Recently, with the adjustment of economic structure and the promotion of industrial structure, high-tech enterprises spring out like bamboo shoots after rain, and have gradually become the core of the technological innovation in our country. However, new high-tech enterprises in growing up period actually face the serious financing barrier. This paper attempt in view of the financing characteristics in growing up period, seek a financial way which suits to the characteristics of the high-tech enterprise in our country.The first part of this paper mainly introduces high-tech enterprise's definition and its characteristics, the definition of the time boundary of new high-tech enterprise in growing up period, and analyzes the characteristics of high-tech enterprise in growing up period in financing aspect. This has laid the foundation for the following research.The second part of this paper elaborates the theoretical basis of the research, mainly introduced three kind of theories. These are the enterprise financing theory, the venture capital theory and the risk theory. This has laid the theoretically foundation for the research of the entire article.The third part of this paper analysis each financing way of our country's new high-tech enterprise based on the risk theory, and draw the conclusion through the analysis that the debt financing way is not the main financing way used by the new high-tech enterprise in growing up period in our country, instead the equity capital financing way should be adopted. And an actual financing case has been introduced, inducted the fourth part of this paper.The fourth part of this paper introduces the financing way both the venture capital and listing on growth enterprise market, which suit to the high-tech enterprise in growing up period. Then separately introduces the situation of the two financing way, its positive function to the high-tech enterprise, and the risk which must be guarded against when using these two kind of financing ways. |