Research On Financing Mode Innovation Of Chinese High-Tech Industry

High-tech is the comprehensive reflection of a country's scientific and technological innovation capability, and the development of the High-tech industry is the reflection of a country's comprehensive competitiveness. However, China's High-tech industry develops slowly with low added value of products, which result in little contribution to Chinese economy. The main reason is that the financing mechanism and the integrity financing system which is suitable to each stage of High-tech industry development have not been established. So the construction of High-tech industry financing system which is high efficient, low cost, widely spread and matches international experiences is to be an urgent task of China's economic system reform. This research is adopted the study route: from the abstract to concrete, from general to the specialness, from the theory to practice, from international to home, the apply theory to reality, making use of foreign advantages to serve China. This research is adopted the study way: the comparative analysis method, the complex science's research technique, the gambling behavior's analysis method, the character reasoning, the mathematical proof and the graph expression mutually integrated, the standard research and the demonstration research.Specifically, classifying the overseas and domestic research results firstly, the author finds that the foreign researchers only study the financial problem from one point, and the domestic researchers'study only focus on the technical analysis and practical problem of the risk investment's promoting influence on High-tech companies. All the research fruits are deficient of innovation research on the financial system of High-tech Company on the stage of structural reformation of the economy. So on the basis of analyzing their weakness, the dissertation analyses how to make the financing system which is consist of different financing mode to be the most effective on the developing stage of High-tech Company.The dissertation analyses the developed countries'financial modes by the method of comparative research, then the dissertation compares the efficiency of the different modes. By the contrast, the dissertation finds the defection and necklace of financial system of our country's High-tech company. The measures to make the financial system more smoothly include making scientific development strategy, perfecting policy guidance, improving and perfecting the relevant rule, leading the risking investment fund to develop scientifically, innovating financing tools, encouraging the social intermediary system, constructing all level capital market and so on, which can accelerate the High-tech Companies'further development.Perfect financial system is the key to the development for the High-tech industry. The High-tech Company's financial system is an integration which is composed of the High-tech Company, government, financial institution and other social intermediary, which has the characteristic of entirety, function and gradation. The capital demand of High-tech Company is different in its each stage because of its high risk, so the high efficient financial system must be based on the capital demand degree and the effectiveness of the financial mode. The dissertation determines the capital demand degree by the method of step analysis, evaluates the effectiveness of the financial mode corresponding to the life cycle, and then constructs the financial system of the High-tech Company which is suitable to different growth stage.In view of the limitations of the market mechanism, the government regulation and supports are inevitable choices. The end of the dissertation suggests that the regulatiom should be carried out and provides the mechanism of regulation corresponding to the different development stage, which can avoid the emergence of"lemon market"in the financing market of high-tech enterprises.The dissertation adopts the method of combining quantitative analysis and qualitative analysis to analyse the financial mode of the High-tech company according to the financing theory of High-tech Company, and tries to innovate in the following aspects: 1. The dissertation provides and demonstrates the financial demand function of High-tech Company according to the influential factors, which is used to be as the basis of analysis and evaluation of financing demand and effectiveness.2. The dissertation calculates the financing demand degree coefficient of different growing stage of High-tech Company which is based on growing cycle using the method of step analysis. According to the calculated financing demand degree coefficient of High-tech enterprises and the effectiveness of financing mode, the financing innovation system is established for the different growing cycle for High-tech Company.3. The dissertation studies the financing behaviors of the High-tech Company using the game theory. The dissertation also provides the different regulation methods for different financing modes to avoid the"lemon market"in the financing market of high-tech companies.