| In recent years, high-technology small and medium-sized enterprises have played a great role in the promotion of technical innovation and competition of our national economy and so on. However, because of the characteristics of high-risk and high-input, traditional financing methods can't satisfy the financing needs of high-technology small and medium-sized enterprises, they are facing a great"Financing Gap"problem. So they should choose proper financing methods according to their developing characteristics to satisfy their financing needs. Therefore, this thesis has mainly discussed the problem of financing methods choice and optimism of high-technology small and medium-sized enterprises in their different development phases in the theory of life-cycle and financing.This thesis has mainly outlined the high-technology small and medium-sized enterprises and their financing theory. On the guide of this theory, we have conducted a thorough comparison research on the policy-type financing methods, creditor's rights financing methods, stockholder's rights financing methods as well as venture capital of high-technology small and medium-sized enterprises in the theory of information asymmetry and international comparison research. Then according to the theory of life-cycle and financing needs of high-technology small and medium-sized enterprises, we have built a financing methods choice model to analyze the financing methods choice problem of high-technology small and medium-sized enterprises in their different development phases. Finally, we have consummated the financing methods of high-technology small and medium-sized enterprises in our country from four aspects, which include policy-type financing methods, indirect financing methods, direct financing methods and venture capital. Besides, we have discussed some innovational financing methods of high-technology small and medium-sized enterprises. |
