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随着我国经济进入结构调整、模式转换的新常态,科技创新创业企业逐渐成为拉动经济社会发展的新引擎。我国正在持续推动大众创业、万众创新,然而科技创新创业企业长期以来面临着严重的融资困境,这既与行业特征密不可分,也与科技金融产品体系的不完善有关。科创企业资产积累较少,产品市场价值波动大,信息不公开特点,科创企业自身经营的不稳定性致使其融资风险大增,银行在向其提供传统信贷服务时存在风险与收益不匹配、成本与产出相背离的现实问题,因此积极性不高。资本市场上,监管部门对于科创企业上市以及中小企业上市审核都十分严格,其他区域二级市场上交易趋于疲软,对于科创型企业而言,其融资形势十分险峻。市场上一直流动着一部分热钱,但是却没有可靠合法的途径投入到实体产业,一些科创企业与私募以及银行之间慢慢摸索出一条独特的融资道路——投贷联动,银行、私募基金与企业之间结为利益共同体,企业获得资金,银行与基金则通过注资获得的股权。这种新型投资模式为科创企业注入新鲜血液。
As China’s economy enters the new normal of structural adjustment and mode switching, the science and technology innovation and start-up enterprises have gradually become the new engine of economic and social development. Our country is continuing to promote public entrepreneurship and innovation. However, science and technology start-ups have long faced severe financing difficulties, which are both inseparable from the characteristics of the industry and also related to the imperfectness of the science and technology financial product system. The accumulation of assets in science and technology enterprises is small, the market value of products fluctuates greatly, and the information is not disclosed. The instability of science and technology start-ups causes their financing risks to increase greatly. The risks and benefits do not match when the banks provide traditional credit services , The reality that the cost and the output depart from each other, so the enthusiasm is not high. In the capital market, regulators have very strict regulations on the listing of science and technology startups and the listing of SMEs. The transactions in the secondary markets in other regions tend to be weak. For the tech-start companies, the financing situation is very steep. Some hot money has been circulating in the market, but there is no reliable and legal way to put it into the real estate industry. Some science-and-technology enterprises and private-equity firms and banks gradually explore a unique financing path - investment and loan linkage, banks, private equity funds and Enterprises become the community of interests, business access to funds, banks and funds are obtained by injection of equity. This new investment model injects fresh blood into science and technology startups.