The Study On High-tech Enterprises' Financing Strategy

The high technology is becoming the main power of the 21^st century social economy development. All the countries' government in abundance formulates the corresponding measure, will hold the small space by the time in the future production level far could not world economics. In our country the high tech industrial meet the economy need to develop at present, science and technology the advancement which transformed to the productive forces quite is still slow, the high technology and new technology product output value accounted for the social product value the proportion also far to be lower than the European and American developed country. Besides the partial technologies not conform to the production or not the mature reason truly, is most main lacks the financial capital the support. So it is the important subject for solving the high and new technology enterprises' financing problem.With empirical research methods, there are six Parts in the article. Firstly, It introduces the theories of capital structure and venture capital as the research basis, Through the analysis of those theories, this paper acquires the enterprise excellent order of financing mode, which is firstly internal financing, next loan, bond, convertible bond, and it should remain some capacity of loan, if it still had some capital demand after loan, it should refer to stock ownership. Then introduces influenced factors in financing strategy of the high-tech enterprise. It analyzes microcosmic controllable factors which embody its characters and uncontrollable factors to the financing strategies choice. Then introduces the high-tech enterprise's financing barrier analysis. It describes financing situation through analyzing finance service system, investment system and tech-property right system which give support to its development tracks. And then analyzes financing barrier from inside and outside of entrepreneur. Finally, this article suggests the high-tech enterprise's financing strategy reality choice. In view of the high-tech enterprise's characteristics in different growth stages, it specifically analyzes the enterprise financing strategy.