| Science and technology are the primary productive forces, while finance is the core of modern economy. The synthesis of finance and technology will greatly improve productive efficiency of science and technology. In modern economy, coordination and interactive between technology and finance is the premise and basis of which can keep macro-economy run fastened qualified. The central and local governments have paid much attention to the importance of sci-tech finance. Moreover, how to make sci-tech finance synthesis effective have also aroused much attention by academic. However, it is remained to be discussed about how to provide niche targeting finance service based on risk characteristics and scale of fund demand in different stage of the life cycle of enterprise, how to use sci-tech finance to promote local industrial transformation and upgrading effectively combining with local industrial foundation, etc.Using sci-tech finance, high-tech industries and lifecycle theories, focused on the "combining mechanism of sci-tech finance", this article analyzes the financing channels of high-tech enterprises in the different stages of development and the direct and indirect financing services which the government may provide in the corresponding stages through corporate life cycle. On the base of strict theory analysis and the study of typical case in Hangzhou, the author concluded two main conclusions in the perspectives of "combining mechanism of sci-tech finance" and policy study:(1) Enterprises have different value and risk of investments according to different stages, so they require different financial methods and scales. At the seed stage, angel investment and incubator of high-tech enterprise fit the financial needs more. At the start-up stage, angel investment still plays a key role in obtaining funds. Meanwhile, the government can provides partial debt financing for enterprise through developing microfinance companies. At the growth stage, Venture Capital (VC) starts to pay attention to small high-tech enterprises. At this time, the government should lead more venture capital to high-tech enterprises by means of funds. At the expansion stage, proportion of venture capital grows, but government should provide sci-loan with lower cost. At the ripe stage, long-term debt finance had been brought in, and enterprises which perform well will consider to go public.(2) Hangzhou has made an effective financial innovation in five aspects, including:angel investment, technology banking, venture capital, sci-tech guarantee and eyras plan, which have well satisfied high-tech corporate financial needs in different stages of lifecycle. Meanwhile, however, there are problems such as that the venture capital focus too much on the later phase of the corporate lifecycle, as well as the external environment of sci-tech guarantee needs to be improved. Thus, this paper presents relative suggestions and cites successful experience for the Hangzhou Municipal Government and other local Government.Based on the theoretical framework and case studies of sci-tech synthesis and enterprise life cycle, this paper is innovative in two points:First,based on existing research, this paper analyzes risk characteristics and scale of capital demand of different phases in the enterprise life cycle, and suggests targeted financial innovations with definite exploratory.Second,by the deep research on financial innovation in Hangzhou, this paper analyzes how the financial innovative tools meet the finance needs in the different stages of enterprise, and provides recommendations for further improvement. Being original both in theory and practice, it is also a good guide to the innovation of financial technology system in other cities.Of course, confined to the academic limits of the researcher, this paper still has many deficiencies. In this regard, the conclusions and outlook parts of the paper put forward two main limitations and two issues which need study further deeply. |
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