The Study On Phased Financing Strategy Of High And New Technology Enterprises

With the quick development of high technology in developed country, it is showed that high- tech industry has great importance in worldwide economy. But in our country, the conversion rate of high-tech achievements and high-tech production value is very low. One of the main reasons is without enough capital support. The difficulty of high-tech enterprises' financing is restricting the development of high-tech industry in our country. If we can not solve such problem, it would greatly affect the development of high-tech industry and international competitive position of our country. So this text tries to use the theories of capital structure and venture capital and practice to discuss the most import problem of developing high-tech industry in our country, which is financing strategies of high & new technology enterprises in different growth stages. Wish it would be useful to the development of high-tech industry in our county.In content, this text firstly explains the background and purpose and meaning of research of financing strategies of high & new technology enterprises in different growth stages;on the basis of defining the concept of high & new technology enterprises, considering enterprise lifecycle theory and enterprise growth conducted various growth stages of lifestyle. Secondly, through analyzing the process of enterprise financing, establishing the enterprise financing function, and analyzing the reasons why the financing is difficulty for high & new technology enterprises from the three factors: their own factors, investor factors and market factors. To research financing strategies in different growth stages, this text takes the theories of capital structure and venture capital as the research basis, through the analysis of those theories, this text acquires the enterprise excellent order of financing mode, which is firstly internal financing, next loan, bond, convertible bond, and it should remain some capacity of loan, if it still had some capital demand after loan, it should refer to stock ownership. Later, this text analyzes the characters of different growing upstages of high & new technology enterprises, on the base of those characters, this text analyzes the best financing strategies of high & new technology enterprises in different growth stages which meets the venture degree of each stage. Later, this text analyzes the problems with real case which should be paid attention to by high & new technology enterprise when it decides to make use of venturecapital. And this text also analyzes how to use preferred stock and convertible bond.