| In order to release the investing and financing predicament of hi-techindustry, make full use of the advantages of Hi-Tech Virtual Industry Cluster(HTVIC) and improve the financing cooperations of cluster members, byanalyzing the evolvement of HTVIC, this thesis defines virtual cluster as acluster that engages cooperation relations from more than one area. Based on thedefinition, the fund demand, financing channel and the factors that influence theexpected revenue of investors in different life cycles are analyzed. The traits ofHTVIC investing and financing are explained combining with the social networkcharacteristic of HTVIC and the fianancing demand of hi-tech enterprises. Whendeciding the financing mode, the relationships in HTVIC and the features ofmutual aid are considered. From the perspective of theory and reality, thefeasibility of mutual aid financing is analyzed. The framework, main contentsand functions for mutual aid financing are designed.This thesis divides the mutual aid investing and financing mode withinHTVIC into three parts, namely, operational mode, risk prevention mode andtrust guarantee mode. Operational mechanism is the core part and basis of mutualaid financing, including information sharing, dynamic credit rating and specificprocedures. Information sharing acts as the basis of mutual aid financing. Creditrating also depends on information sharing. The design of operational procedureis divided into overall design and the funds’ operational procedure design.Mutual aid financing can decrease the financing cost and improve financingefficiency. However, hi-tech enterprises are known for their high risks, Besides,the industry is based on social network and mutual beneficial principle, whichmake the financing risks in HTVIC indispensable. Based on the analysis,before identifying the risks in mutual aid financing, this thesis analyzes the risk factors in different stages of enterprises’ life cycle and the investment risks ofinvestors. From different aspects, the risks of financing (violation risk) areidentified. In mutual aid financing, there are guarantee relationships betweenenterprises, which makes violation risks a combination risk rather than theviolation risk for financing enterprises. Thus, based on the analysis of the factorsthat influence the risk of fianancing enterprise, the joint and several risk areanalyzed, cooresponding risk avoiding measures are provided.Trust plays an important role in gurantee the operation of the mode andpreventing financing risks. The study on trust begins with trust establishment, onconducting evolutionary game analysis, trust guarantee measure for HTVIC areput forward.Finally, a manufacture centered HTVIC is chosen to testify the improvementthe mutual aid financing mode. The information sharing mechanism, credit ratingmechanism and the operations of mutual aid financing fund are analyzed. Wereach the conclusion that mutual aid can effectively decrease the financing costof hi-tech enterprises. |
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