【作者】 崔岩；

【导师】 马涛；

【作者基本信息】 哈尔滨工业大学 ， 工商管理（专业学位）， 2023， 硕士

【摘要】 科技型中小企业是我国实施创新驱动发展战略的重要力量,而融资问题是中小企业发展过程中必须面对又棘手解决的难题。当前,国内外形势变化加剧,企业融资的难度与风险亦同步增大,融资策略的制定更加关系到企业的生死存亡。因此,研究适应当下国内外发展形势的、适合企业自身发展特点的融资策略,不仅可以有利于解决中国特色科技型中小企业的实际需求,亦对于我国科技型中小企业管理相关理论具有重要研究价值。本文研究对象为新能源领域中一个典型的科技型中小企业——C新能源科技公司(以下简称“C科技公司”)。新能源产业作为国家高度重视的重点发展产业,拥有广阔发展前景。C科技公司的主营范围是无线供电技术产品,随着其业务的发展,必然需要融资策略的长久支持,以保证技术研发的稳定性和持久性。本文根据C科技公司现有业务模式及发展现状、结合新能源汽车相关行业的融资特点分析了C科技公司目前各业务板块现状及融资需求:电动汽车、矿山机械、智能机器人与智能家电类业务方向,因其需求方特定,研发周期较长,研发成本较高,建议采用政府投资或者合资经营的方式融入资金,而针对机器人业务及家电业务,因其产品使用范围更广,研发成本不高,可以使用内部资金积累完成。同时分析了C科技公司可选择的融资策略及融资影响因素和风险。整体上,根据生命周期理论和优序融资理论,依据不同资金的性质,对各种融资工具进行全方位对比,针对C科技公司不同业务板块及不同发展阶段纵横两条线,对其融资策略进行了分析并提出融资策略:在初创期以政府引导基金为C科技公司首选,充分利用国家支持中小企业创新政策和行业红利,避免因对赌协议等原因丧失公司控制权以进一步丧失所持技术知识产权;成长期,公司产品经受住市场考验获得一定市场份额,此时可采取适度激进的融资策略,兼顾长短期融资比例,采用风险投资、商业信用融资以及私募股权融资相结合的方式;成熟期,可优先选择大规模商业借贷的债权融资模式,同时积极安排上市计划,通过公开发行股票和债券完成融资,进一步扩张市场,加强核心技术研发,巩固核心竞争优势。更多还原

【Abstract】 Science and technology-based small and medium-sized enterprises(SMEs)are an important force in the implementation of China’s innovation-driven development strategy,and financing is a difficult problem that SMEs have to face and solve.At present,the situation at home and abroad is complicated,the difficulty and risk of enterprise financing become bigger,and the formulation of financing strategy is more related to the survival of the enterprise,therefore,the study of financing strategy suitable for the development of science and technology-based SMEs with Chinese characteristics can not only solve the actual needs of enterprises,but also has important research value for the theory of management of science and technology-based SMEs in China.The research object of this paper is a typical technology-based SME in the field of new energy-C Technology Company.The new energy industry,as a key development industry highly valued by the state,has a broad development prospect,and the main business scope of C Technology Company is wireless power supply technology products,with the development of its business,it is inevitable that it needs the long-term support of the financing strategy to ensure the stability and durability of the technological research and development.This paper analyzes the current status and financing needs of each business segment of C Technology Company according to its existing business model and development status,combined with the characteristics of technology-based small and medium-sized enterprises(SMEs)and university startups.Then according to the life cycle theory and the theory of preferential financing,based on the nature of different funds,a full range of comparison of various financing tools,for the different business segments and different development stages of C Technology Company vertical and horizontal two lines,its financing needs for specific analysis.For the direction of electric vehicles,mining machinery and other military aerospace business,because of its specific demand-side,longer R&D cycle and higher R&D costs,it is recommended to use government investment or joint venture to integrate funds,while for the robotics business and home appliance business,because of its wider range of product use and low R&D costs,it can be accomplished by using the internal accumulation of funds.Meanwhile,on the whole,in the start-up period to government-guided funds for the first choice of C-tech companies,to take full advantage of the national support for SME innovation policies and industry dividends,to avoid the loss of control of the company due to gambling agreements and other reasons for the loss of further loss of technology intellectual property rights;growth period,the company’s products have stood the test of the market to obtain a certain market share,then you can take a moderately aggressive financing strategy,taking into account the proportion of short-and long-term financing,the use of venture capital,commercial credit financing,and commercial credit financing,and the use of internal capital accumulation.At this time,the company can adopt a moderately aggressive financing strategy,taking into account the proportion of short-term and long-term financing,and adopting a combination of venture capital,commercial credit financing and private equity financing;during the maturity period,the company can give priority to the debt financing mode of large-scale commercial borrowing,and at the same time,it can actively arrange for the listing plan,complete the financing through the issuance of shares and bonds to further expand the market,strengthen the research and development of core technologies,and consolidate its core competitive advantages.更多还原