Positive Study On Financial Problem Of Civilian Science-Technology Enterprises In Guangzhou

Recent years have seen the economic miracle created by Guangzhou, which has become thecentral city whose influence radiates over Guangdong and even south China. Its obviousadvantage in such aspects as resources, economy and market makes it the mostcomprehensive and competitive power in the region. As the regional science and technologycenter, Guangzhou is giving full play to the role of science and technology in pushingforward the economic development. The rapid growth of non-state-run science-technologyenterprises has led to the formation of the "one city four parks" pattern which containsGuangzhou science city, Guangzhou Tianhe science and technology park(Guangzhou Tianhesoftware park included), Huanghuagang science and technology park(Huanghuaganginformation park included), Guangzhou civilian science and technology park and Nanshainformation technology park. They have become the new growth point of Guangzbou'seconomy.However, what deserves our attention is that in spite of the rapid development the issue ofcivilian financing has been a headache for the non-state-run science-technology enterprises.In Guangzhou, the civilian financing mechanism and system have not been well establishedto provide adequate, financial support for those enterprises. So far, this problem has onlybeen discussed on a subjective basis. The lack of profound empirical evidence makes itdifficult to interpret the real situation.The present study is part of the research project "The study of the financial environment ofcivilian science-technology enterprise in Guangzhou". Drawing on the achievement of bothdomestic and foreign research, the present study carried out an extensive investigation intothe financial environment of Guangzhou civilian S&T enterprises. The study is based onfirst-hand questionnaire survey. This thesis attempted to use relevant theories, such asPecking Order theory, Financial Growth Cycle theory, Credit Rationing theory andRelationship Lending theory, to analyze the difficulties and obstacles faced by thosehigh-tech enterprises. The data were then analyzed using tools like Frequencies, One-WayANOVA and AHP.The author saw the difficulty of civilian financing as a systematic problem and studied thepresent financial situation of Guangzhou civilian S&T enterprises from both perspectives ofdemand and supply of capital. From the perspective of demand of capital, the author gave athorough analysis of financing features based on investigation into the growth cycle ofregions, industries, enterprises. From the perspective of supply of capital, the author gave aprofound explanation of the various financing channels like bank loan financing, civilianfinancing, capital market, venture capital. The thesis concluded with valuable solutions fromaspects such as the financing ability of the enterprise, bank loan financing, civilian financing,capital market, venture capital, etc.