Study On The Financing Ways Of High And New Technology Enterprises In China

Along with the rapid development of high and new technology in the world and the enhancement of global economic integration's tendency, the high and new technology and its industry's development have become the impetus for the social economy to develop fully and an important symbol to weigh the overall strength of one country. In order to integrate with the tide of the world economy integration, China must develop the high and new technology industry vigorously. After many-years arduous struggle and development, the high and new technology enterprises have made remarkable progress in our country, they have become the main force for the development of the high and new technology industry, and they are becoming the growing point and the new key for the development of social economy. In the new time, the high and new technology enterprises are facing both new opportunities and challenges, how do the high and new technology enterprises integrate with the capital market, how do the high and new technology enterprises enter the capital market and to use each financing way reasonably, how does the capital market invest the high technology and new technology enterprises by venture capital , how to support the development of high and new technology enterprises and so on are a series of problems awaiting to be solved in the development of high and new technology enterprises and the operation of capital market in our country.This thesis will introduce its research frame, give a review of the research done, then point out the inadequacy of existing research to take note of the purpose and significance of this research, and finally it notes the methodology and the main idea of it.The high and new technology enterprises are different from the traditional enterprises, their own characteristics have decided that the general financing ways could not solve its financing problems. The author explains the high and new technology enterprises'characteristics based on and some data in stock markets related to listed companies, points out its existing main financing ways and the different financing characteristics in different development phases; At the same time, by using game theory the author supposes several situations and analyzes the investors'and the high and new technology enterprises'financing behavior under the complete and incomplete information condition. The paper points out that whether the investors give financial support and the high and new technology enterprises keeps words or not depends on their own utility function and the cost function, the basic reason for the investors'care is the information is asymmetrical. Moreover, the high and new technology enterprises have the motive to broke a promise, when some kinds of constraints change, the high and new technology enterprises will break the promise to maximize own effectiveness t. But the fact that the information is not symmetrical exists in any economic phenomena and behavior, the basic way for the high and new technology enterprise to earn financial support lies in the financing ways'innovation, simultaneously financing ways'innovation has its own condition and environment. Based on studying the high and new technology enterprises'financing policies and financing patterns in developed countries , the thesis makes suggestions to improve the high and new technology enterprise financing environment from aspects of financing mechanisms and tax policies, it then points out four innovation financing ways suiting high and new technology enterprises in our country: assets securitization, venture capital, second board, intellectual property rights guaranteeing financing to provide valuable theory basis and decision-making reference for the high and new technology enterprises'financing in our country.There are two possible innovative aspects in this thesis. In the aspect of research ways, this thesis explains the high and new technology enterprises'characteristics based on and some data in stock markets related to listed companies, and it analyzes the investors'and the high and new technology enterprises'financing behavior by using game theory; In the aspect of theory, it puts forwards suggestions for high and new technology enterprises'financing innovation from the following aspects: assets securitization, venture capital, second board, intellectual property rights guaranteeing financing.