CAJ | 학술논문

本文以银行主导模式的典型代表日本、德国为例,分别从政府的扶持政策、直接融资市场（风险投资市场、资本市场）和间接融资市场（信用担保）三个方面对其科技金融模式进行研究。结论表明,日本、德国这种银行主导的融资模式,在强化间接融资市场的同时,积极发展资本市场,整合了直接融资市场和间接融资市场,减少了金融机构与科技中小企业之间的信息不对称,在很大程度上满足了科技中小企业的融资需求,有效地激发了科技中小企业的发展潜力。总体而言,这种银行主导科技金融的模式对于促进科技与金融的有机结合是有效的。
본문이은행주도모식적전형대표일본、덕국위례,분별종정부적부지정책、직접융자시장（풍험투자시장、자본시장）화간접융자시장（신용담보）삼개방면대기과기금융모식진행연구。결론표명,일본、덕국저충은행주도적융자모식,재강화간접융자시장적동시,적겁발전자본시장,정합료직접융자시장화간접융자시장,감소료금융궤구여과기중소기업지간적신식불대칭,재흔대정도상만족료과기중소기업적융자수구,유효지격발료과기중소기업적발전잠력。총체이언,저충은행주도과기금융적모식대우촉진과기여금융적유궤결합시유효적。
This paper sets Japan and Germany as typical examples of the bank-based system to introduce the combining mechanism of Sci-tech finance from three aspects： government＇s promotion policies, direct financing market（venture capital market and capital markets） and indirect financing market（credit guarantees）. The results show that, the bank-based systems in Japan and Germany, strengthen indirect financing market and develop the capital market actively, thus integrate direct financing market and indirect financing market, reduce the information asymmetry between financial institutions and technology SMEs, just satisfy the financing demand from the technology SMEs and stimulate their potential development effectively. Overall, this bank-based combining mechanism of Sci-tech finance is efficient.