| In the era of knowledge economy, the impact of new high-tech industry on onecountry's economy development level is remarkable day by day. It has already becomethe important sign of weighing the national economic strength, so the high-techindustry has received the general concerns of various countries. In China, since thefirst batch of new high-tech industrial development zones was established in 1991, thenew high-tech industry has developed at full speed and obtained enormousachievement. However, it exposes a lot of problems at the same time. New high-techenterprise has the problem of financing difficulty generally. Fund shortage hasbecome the key factor to restrict their development, which has already seriouslyhindered the development of Chinese new high-tech and its industry's development.Thus, the problem of financing difficulty for new high-tech enterprise must be solved.This paper analyses the financing characteristics of new high-tech enterprise atgrowth stage and compares the complexity of various financing channels for financing.According to overseas experience and the characteristics of new high-tech enterprise,the most suitable financing way for new high-tech enterprise is venture capital. Fromthe angle of multi-stage investment of venture investors, this paper studies on the keyproblem of financing success through venture capital in detail, that is, valueassessment of new high-tech enterprise. As the flexibility of investing on newhigh-tech enterprise and the importance of human capital contributing to newhigh-tech enterprises, the value of new high-tech enterprise should include three parts:net present value (NPV), flexibility value and the value of the human capital. Inaddition, this paper also has a game analysis of two financing ways financialinstitution and Venture Capital, and provided three kinds of feasible financing tactics.In the end, it proposed the policy and suggestion of solving the financing problem ofChinese new high-tech enterprise. |
PDF Full Text Request