The Impact of “Investment-Loan Linkage” on Technology SMEs’ Time Efficiency of Technological Innovation in China – Based on the Optimal Model for Balancing Interests

This study incorporates multi-stakeholders into the research framework, and compares the time efficiency of technological innovation of technology SMEs under the "Investment-Loan linkage" mode with other financing modes through the optimal model for balancing interests, and uses simulation to empirical tests.It is found that under the condition of certain capital structure, technology SMEs' time efficiency of technological innovation is higher under the "Investment-Loan linkage" mode, the advantage of risk dispersion is more obvious, and the feasibility is stronger.However, the interaction between participants and policy regulation limits the effect of the "Investment-Loan linkage" mode, which can be optimised from the cooperation mode of participants and the strength of government guidance.