At present, my country's banks have a large amount of deposit balances that cannot be lent out, and high-tech enterprises are in urgent need of strong financial support in their early stages of entrepreneurship, but they are struggling with fundraising channels. It is difficult for enterprises to get loans and for banks to get loans. problems coexist. Therefore, bank funds should become a stable, reliable and sufficient source of funds for high-tech enterprises to start their own businesses. In order to develop bank funds and expand financing channels for high-tech entrepreneurship, financial innovation is urgent.
1. Continuous innovation in the mechanisms and methods of integrating technology and finance
(1) Multiple financing methods. At this stage, governments at all levels have adopted a variety of financing methods in recent years to expand financing channels for high-tech enterprises: (1) Establish scientific and technological innovation funds to support the rapid development of high-tech enterprises through loan discounts, free funding, capital investment, etc. (2) Establish a property rights trading market. (3) Give full play to the role of financing tools suitable for the characteristics of small and medium-sized enterprises such as pawns and financial leases. (4) Open direct financing channels. In addition, most provinces, cities and even prefectures and counties in my country have generally established venture investment mechanisms, credit guarantee mechanisms, science and technology credit assessment mechanisms, intellectual property mortgage mechanisms and property rights trading mechanisms. In 2004, in Zhejiang Province alone, there were 88 guarantee companies of various types of ownership.
(2) The government establishes a special guarantee company to provide guarantees for enterprises. Since 2004, the Ministry of Science and Technology and the Agricultural Bank of China have adopted the approach of "credit lines and counterpart support" in areas with high-quality scientific and technological resources, and have achieved certain results.
(3) “Packaged loans” for high-tech enterprises. Since 2004, the China Development Bank and the Ministry of Science and Technology have launched pilot projects for "packaged loans" for high-tech enterprises in Beijing, Shanghai, Xi'an, Chongqing and other regions. This model circumvents the regulation that financing platforms cannot engage in direct loans to enterprises, and also circumvents the regulation that "inter-bank lending" between the trustee bank and the development bank cannot exceed half a year. This is not only a financial innovation, but also a government Innovation in R&D investment.
(4) Bundled issuance of corporate bonds. The Ministry of Science and Technology began to try to bundle issuance of corporate bonds by high-tech zones in 1998. In 1998, it selected 13 high-tech zones with rapid development and strong economic strength through market operation, and applied for an issuance quota of 300 million yuan and a term of three years. As of 2001, the principal and interest of the 300 million yuan corporate bond were all repaid on time. In 2003, this bond once again used the method of "unified naming, separate liabilities, separate guarantees, and bundled issuance" to integrate the excellent resources and credit of 12 national high-tech zones, and successfully issued bonds in the form of "bundling".
The bond is composed of multiple debt entities, and the quasi-governmental design avoids systemic risks. In addition, the issuance method of bundled issuance combines financial assets with different risk characteristics to generate a flow of income that is acceptable to investors (most companies and individuals in our country like a stable flow of investment income).
The introduction of financial instruments such as bonds is an important beginning for high-tech enterprises to shift from financing from banks and other financial institutions to directly entering the capital market and obtaining socialized capital support.
(5) While the financial sector actively supports the development of high-tech enterprises, various banks will also receive good returns accordingly.
2. Financial innovation, giving full play to the leading role of the government
(1) Establishing a complete policy and regulatory system
Since the promulgation of the "Small and Medium Enterprises Promotion Law", Technology-based small and medium-sized enterprises have gained unprecedented development opportunities, and the external financing environment has been greatly improved. However, many supporting regulations are still lacking. At present, the government must effectively formulate a series of policies and regulations to revitalize the development of technology-based small and medium-sized enterprises. Create a good external legal environment for the development of technology-based small and medium-sized enterprises.
(2) Increase government financial support
Judging from the current situation, government financial support is limited and time lags. First, the policy resources that the government can provide are relatively limited, especially in terms of financial support policies, which are basically controlled within the financial limits. For this reason, the government's policy financing is often relatively small in terms of funds and narrow in coverage. The investment funds cannot meet the objective trend of rapid development of high-tech industries. Policy financing has limited support for technology-based small and medium-sized enterprises. In addition, judging from the time when government funds enter technology-based small and medium-sized enterprises, government fund support is generally provided after the relevant departments have identified high-tech enterprises, and technology-based small and medium-sized enterprises at this stage have already overcome the dangers of entrepreneurial ventures. Although the funds provided by the government at this stage can play a significant supporting role, compared with the financial support in the early stages of entrepreneurship, there is still a large discount in terms of financing effect.
