风险资本融资方式下的高技术企业发展

【作者】 张坤；

【导师】 彭韶兵；

【作者基本信息】 西南财经大学 ， 会计学， 2005， 硕士

【摘要】 当今,人类社会正步入知识经济时代,知识经济是一种以知识资源为基础的经济形态,其最大的特征就是高技术与资金的双向密集。高技术产业作为新经济时代的支柱产业,使得大力发展高技术企业成为一个国家提高综合竞争力的必然选择。我国是一个具有典型的二元经济结构的国家,金融抑制现象普遍存在,从而导致金融市场的资金通常会流向一些特权企业,大量的中小高技术企业被排斥于外。可见,高技术企业当前面临的资金严重短缺问题始终是制约高技术企业发展的主要瓶颈。针对高技术企业存在的现实资金需求与资金供给缺口之间的矛盾,依赖传统的融资方式很难消除其资金“瓶颈”,需要一种创新的融资方式来解决这一矛盾,风险资本就是这样一种融资方式。风险资本将资本、管理与高技术有机地融合为一体,在释放高技术企业所具有的高风险的同时获得高收益,从而推动了高技术企业的可持续发展。因此,研究基于风险资本投融资机制下的高技术企业发展问题,对于缓解我国高技术企业,尤其是中小高技术企业的融资困境,提高其融资效率,推进整个高技术产业的发展上具有一定的现实指导意义。本文是以风险资本在高技术企业的“投资—管理—退出”这个过程为主线,对高技术企业的融资相关问题逐步展开论述。文章包括四个部分,其主要内容如下:第一部分:高技术企业的相关问题阐述。这部分从高技术企业的内在特性出发,为下文进行高技术企业的融资问题研究奠定基础。本部分首先对高技术企业的概念和它区别于传统企业的特征进行了探讨。其次,根据企业生命周期理论指出高技术企业发展的典型路径表现为种子期、创立期、成长期和成熟期几个依次继起的阶段。再次,由于高技术企业的典型特征之一是高风险性,在企业成长的各个时期2始终伴随着各种风险,这里对主要的技术风险、市场风险、财务风险、管理风险和流动风险进行了介绍,但高技术企业在成长的不同阶段其风险的表现形式和程度是不同的。第二部分:高技术企业融资的相关问题。本部分一方面对高技术企业的总体融资特性和它在不同发展阶段的资金需求特点与融资结构变化作一探讨;另一方面,结合当前我国高技术企业的融资困境及其融资障碍,提出了风险资本的出现为解决其融资过程中出现的信息不对称等问题提供了一条新思路。本部分首先指出了高技术企业的融资活动具有高投入、高风险性,融资机制的复杂性以及融资阶段性的总体特性。随着企业的不断成长,它在不同的发展阶段有着不同的资金需求规律,其融资结构也处于不断的变化调整之中。从融资结构来看,一般初创期的企业更倾向于债务性融资,成长期和成熟期的企业更倾向于权益性融资。其次,在对当前高技术企业面临的融资困境和融资障碍进行分析的基础上,指出依赖传统的融资方式无法从根本上解决这些障碍,高技术企业的技术创新对资金的需求与现实的资金供给缺口之间的矛盾,在很大程度上有赖于风险资本这种创新的融资方式来解决。 第三部分:风险资本:高技术企业资金融通的有效方式。本部分是文章的核心内容,主要围绕风险投资公司与高技术企业之间融资契约的选择与制度安排展开的。风险资本作为联系高技术企业与风险投资公司之间的纽带,是把握高技术企业融资问题的关键点,本文也是以风险资本在高技术企业的“投资——管理——退出”这个过程为主线,对高技术企业的相关融资问题逐步展开论述的。通过对高技术企业引入风险资本后融资契约的选择与制度安排的分析,指出了风险资本在缓解信息不对称、实现激励约束机制的制衡等方面均体现了一定的有效性。本文是以风险资本作为研究高技术企业融资活动切入点的,本部分首先对风险资本进行了阐释。其次,运用缺口理论对风险资本与高技术创业企业的融合进行了分析,阐释了两者结合的理论基础。由于对高技术企业和风险投资公司之间融资契约的选择与制度安排的3把握既是横向比较高技术企业区别于传统企业融资特性的关键,也是纵向分析风险资本与高技术企业实现融合发展的逻辑起点,接下来对融资契约的选择问题则以效率为导向,从融资期限、融资工具、融资轮次和企业控制权的分配等方面展开分析。最后,对风险资本融资方式下的企业治理结构的特性和有效性进行了分析,指出了风险资本在缓解信息不对称、实现激励约束机制的制衡等方面均体现了一定的合理性与有效性,并以一典型案例作为本部分论点的实践支撑。第四部分:风险资本的退出与高技术企业上市融资。本部分是文章的另一重点内容。主要探讨了风险资本在获得了较高的投资收益,为高技术企业提供资金支持之后,需要选择合适的退出时机和退出方式,从而实现风险资本投融资的良性循环。并针对二板市场制度和当前设立的中小企业板与高技术企业的上市融资问题进行了探讨,以期实现风险资本、二板市场与高技术企业发展之间的良性互动。本部分首先探讨了风险资本建立退出机制的意义所在,要求高技术企业要根据其自身的成长态势把握风险资本退出的时机,并选择合理的退出方式。从国内外的实践来看,风险资本也形成了 IPO、整体出售、股本回购、二次出售以及注销等多样化的退出方式。由于更多还原

