高新技术企业融资：策略选择与制度创新

【作者】 周良；

【导师】 陈共荣；

【作者基本信息】 湖南大学 ， 会计学， 2003， 硕士

【摘要】 美国经济在进入上世纪90年代后出现了10年的繁荣，很大程度上归功于高新技术产业的发展。1993至1995年美国GDP增长的27％是由高新技术产业创造出来的，1996年高新技术产业对美国GDP增长的贡献进一步上升为33％。据一些经济学家测算，美国、英国、日本和德国的技术进步对经济增长的贡献率几乎超过60％，而我国目前只有20％-30％，可见我国发展高新技术产业的潜力巨大。 在市场经济中，资金是企业运作的前提，稳定的融资渠道对企业的持续发展至关重要。然而从目前情况看，我国的高新技术企业，尤其是高新技术中小企业，由于各方面原因的存在使得其融资问题已成为制约其进一步发展的主要因素。因此，加强对高新技术企业融资问题的研究意义重大。 本文从分析高新技术企业的发展及其融资特性入手，并从不确定性、信息不对称、企业资产的性质及金融市场的条件四个方面分析了高新技术企业发展过程中的融资障碍，并针对这些障碍，提出了解决思路：即从融资的微观主体-企业和融资的宏观环境两方面着手。高新技术企业融资的策略选择应该结合高新技术企业的成长阶段，在对各种融资方式进行分析的基础上，充分考虑各因素的影响，从战略的角度进行企业融资行为的设计与选择，保证其融资行为的可行性、有效性及长期性，从而有效地克服融资障碍。风险资本制度作为最能代表高新技术企业融资的制度创新，在本文中是重点论述部分。风险资本通过一系列的制度安排有效地解决了高新技术企业融资过程中的高风险以及风险资本家和企业家之间的信息不对称问题，极大地促进了高新技术企业的发展。最后针对我国高新技术企业目前的融资环境，认为我国高新技术企业融资体系的完善应以创业板为特征的直接融资体系的完善与以信用担保体系为主的间接融资体系的完善相结合。更多还原

【Abstract】 It should be owed to the development of High& New Technology industry to a great extent that American Economy turned up ten years’ prosperities after entering the ninetieth era of last century. There was the 27 percent of the growth of GDP from 1993 to 1995 created by High& New Technology industry in American, even rising to 33 percent in 1996. In terms of some economists’ testing, the rate of contribution that technical progress to the economic growth nearly exceeds 60 percent in American, British, Japan and German, but only about 20%-30% for the present in our country. So the potentiality that developing our country’s High& New Technology industry is greatness.Fund is the premise of the enterprises’ operating in Market Economy. It is highly important to have a stable financing ditch for the continued development of enterprises. However, the financing problems of High& New Technology enterprises especially small and medium sized enterprises have been the central factor limiting their development in our country. Therefore, strengthening research to the financing problem of High& New Technology enterprises becomes a significant task for the business world, policy-making and academic circles.Firstly, this dissertation analyses the development and financing peculiarity of High& New Technology enterprises. On the basis of this, the dissertation generalizes the factors limiting access to capital as following four aspects: incertitude, asymmetric information, the nature of assets and financial market conditions. Then the dissertation suggests that the solution to High& New Technology enterprises’ financing difficulties lies in the microcosmic subject-enterprise and the macroscopic environment of financing.Secondly, the dissertation probes that the choice of financial strategy of the High& New Technology enterprises should be on devising and selecting the financing behavior, integrating developing stages, basing on the analysis to a variety of financial methods and fully considering relevant factors’ effects. The financial tactics could assure the feasibility, availability, protracted nature of financial behaviors.Thirdly, the dissertation discusses the Venture Capital as representing the financialsystem innovation of High& New Technology enterprises by far. Venture Capital efficiently solves risks and the problem of asymmetric information between High& New Technology enterprises and the venture capitalists in the course of financing through a series of institutional arrangements, extremely promoting High& New Technology enterprises’ development.Finally, the dissertation points out the concepts for consummation of High& New Technology enterprises’ Financing System in our country. The consummation mainly includes the following two parts: the direct financing system characteristically by the Second Board Market and the indirect financing system principally by credit warranty system.更多还原