Research On The Mechanism And Mode Of High-Tech Business Incubator Financing

Along with the development of the economy and the improving level of marketization, Small and Medium Sized Enterprises which includes individual entities and private enterprises have raised their standing, and have made an unexpected development. They have played an irreplaceable role in the development of economy and social stability. In recent years, our government has paid great attention to the Technology-based SMEs, and put forward the slogans of Technological Innovations and Independent Innovation. With the encouragement of the government, more and more entrepreneurs have launched their careers. However, there are also many difficulties and problems in the entrepreneurial process. Financing demand issue is of the most importance to the survival and development of the entrepreneurial enterprises. As a result, many entrepreneurial enterprises do not have variable source of funds. Without enough funds they have missed many opportunities to enlarge their enterprises.Incubators have been independently developing for more than 20 years in China. Being the hotbed of the entrepreneurial enterprises, incubators have created good entrepreneurial environment for those enterprises. In the early stage the major functions of the incubators were providing the incubator spaces, service facilities, property management, commerce services and so on. With the development of incubators, they have more functions in value-added services such as financial services and specialized management. Nevertheless, as the matter stands, most incubators in China now still provide traditional services such as property management etc. The development of financial services which the enterprises in incubation need most has been very slow. For this reason, in order to improve the development of the enterprises, it's very important to improve the financial services in incubation.Based on this situation, this thesis researches the mechanism and mode of the high-tech business incubators. It mainly uses the theories of capital structure theory, motivation theory, pecking order theory, corporation-develop financing cycle theory to interpret the basic principles of finance in the high-tech business incubators. Using value theory, game theory and tradeoff theory, it discusses the optimization of enterprise capital structure theory, financial cooperation mechanism of the high-tech business incubators. Based on the enterprise growth cycle theory, it discusses the financing model of the enterprises in incubation in different stage and builds the financing system of the high-tech business incubators based the optimization allocation of resources. At last, empirical study is taken the high-tech business incubators in Wuhan municipality as an example. Based the comparison and analysis of the financing situation, it advances the policy proposals to the development of high-tech business incubators in Wuhan municipality. It is expected that the research would provide the theoretical and practical guidance for Chinese financing development of high-tech business incubators development. The innovative points of the thesis are as follows:(1) Applying the theory of economic and management, the thesis has put forward some principles about finance in the high-tech business incubators: the value theory and game theory;(2)Based on the lifecycle of entrepreneurial enterprises and various capital features in every stages, the thesis has put forward three finance mode in the high-tech business incubators—starting-period finance mode, growing-period finance mode, enlarging-period finance model...