【Abstract】 We are facing the tide of knowledge-based economy nowadays, it isno doubt that High-tech industry is driving the tide in the new economyera, and there’s no way to improve one country’s competitive power but todeveloping high-tech industry. We will meet many difficulties in fundswhich can’t be solved by traditional financing methods. In this condition,Venture capital comes out in our country and works effectively todevelop High-tech industry very recently. It is very significant to solvethe financing difficulties of High-tech industry in our country especiallythat of mid-small High-tech enterprises. So this thesis focuses on this hottopic. The paper includes four chapters. Chapter 1: A summary of High-tech enterprises. This chapter startsfrom the attributes of the High-tech enterprises and lays the foundationfor the research on financing problem of High-techs in the followingchapters. Firstly, It states the definition and the attributes of theHigh-techs. Then the author points out the typical route of thedevelopment of the High-techs. Because one of the characteristics of theHigh-techs is high risk, the author introduces the main risks includingtechnology risk, market risk, finance risk, management risk and fluidityrisk ,then the autor tell us all risks works in different ways with thecertain level of High-techs. Chapter 2: Several problems of financing of the High-techenterprises. In this chapter the author states the attributes of High-techenterprises firstly, and then points out that there are differentcharacteristics of financing and capital structures in the different phasesof developing for High-tech enterprises.Then the author analyses in thischarpter that the financing difficulties and obstacles of the High-techs inour country at present. The author thinks that the traditional ways offinancing can’t remove those obstacles and the venture capital shouldbe introduced. Chapter 3: Venture capital: an effective way of financing for theHigh-tech enterprises. The chapter expatiates on the venture capital atfirst. And then the author uses the gap theory as the foundation of thecombination of venture capital the High-techs. Because the covenantbetween High-techs and venture investment institutions is the key todifferentiate financing attributes between High-techs and traditionalenterprises and also the logic starting point to analyse the combination ofthe venture capital and High-techs, then the author analyzes the choice ofthe financing covenant. At the end of this chapter the author probes intothe attributes and effectiveness of the corporate governance under thefinancing way of venture capital and thinks that it’s effective in theaspects such as alleviating information asymmetry and as a stimulatingmechanism. And the author set an example to support these points. Chapter 4: The withdrawal of venture capital and issuing forfinancing of High-tech enterprises. The venture capital should choose anappropriate time and way to withdraw after its getting high income andsupporting the High-techs. And after that the author discusses mainly onthe establishment of Chinese Second Board Market, medium-small boardmarket and the financing problem of High-techs. This chapter alsoanalyzes the risk for the High-techs to financing on the Second boardMarket and puts forward some countermeasures and suggestions. The innovation of this MS thesis: 1. Introducing in the life cycle theory to analyses the differentfinancing attributes and changes in capital structure in the differentphases of development of High-tech enterprises. 2. Discuss the management of venture capital from the High-techenterprises themselves. This thesis probes into the covenant arrangementbetween High-techs and risk investors in dynamic way and it states howventure capital pushes High-techs to realize their self-development. 3. Through analysing the system arrangement such as time limit offinancing, financing tools, financing in stages and the allocation ofcontrol rights of the enterprises, it points out the effectiveness of venturecapital in op更多还原