In view of the above shortcomings of government financial support, while improving the intensity and time lag of government financial support, the government should provide a certain amount of funds or set up various entrepreneurship and development funds to incubate scientific and technological achievements. A special budget is allocated in the budget to establish a entrepreneurship fund for scientific and technological personnel and an innovation fund for small and medium-sized scientific and technological enterprises to strengthen financial support for scientific and technological small and medium-sized enterprises. Use different methods such as government seed or guidance funds, venture capital, bank credit institutions, and multi-level capital markets to improve the investment and financing efficiency of various innovative enterprises and major scientific and technological projects in our country.
3. In financial innovation, financial institutions must strengthen their awareness of innovation in financial services.
In financial innovation, financial institutions should first carry out institutional innovation. Innovations range from innovations in loan issuance methods, guarantee methods, loan entities, and financing methods to innovations in personal entrepreneurial loans, bill financing, private placement bonds, and self-reimbursement trade financing. Banks should be allowed to have interest rate flexibility for high-tech enterprises to match the bank's returns with risks; loans to non-state-owned high-tech enterprises should not be refused based on "institutional" discrimination and prejudice due to concerns about corporate ownership. .
Secondly, financial institutions need to improve their risk identification capabilities. Banks need to study risks by applying modern risk management techniques. Bank practitioners must strengthen industry research, track new technological trends, and strengthen communication with scientific and technological personnel to improve their ability to identify risks in technological projects. Financial institutions must update their concepts, take the initiative to understand the prospects and needs of technology applications in small and medium-sized enterprises, and be good at leveraging social forces to scientifically evaluate scientific and technological achievements. It is necessary to change the concept and pay attention to the capital needs of technology-based small and medium-sized enterprises; establish service departments for technology-based small and medium-sized enterprises within state-owned commercial banks and formulate support plans; reform credit management methods for technology-based small and medium-sized enterprises; use their advantages to develop technology-based small and medium-sized enterprises. The enterprise's financial products provide efficient, convenient and comprehensive financial services, break out of the narrow circle of simply providing loans, realize innovation in financial service methods and means, and do everything possible to provide financing convenience for the application of scientific and technological achievements.
In addition, financial institutions must be guided to innovate financial products and improve financial services. State-owned commercial banks have effectively strengthened and improved specific measures to provide financial services to small and medium-sized enterprises. For example, the China Development Bank, as a national policy bank, actively relies on the city commercial bank network to carry out on-lending business to small and medium-sized enterprises, and provides trial re-guarantee to qualified small and medium-sized enterprise credit guarantee institutions. All joint-stock commercial banks strive to achieve innovation in financial concepts, financial products and service functions.
4. Financial innovation should further develop the social service system
(1) Build a social credit system. In the early days of high-tech enterprises, corporate credit has not yet been formed, and only the personal credit of the entrepreneurs has been established. However, currently, banks in our country have only established corporate credit management systems and do not have personal credit systems. Moreover, my country's current credit system still exists: 1. It is backward in construction and lacks a credit incentive and punishment system. In institutional arrangements such as corporate financing, market access or exit, it has not yet formed the necessary incentives for companies that keep their promises, and the system for non-trustworthy companies. Rules that impose severe penalties on companies that keep their promises. 2. The construction of the management system lags behind. The credit records, credit organization and supervision system that are the basis of the credit system have not yet been established. It is very difficult to obtain real information about the enterprise. The existing credit resources are divided and closed, and the overall benefits cannot be exerted. 3. Some local governments are not strong enough in cracking down on enterprises' evasion of bank debts. Especially in the restructuring of some state-owned enterprises, there is still a phenomenon of acquiescence or connivance for enterprises to default on debts and evade debts. The credit environment needs to be rectified urgently.
Therefore, our government should improve the corporate credit management system as soon as possible, establish a personal credit system, and encourage credit intermediaries to help high-tech enterprises establish credit management systems.
