中小高科技成长性企业融资策略的实证研究

【作者】 张菁；

【导师】 严法善；

【作者基本信息】 复旦大学 ， 金融学， 2008， 硕士

【摘要】 当今中国,中小高科技成长性企业日益成为落实国家技术创新战略,以及推进国民经济持续、稳定、快速增长的不可或缺的生力军,但制约中小高科技企业健康成长发展的融资性障碍始终未得以根本改变。除外界客观环境等多重条件亟待进一步完善以外,,着眼创业成长期的中小高科技企业自身,该如何采取切实可行的策略措施,以摆脱融资困境,保持足够高的成长性,是学界迫切需要深入探讨和解决的问题。近年来,有关中小企业或高科技企业的融资机制、融资环境和融资体系方面的研究成果比较多,但专门针对高科技、成长性的中小企业融资策略的实证研究较少。因此,本论文研究的立题具有现实理论价值和指导意义。论文首先以企业融资理论和企业成长理论为理论支撑,在清晰界定高科技、成长性中小企业这一特定研究对象内涵的基础上,系统研究了其不同成长阶段的企业特征及发展规律,综合分析了中小高科技成长性企业融资的内外生障碍、企业融资能力和融资决策影响因素;其次立足厘清企业决策思路、准确把握正确融资方向的角度出发,提出中小高科技成长性企业应根据按需定筹、低成本、低风险、资本结构优化的融资原则,制定有效可行的融资策略:一考虑金融成长周期实际特点需求制定阶段融资策略,二整合政府社会资源,借力政策资源融资策略和企业集群融资策略,三挖掘内部资源制定信用融资策略,进而有效解决资金障碍,优化资本结构,实现企业市场价值最大化;最后,论文通过对融资案例的实证研究,校验了中小高科技成长性企业不同创业成长阶段的融资需求特征、融资影响因素、融资能力和融资策略的相关理论。更多还原

【Abstract】 Technological growing small and medium sized enterprise (SMEs) is strengthening on overall scale and the strength, and becoming the important factors to improve continually sustainable and stable growth of economy. But the weakness on financing has been restricted the development of Technological growing SMEs. How to make g Technological growing SMEs under quicker development and overcome financing paradox is an increasingly issue that should be solved. In recent years, there are lots of research literatures on the study of SMEs financing issue. Existing researches mainly concentrated on the general financing research of SMEs, and the availability and financing conditions,or establishment of Financing System under industrial economics, financial economics theory structure, There is little systemically research on Technological growing SMEs financing problem. Therefore, the special study on Technological growing SMEs financing has theoretical and practical value.Under the financing theory and enterprise growth theory, in this dissertation, by using systemic analysis method, the natures and path of the technological SMEs growth are analyzed. In depend on internal and external reason and widespread financing circumstance in synthesis analysis. Standing on enterprise decision-making angle, It is disclosed that the technological growing SMEs should follow the finance growth cycle theories , and hereby the feat financing strategy is decided throught integrating with the internal and external affecting factors and actual circumstance. At the same time the Technological growing SMEs should enhance its capability of financing and accumulate its financing condition .In the end of this dissertation, with the research of financing case, All the financial theories of financial period variety、affect factor、financing capability、financing principle、financing strategy of the technological growing SMEs is examined under different growing stage .更多还原