| Nowadays, high-tech industries are driving the structure of adjustment and maintaining the sustained economic growth which has been the general trend of development of the world economy. To enhance national strength and international competitiveness, and to meet a series of challenges such as economic globalization, regional economic integration, trade and investment liberalization and multinational company controlling market, thus, China should intensify development with independent intellectual property rights of the high-tech industries.To vigorously develop high-tech enterprises needs the support of capital market. Data from recent survey by People’s Bank of China indicated that the bank loans are still the main channel of financing for the small and medium-sized enterprises in China. However, to the high-tech enterprises, it is difficult to obtain the capital support by the bank loans. Furthermore, it is brutally hard to get loan though the other indirect financing channel. According to statistics, the quantity of listed high-tech enterprises by the national recognition of the number listed companies in China only about 1% of the total. According to the author’s survey of the high-tech enterprises, data also show that 60% of enterprise think that bank loans are enterprise’s main channels of financing. In absorbing VC investment, only about 10% to 20% of enterprises said, they have received it. Even if the enterprises who have got VC investment, also half of them think VC investment are lower, cannot meet development needs, correspondingly most enterprises not getting any forms of VC. Obviously, high-tech industrialization financing channel mainly focused on bank loans, and venture capital investment is still unable to provide large funds.Based on the research results, we believe that our country needs to improve multi-level capital market, the financial product innovation also urgently need to improve. The author think we’ll have to solve three levels of problem:first is to establish regional property market, to provide ensured mechanisms of VC enterprise exit and innovative financial products. Second, to meet the developing trend for hi-tech industrialization, for bank loans, issue high tech industrialization bonds, on the one hand may improve bank assets liquidation ability, on the other hand also for regional capital markets to provide reasonable financial tools, and further stimulate the development of regional financial markets; Third, government entities at all levels shall adopt effective measures to safeguard development obout regional financial markets and related financial product innovation to develop healthily. Ultimately, high-tech industrialization financing channel will be more expansive, financing capability more powerful.This research from different perspectives, across different disciplines to research the capital markets promoting high-tech industrialization systematically. This topic choice of research method follows the following principles:combining normative theory analysis and empirical research together, combining qualitative research and quantitative research together, domestic situation and the international community together, forward-looking and operability together. Following is main innovation aspects.:(1) This paper, by systematic theory, economic control theory, analyzes each affecting factor of capital market promoting the high-tech industrialization, and believe that financing means in high-tech industrialization, no longer is restricted to policy support in bank loans, but capital markets. They could realize the optimal configuaration of resoures in high-tech industrialization process. The governments have main effect in whole system.(2) This paper analize the relationship of interdependent and mutually reinforcing among equity market, venture capital and high-tech development with 23 provinces and cities panel data. And it presents to establish regional property market in a medium-sized city such as Ningbo, analyzes its feasibility and ways. Puts forward innovative path of regional financial system, demonstrates the possibility of property right trading market, propose to construct a regional common integration property right market taking Shanghai as the center of this regional integration market and at last gives countermeasure.(3) This paper by referring foreign experience, considering the reality of China, design "high tech industrialization bonds" in the accord with the situation of China, with random simulation meathod, author prove its is technically viable in finance, and indicates its risk completely can be control within the range of acceptance in banks and the capital market investors, due to the increase in the number of enterprises. This provides new ideas of financial product innovation in order to promote the development of high-tech industry.Function and significance:(1) This paper has important value for enriching the country’s hi-tech industry theory, capital market theory connotation.(2) The purpose of the research is to give our government entities at all levels to provide the assistance of scientific decision for promoting hi-tech industry development policy.(3) This topic proposes constructing regional property transactions market and suggestion has a strong operability. Once applied, it will greatly broaden the financing channels of high-tech and new-tech industrialization, promote the development of China’s high-technology industries.In short, this topic research will result in positive impact of China’s high-tech industry development, and can bring important economic and social benefits. |
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