(2) Accelerate the construction of enterprise credit intermediary service system. At present, the first is to speed up the cultivation of credit market entities, which is a key link in whether our country can establish an enterprise credit intermediary service system as soon as possible. Administrative, legal and commercial means should be comprehensively used to establish intermediary service companies for corporate credit. The second is to accelerate the guidance and cultivation of market demand for credit products, which is the market foundation for establishing an enterprise credit intermediary service system. The third is to speed up the establishment of a disciplinary mechanism for dishonest people, which is a guarantee for overcoming credit deficiencies and establishing an enterprise credit intermediary service system.
(3) Establish a sound credit guarantee system. Credit guarantee is an effective way to improve corporate financial credibility and solve the difficulty of bank loan guarantees. For this reason, it is imperative to establish a credit guarantee system for technology-based small and medium-sized enterprises. The government can increase the financing willingness of the financial system and open indirect financing channels for enterprises through fiscal interest discounts and the establishment of fiscally supported guarantee institutions. After several years of practice, our country has gradually explored the small and medium-sized enterprise credit guarantee system model of the "one body, two wings and four layers" multi-level credit guarantee system with Chinese characteristics. "One body" refers to the main body; "two wings" refers to commercial guarantees and private mutual assistance guarantees as necessary supplements; "four layers" refers to the central level, the provincial (municipal, district) level, the prefectural level, and the county (city) level. class. The guarantee institution should be jointly funded by finance, financial institutions, technology-based small and medium-sized enterprises and other parties to form an independent legal person. The government should strengthen financial guidance and policy guidance for guarantee institutions and try to avoid and prevent excessive administrative intervention. Guarantee institutions should adopt the operation model of "market-oriented operation and corporate management". At present, we should start by enriching guarantee funds, expand the number of credit guarantee funds, guarantee institutions and re-guarantee institutions, and establish credit guarantee systems at different levels. For example, Zhongguancun designed and implemented the “Gazelle Plan” to provide guaranteed loan services to high-growth small and medium-sized technology enterprises. After one year of operation, it has provided 700 million yuan in bank credit funds for enterprises in the park.
(4) Strengthen the construction of the credit system of small and medium-sized enterprises and improve the financing capabilities of small and medium-sized enterprises.
On the one hand, we should gradually establish and improve the credit information system and credit evaluation system for small and medium-sized enterprises outside the enterprise; on the other hand, we should actively carry out the construction and popularization of the credit system within the enterprise.
(5) Establish a policy science and technology development bank. In view of the characteristics and financing requirements of technology-based small and medium-sized enterprises, the government shall fund the establishment of a science and technology development bank, develop investment banking business, and explore the establishment of a science and technology industry development bank or a small and medium-sized enterprise development bank. To support the development of high-tech industries. The Science and Technology Development Bank can provide preferential project loans with lower interest rates and longer terms to technological small and medium-sized enterprises with good development prospects and significant contributions to technological progress. This not only solves the financing problems of technological small and medium-sized enterprises to a certain extent, but also It can speed up the pace of adjustment and upgrading of my country's industrial structure. In addition, we can also explore effective ways to combine scientific and technological services for "agriculture, rural areas and farmers" with innovative services of rural credit cooperatives.
(6) Develop the bond market. We must actively develop the bond market. Allow qualified technology-based small and medium-sized enterprises to issue corporate bonds, expand direct financing channels, and further improve the capital market system; encourage enterprises to use a variety of methods to directly raise funds through the bond market. The state needs to amend relevant laws and regulations to lower the conditions for corporate bond issuance. Qualified technology-based small and medium-sized enterprises can issue medium and long-term corporate bonds to raise funds, and use the future income of the project and appropriate fiscal discounts as a guarantee for repayment of principal and interest to ensure the credit of the bonds. Corporate bonds can be freely circulated and transferred in the capital market.
(7) Vigorously develop private banks and moderately develop private finance. Private banks and private finance have the characteristics of understanding the characteristics of the private economy and small and medium-sized enterprises, flexible mechanisms, and strong regional characteristics. They have a natural connection with technology-based small and medium-sized enterprises and can broaden the financing channels of technology-based small and medium-sized enterprises.