| When we recognized the importance of technology, the percent of investment in technology in our country was increasing sharply, so we developed greatly in recent years. But there are some problems percent of technology transformation is very low which weakens the effect of technology in economy development.State-owned research institute, specially the institutes managed by Chinese Academy of Science are the main force of R&D in our country. As one of them, the Changchun Institute of Applied Chemistry (CIAC) can represent them. The CIAC transformed some technology and acquired remarkable achievement, no more than in economy or in society. But when we see it as whole, the percent of technology transformation is still very low. Financing is the main problem that affects the percent of technology transformation. The direct presentations are short of financing channel, unreasonable financing framework and lack of holistic project. But via reasonable financing project and correct financing decision, this problem can be resolved in short time. The financing channels of research institute include inside financing and outside financing. The research institute can control the process of technology transformation if it financing from the inside capital but can get more capital from the outside. Inside financing include research fund, financing from employees and own capital. Outside financing include loan from bank, bond financing, venture investment, leasehold financing, financing from firms and financing from public market. As the financing channel for research institute, they all have advantage and disadvantage. Analyzing these advantage and disadvantage can give us a clearer comprehension. Cost is a key factor in financing, but financing for technology transformation is different from traditional financing, so we must consider as the one who invest the capital to us and take the return which the investor want to get as our cost, then we can gain the initiative in the financing process. When consider all factors in financing, we can get the formulation: financing cost=financing expense + capital time value + system risk value + commit-deputy risk value + social value. Since different financing channel has different object, so they have different financing cost. Correctly analyzing the financing cost is the basis to decide whether using this financing channel. Financing for technology transformation in CIAC is increasing remarkably and the financing channel is changed from 1 or 2 channel to diversification. But as a whole, the financing framework is still unreasonable, since several channels have the lion's share and other channels aren't used sufficiently.Technology transformation is a long and complex process, so we can divide it into four phases as: seed phase, guide phase, growing phase and mature phase. The four phases are contacted with each other but have their own characteristics. Seed phase is the beginning of the technology transformation. The object in this phase is to develop the embryo of the product. There are two sub-phases in guide phase. The object of the first is to achieve the industrialization of the product and preparing of marketing is the object of the second phase. In growing phase, the product is constantly perfected and accepted by the market. Mature phase present the end of technology transformation. Since these is the different object and different duration in each phase, the financing object and sum of capital are different too, so it is very important to analyze the financing object and sum of capital which decide which financing channel can be chosen or not. The capital needed in seed phase is the smallest but the most risky and uncertain. The capital needed in guide phase is 5-20 times more than in seed phase. The risk is decreased but still very high. The capital needed increases remarkably in growing phase 50-100 times more than in seed phase but the risk is much lower than the past two. The financing object in mature phase is to provide the opportuni...
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