，优化信贷配置效率？本课题围绕这一核心问题，以被认定为高新技术企业的上市公司2009-2015年数据为样本，具体做了如下研究：（1）风险投资对高新技术企业信贷融资的影响研究；（2）风险投资的信贷融资便利效应的作用机理检验；（3）风险投资的信贷融资便利效应对高新技术企业创新投入的影响研究；（4）风险投资的信贷融资便利效应的经济后果（贷款违约率、企业绩效、创新产出）。研究发现：（1）风险投资的参与可以有效改善我国企业（包括高新技术企业和中小企业）的信贷融资环境，带来显著的信贷融资便利效应：有风险投资参与的企业，能够获得更多的银行贷款（尤其是短期贷款）、更低的贷款利率、更宽松的贷款条件（信用贷款在贷款总额中的比重更大）；企业受到更低的融资约束，进行更大程度的技术创新投入。这为我国企业，尤其是高新技术企业和中小企业缓解自身信贷约束提供了实践启示。（2）风险投资的这一信贷融资便利效应更大程度上可能是由于风险投资的关系网络拉近了银企距离，降低了信息不对称程度：相对于非国有背景的风险投资，国有背景的风险投资参与具有更显著的信贷融资便利效应。（3）风险投资的这一信贷便利效应能够优化银行信贷资源的配置效率：风险投资参与的企业能够产生更多的企业发明专利，并且具有更低的贷款违约概率和更好的企业绩效（托宾Q）。这为银行开发信贷技术和推进“投贷联动”等金融创新提供了理论指导。