On The Financing Of High-tech Enterprises In China

At present, financing has become an actual problem for the high-tech enterprises in China and has been restricting their persistent and quick development. On the one hand, many high-tech enterprises are founded by some scientific researchers or patentees and are characterized by small scale and nonstandard management, so their capital demands can't be satisfied by internal self-cumulative financing. On the other hand, these high-tech enterprises have to face high technical, market, financial and management risks at their incubation, start-up and growth stages;it's hard for them to acquire capital by external financing. Therefore, how to improve their financing environment and promote their competitiveness have become a focus of both the academic and the business communities. This paper is designed: first, to deepen the research of high-tech enterprises' financing capabilities by analyzing the connotation, characteristics, and functions of high-tech enterprises;second, to detect the crux of their financing difficulty by analyzing their financing status quo and the real reasons of their financing difficulty;third, to put forward some constructive suggestions and countermeasures for the financing of high-tech enterprises by analyzing and comparing the experiences of the same firms in Japan, America, Germany and other advanced countries.