Organizational Mechanism of Evaluative Technological Financial Instruments: Lessons from South Korea's Technology Credit Evaluation
Zhang Chidong1,2, Li Yining1,2, Wu Fan1, Wang Tongtong1,2
1. Institute of Science and Development,Chinese Academy of Sciences,Beijing 100190,China; 2. School of Public Policy and Management,University of Chinese Academy of Sciences,Beijing 100049,China
Abstract：Sci-tech SMEs often face financing constraints because their technological capabilities and growth potential are difficult for financial institutions to observe and price.Based on signaling theory,this paper defines the results of evaluative technology-finance instruments as institutionalized signals and develops a“trigger-production-certification-adoption”analytical framework.Using South Korea's technology credit evaluation as a case,it examines how evaluation results are transformed into credible signals for financial decisions.The findings show that Korea has established a coordinated system of legal authorization,government coordination,professional evaluation,and financial adoption,converting firms' hidden technological information into verifiable,comparable,and credible signals.Its operation mainly depends on four mechanisms:government-led coordination,professional execution with quality control,digitally enabled data governance,and the joint support of evaluation models and specialized human resources.Based on this,the paper proposes policy suggestions for improving China's“Innovation Points System”.
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