| Technology-based small and micro enterprises (TBSME) have incomparable superiority in increasing the innovation efficiency and improving the innovation mechanism, and its significance in creating jobs, promoting economic growth and social development is obvious. However, it is difficult for TBSME to gain long-term financial support in developments because of both internal and external reasons, such as small enterprise scale, less attractive in absorbing financing, lack of governments'support and unsound financing system. In fact, the financing difficulty prevents TBSME from demonstrating its vitality in promoting technological innovation,economic progress and social development. It also restricts the pace of the transformation from "made in China" to "wisely made in China". And this issue has attracted a great deal of attention and an increasing number of scholars are exploring the methods in solving the financing difficulty of TBSME and promoting the healthy development of TBSME. The Decision on Major Issues Concerning Comprehensively Deepening Reforms proposed "improve the venture capital system, innovate business models and promote capitalization and industrialization for scientific and technological achievements",which was adopted at the Third Plenary Session of the 18th CPC Central Committee.This thesis has combed and analyzed the financing pattern, explored the financing mechanism for TBSME at different stages of development. In the research,we have examined the features of TBSME, and we have also used various science research methods,such as documentary analysis, theoretical analysis, contrast analysis, game analysis and simulation analysis. Then, we have proposed the related countermeasures for solving the problem of the financing difficulty of TBSME. The specific work is as follows:(1) This thesis has reviewed and combed the research status about the financing difficulty reasons, financing pattern and financing mechanism. And this thesis has also summarized the shortages of the prior research.(2) This thesis has analyzed the characteristics, the risks and the influence factors of the financing pattern for TBSME at different development stages respectively, such as start-up stage, growth stage, mature stage and degenerating stage.(3) For the start-up stage TBSME, this thesis has introduced the P2P financing signaling game model, and has used it to analyze the influence of the related factors on P2P financing pattern. At the same time, this thesis has constructed the credit financing evolutionary game model for the growth stage TBSME, and has analyzed the evolutionary stable strategy (ESS) and influence mechanism of related factors, by means of theoretical derivation and simulation.(4) For the growth stage TBSME, based on the perspective of interaction and coordination between both parties under the contract optimization with intellectual property pledge, this thesis has constructed a two-stage financing mechanism model on the basis of intellectual property pledge. It has also explored the influence mechanism on the financing contract design imposed by factors such as intellectual property value owned by TBSME, the wealth possessed, human resources investment and strategic returns of venture capitalists accepting intellectual property pledge investment and has established a series of financing contract design mechanisms under intellectual property pledge. At the same time, this thesis has constructed the credit financing evolutionary game model for the growth stage TBSME,and has analyzed the evolutionary stable strategy (ESS) and influence mechanism of related factors, by means of theoretical derivation and simulation.(5) For the mature stage TBSME, the thesis has constructed a two-stage model of contract design based on the incentive and constraint perspective of control right transfer in venture financing and has explored the influence mechanism of contract design on the basis of the incentive and constraint by control right transfer in TBSME financing. The influence factors include the wealth of TBSME, intellectual property value devoted to venture projects and risk averse degree of venture capitalists. At the same time, this thesis has constructed the credit financing evolutionary game model for the mature stage TBSME, and has analyzed the evolutionary stable strategy (ESS)and influence mechanism of related factors, by means of theoretical derivation and simulation.(6) For the degenerating stage TBSME, this thesis has introduced the prospect signal transmission game model, and has analyzed the influence mechanism of related factors. Then, this thesis has constructed the credit financing evolutionary game model for the degenerating stage TBSME, and has analyzed the evolutionary stable strategy (ESS) and influence mechanism of related factors, by means of theoretical derivation and simulation.Combining with the research results gained from above research work, this thesis has drawn the following conclusions:(1) Financing patterns ofstart-up stage TBSME include: internal source financing, angle capital, P2P financing and credit financing. In the P2P financing progress, financial information (such as information about liquid assets) and non-financial information (such as information about innovative evaluation) is important for P2P platform to measure the debt solvency and profitability of the start-up stage TBSME. In the credit financing progress of thestart-up stage TBSME,various factors have positive functionson the credit financing, these factors include success rate of the investment project, investment project returns, angle capital which the start-up stage TBSME gains, government subsidies, the probability which the government will give security, loan volume provided by banks, revolving fund provided by government, the profit from the industrial cluster and others.(2) Financing patterns of the growth stage TBSME is compose of venture capital,credit financing, the intellectual property mortgage financing and control right transfer financing. In the intellectual property mortgage financing progress, a positive correlation is observed between the intellectual property mortgage financing contract design and the related factors, and these factors include value of the intellectual property, wealth capital input, human capital input, success rate of the risk project and others. At the same time, a positive influence of the related factors on the credit financing of the TBSME growth stage is observed, such as loan volume provided by banks and fines which default enterprises need to pay to banks.(3) The mature stage TBSME could gain financial support from various financing patterns, including equity financing, credit financing, convertible bond financing and control right transfer financing. In the control right transfer financing progress,various factors affect the control right transfer financing contract design, and these factors include the market reputation of the mature stage TBSME, the marketability and controll ability of the outputs of the risk project, shared interests of the risk project, risk aversion of the VC. At the same time, a positive influence of the related factors on the credit financing of the mature stage TBSME is observed, such as loan volume provided by banks, fines which default enterprises need to pay to banks,capital gained from the equity financing, the proportion of the mature stage TBSME which translate into the large listed companies, and others.(4) The degenerating stage TBSME could gain financial support by various financing patterns, including financing by mergers and acquisitions, financing by liquidating internal part assets and credit financing. In fact, the financing by mergers and acquisitions is affected by various factors, such as the success rate of new risk project, transfer cost of the prospect signal, disguised cost of the prospect signal, the entrepreneur's quality and others. At the same time, a positive influence of the related factors on the credit financing of the degenerating stage TBSME is observed,and these factors include loan volume provided by banks, fines which default enterprises need to pay to banks,the profit from the industrial cluster and others. |
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