贷款风险补偿资金对科技型中小企业信贷配给的影响机理研究

The mechanism of loan risk compensation is an important financial means which can encourage and guide the banks to increase the amount of loans for the high-tech SMEs. We will deeply research on the influence mechanism of loan risk compensation funds on credit rationing of high-tech SMEs. Firstly, a credit risk evaluation system of high-tech SMEs is constructed. Secondly, according to the implement problem of mechanism of loan risk compensation, an evolutionary game analysis between the government and banks is carried out. Thirdly, under the conditions of asymmetric information, from the perspective of adverse selection, the influence of loan risk compensation funds on the loan behavior of banks and enterprises is investigated, respectively in competitive market and monopolistic market. Furthermore, the influence mechanism of loan risk compensation funds on equilibrium credit rationing is analyzed. The fourth, the loans' growth effect of loan risk compensation funds is test empirically. The fifth, the endogenous optimal scale of loan risk compensation funds is researched based on multi-task principal-agent model. Finally, we can draw a conclusion, and then some policy suggestions are put forward. The academic value of our research results is that the research field of equilibrium credit rationing theory and finance expenditure theory is extended, and it has important theory meaning and realistic meaning to reduce the credit rationing of high-tech SMEs, promote the technology combined with finance, and promote the independent innovation.

贷款风险补偿机制是鼓励和引导银行加大对科技型中小企业信贷支持力度的重要财政手段。本项目将对贷款风险补偿资金对科技型中小企业信贷配给的影响机理进行深入研究。主要研究内容包括：第一，构建科技型中小企业信用风险评价体系；第二，针对贷款风险补偿机制的实施问题，进行政府与银行的演化博弈分析；第三，在信息不对称条件下，从逆向选择角度，分别考察在竞争性和垄断性信贷市场中，贷款风险补偿资金对银行贷款行为和企业借款行为的影响，进而剖析贷款风险补偿资金对均衡信贷配给的影响机理；第四，实证检验贷款风险补偿资金对科技型中小企业贷款的增长效应；第五，基于多任务委托-代理模型对内生最优贷款风险补偿资金规模进行研究；最后，得出相关研究结论与政策建议。本项目研究成果的学术价值在于：拓展均衡信贷配给理论和财政支出理论的研究领域，对降低科技型中小企业信贷配给程度、促进科技和金融结合、推进自主创新具有重要的理论意义和现实意义。

贷款风险补偿机制是鼓励和引导银行加大对科技型中小企业信贷支持力度的重要财政手段。本项目对贷款风险补偿资金对科技型中小企业信贷配给的影响机理进行了深入研究。主要研究内容包括：第一，构建了科技型中小企业信用风险评价体系；第二，在准公共产品分析的基础上，对科技型中小企业贷款风险补偿政策运行模式进行了分析；并基于SD模型对科技型中小企业贷款风险补偿政策效果进行模拟；第三，针对贷款风险补偿机制的实施问题，进行银政企的合作博弈分析及仿真研究，以及银行与科技型中小企业的演化博弈分析及仿真研究；第四，在信息不对称条件下，从逆向选择角度，分别考察在竞争性和垄断性信贷市场中，贷款风险补偿资金对银行贷款行为和企业借款行为的影响，进而剖析贷款风险补偿资金对均衡信贷配给的影响机理；第五，实证检验贷款风险补偿资金对科技型中小企业贷款的增长效应；第六，实证检验贷款风险补偿资金对科技型中小企业技术创新产出的影响；第七，基于多任务委托-代理模型对贷款风险补偿机制中政府对银行的激励问题进行了研究；并运用新规制经济学理论对贷款风险补偿机制中政府对银行的规制问题进行了研究；第八，基于商业银行RAROC贷款定价模型，对贷款风险补偿资金对科技型中小企业贷款定价的影响进行了研究。本项目研究成果的学术价值在于：形成了贷款风险补偿机制下科技型中小企业信贷配给的理论分析框架，并提出了完善科技型中小企业贷款风险补偿机制的政策建议，拓展了均衡信贷配给理论和财政支出理论的研究领域。本项目的研究成果对降低科技型中小企业信贷配给程度、促进科技和金融结合、推进自主创新具有重要的理论意义和现实意义。