Table 2 Technology and financial services platform evaluation factors
Dimensions/criteria | Descriptions | References |
|---|---|---|
Investment and finance platform (A) | ||
Equity and debt finance (a 1) | High-tech enterprises by using equity and debt pledge to finance | Berger and Udell (1998), Brown and Petersen (2010), Bystrӧm (2008), Kaivanto and Stoneman (2007), Pretes (2002) |
Listed finance (a 2) | Guide and help high-tech companies by using multi-channel and higher efficiency for public finance | Berger and Udell (1998), Brown and Petersen (2010), Bystrӧm (2008) |
High-tech microfinance bank (a 3) | Establish a lot of bank that can provide high-tech firms microfinance | Buckley (1997) |
High-tech corporate finance network (a 4) | Set up a finance-related information network platform for high-tech enterprises only, including financing information, financing services, etc | Respondents |
Government support funds (a 5) | A special fund for high-tech company support by government, and the establishment of a sound and efficient system of support fund, such as high quality fund approval system | Cumming (2007) |
Management, tracking and counseling after investment and finance (a 6) | Management, tracking and counseling after investment and finance of the debt by government assisting loans | Respondents |
Credit rating platform (B) | ||
High-quality credit rating institutions (b 1) | Provide high quality (such as fair, independent and accurate) credit rating private agencies | Akdemir and Karsli (2012), Bannier and Hirsch (2010); Hartarska and Nadolnyak (2008) |
Corporate and individual credit basic databases (b 2) | Provide business and personal basic information, and loans and guarantees credit information, as well as the databases of the corporate main financial indicators | Agier and Szafarz (2013), Avery et al. (2004), Bartoli et al. (2013), Huda (2012), Oreski et al. (2012), Voordeckers and Steijvers (2006), Zhu and Zhang (2012) |
High-tech external rating databases (b 3) | Provide high-tech enterprises credit rating databases | Chen and Cheng (2013) |
Property appraisal organization (b 4) | Appraiser agencies that provide an assessment of the value of the assets, including the assessment of intellectual property rights pledge | Muller and Riedl (2002) |
Credit guarantee platform (C) | ||
High-tech credit guarantee institution (c 1) | Widely established the loan guarantee agencies for high-tech enterprises | |
High-tech enterprises credit guarantee funds (c 2) | Government set up a high-tech credit guarantee funds to help high-tech enterprises credit guarantee | |
Local government guarantee firm (c 3) | Establish high-tech credit guarantee firms of cooperation between the government and financial institutions | Honohan (2010) |
Re-guarantee company (c 4) | Build re-guarantee companies by government, through re-guarantee company credit enhancement, as well as the diversification of risk of guarantee | Respondents |
Subsidy system of high-tech guarantee loss compensation (c 5) | Guarantee institutions incurred losses for the credit guarantee of high-tech enterprises, to be compensated by the government guarantee program to a proportion of the actual loss compensation | Respondents |