A Study On Some Financing Problems About High-Tech Enterprises

Today is the knowledge-based economic world. Science is the primary production strength has been known well and accepted commonly. High-tech industry has been the important engine and driving force of developing national economy. Developing knowledge-based and technology-based high-tech industry has become the fundamental way of enhancing the whole national strenth. High-tech enterprise play an important role in transferring the high-tech into real utility. During the development of the high-tech enterprise , large amount of capital is required. But the traditional financing means are far from satisfying their financing need for their characters of high risk and high revenue. So exploring the proper financing means for our high-tech enterprises has important realistic significance.At first, this dissertation analyzes the concept and characters of high-tech enterprise. Beside the character of quickly development , high-tech enterprise also has the high risk feature which including the risk of high-tech's industrialization .maketing risk , operational risk and financing risk from the investment budget ,etc.. Then it analyze the financing goal, cost, risk dividedly and introcuce the theory of capital sanction from western world in order to provide some guide for analysis and selection of financing means . After that, it introduce the capital requirement and risk in different developing phrase of high-tech enterprise . On the basis of analyzing the limitation of traditional financing means , this thesis focus on exploring the two proper financing means for our high- tech enterprise : venture investment and security financing. At last, it use the M company's financing project as the example to show how to prepare an project planning book for financing.Through the above analysis , the conclusion is obtained as follow : (1) high-tech enterprise should choose various financing means to get support according to it's different developing phrase : when in the beginning , the internal financing means is suitable ; during establishment stage and basic extending phrase , owing to the large amount of the require for capital and the characters of high risk and high revenue , the enterprise should apply to theventure institutions ; after entering the quickly development phrase and maturity phrase , the enterprise can financing through the security market. (2) Owing to the high risk feature during the high-tech enterprise's development , the traditional financing means can not meet their different phrase's financing requirment. So the high-tech enterprise should consider to choose the newly developed proper means : venture investment and security financing . (3) "Projet Planning Book " play an very important role in the financing process of high-tech enterprise . The financing enterprise should pay more attention to it's preparation.