Abstract

The essence of finance is to serve the real economy，and ultimately to reduce the financing costs for enterprises and cultivate new momentum. Small and medium-sized enterprises are an important force to promote the development of real economy. Especially，Small and medium-sized scientific and technological enterprises are the fresh force to build an innovative country and the important carrier to realize the transformation of scientific and technological achievements and the optimization of industrial structure. However，the high cost of financing and the difficulty of financing have always been the main factors restricting the development of enterprises. In April 2016，in order to improve the model of science and technology financial services and support the development of science and technology innovation，the China Banking Regulatory Commission，the Ministry of Science and Technology and the People’s Bank of China implemented the Guiding Opinion on Supporting Banking Financial Institutions to Intensify Innovation and Carry Out Investment and Loan Linkages for Science and Technology Innovation Enterprises（CBRC [2016]，No. 14）（Hereinafter referred to as“guidance”）.

The mode innovation and exploration of investment and loan linkage business are in the preliminary stage，and the development of high-tech enterprises is also accompanied by the characteristics of light assets and high risks，which puts forward higher requirements for the corporate governance and comprehensive risk management of pilot commercial Banks. In order to realize the structural transformation under the new normal economy and solve the contradiction of financing demands of science and innovation enterprises，commercial Banks need to change their risk attitudes and build a risk management mechanism suitable for the mode of investment and loan linkage. In this context，this paper takes commercial Banks as the research object，and it is of great practical significance to analyze the practice of investment and loan linkage mode from the perspectives of risk transmission，risk assessment，risk compensation and risk response.

From the perspective of investment and loan linkage market，commercial banks in pilot range can demonstrate national independent innovation in Beijing Zhongguancun，Wuhan East Lake，Shanghai Zhangjiang，Tianjin Binhai and Xi’an. Pilot projects of investment and loan linkage have been carried out in the region. In practice，scientific and technological enterprises mainly focus on aerospace，precision instruments，new energy，intelligent manufacturing，information technology，biomedicine，ecological and environmental protection and other fields. The mode selection is divided into“loan +”，“equity + creditor’s rights +”and other modes.

From the perspective of risk transmission of investment and loan linkage，commercial banks are faced with internal and external risks in the process of practical investment and loan linkage. Under the modes of“+subsidiary company”，“+VC/PE”，“+bank”，+other institutions’，the path of risk transmission is different，which is embodied in operational risk，market risk，credit risk，reputation risk and other risks. According to the investors’ reaction to the policy of investment-credit linkage，the excess return of related ventures and financial industry is positive on the policy announcement day，while the excess return of related industries in Shanghai and Wuhan is positive only. When commercial banks make investment and loan linkage，the increase of risk will lead to the difficulty of supervision，the difficulty of realizing income compensation，and the lag of project operation and real economy development. In addition，this paper takes China’s listed commercial banks（2008-2017）as the initial sample，and explores the relationship between investment and loan linkage and risk level and performance of commercial banks. The study finds that investment and loan linkage increases the risks faced by commercial banks，but also increases the performance of commercial banks，but the regional spillover effect of investment and loan linkage is not obvious.

From the point of view of the risk evaluation system of investment and loan linkage，this paper constructs the risk evaluation system of commercial bank investment and loan linkage from the policy dimension，economic dimension，industry dimension，regional dimension，subject dimension and product dimension. In addition，this paper combs the risk assessment reporting mechanism，including the main body of risk assessment report，the transmission path of risk assessment report，and the application of the results of risk assessment report.

From the point of view of risk compensation of investment and loan linkage，this paper firstly analyses the risk preference of different participants based on the difference of risk preference of different participants in investment and loan linkage and the performance of participants in different life cycles of enterprises.Based on this，the key of risk compensation in this paper should pay attention to the information sharing and communication between participants，the tolerance of expected losses，the time limit and confirmation of income compensation，the way of risk sharing and income sharing. In the design of risk compensation scheme，macro and micro should be combined to give full play to the role of the government and multi-level capital market，product innovation and mode innovation.

From the point of view of the risk response of investment and loan linkage，this paper puts forward countermeasures in three aspects：the risk of laws and regulations，the risk of internal management，the risk of financial innovation and the construction of overall supervision system. From the point of view of the application of investment and loan linkage in“non-scientific and technological”enterprises，this paper finds that it is difficult to carry out the comprehensive development of investment and loan linkage. The main reasons lie in the risk of legal applicability，the impact of economic，social and cultural environment，the choice of customers of investment and loan linkage model，and the design of investment and loan linkage products，which increase the difficulty of application of the model.

Key words：Investment and Loan Linkage；Risk Transmission；Risk Assessment；Risk Compensation；Risk Response