Research Of Financing Channels Of Chinese High-tech Small And Medium Enterprises

This paper analyses the financing channels of our country's high-tech small and medium enterprises according to the enterprises' characteristics. In the mean time, on the basis of the enterprise lifecycle theory, the paper presents the corresponding financing combinations at the enterprise's different development phases. For example, high-tech small and medium enterprises in Seed Stage can consider financing from the Fund for Innovation of Small and Medium Enterprises, private collection, mortgage. The enterprises' in Startup Stage financing channels can expand to the Fund for Innovation of Small and Medium Enterprise, private collection, mortgage, bank, financing tenancy, etc. The paper includes four parts as followings: Part one: an overview, gives the definition of the high-tech medium and small enterprise and presents its financing problems.Part two: describes the lifecycle theory of high-tech small and medium enterprises. Part three: lists the present financing channels to the high-tech small and medium enterprises.Part four: suggests the corresponding financing combinations at the different phases according to the enterprise lifecycle theory.