The Optimization Of Multi-stage Financial Structure Of Venture Enterprises In China

Under the tide of economic globalization, the development of venture enterprises has been the focus concerned by the governments as well as the theory circle. Venture enterprises mean a lot to Chinese economic development. For a long term, the key of realizing the sustained economic growth is not depending on the increase of capital and labor, but the push of knowledge. Transferring skill to productivity needs two factors: the market value of the high-tech products and the support system, especially the financial support. Financing is the substantial problem for the survival and development of enterprise. So under the environment of encouraging technology innovation and building the multi-level capital market, studying the optimization of financial structure in Chinese venture enterprises has strong realistic meaning.Now the financing problems of China's venture enterprises include four aspects: the scant financial structure; the low information transparency; the absent laws and policies; and the deficient financing environment. In fact, the financial structure reflects the income-dividing situation behind the capital source. So the optimization of financial structure in venture enterprises is not only the problem of enterprises, but also the problem related closely with the policy direction, market environment and institution build-up.This thesis stands in the point of venture enterprises. After discussing and analyzing the financing theory and the financial structure optimization model, this thesis works out the practical financing scheme for venture enterprises that are under different development stages, and makes suggestions for relative policies. All of these can give references for venture enterprises, especially the start-up enterprises, to make multi-stage financing plan.The main conclusions are: Firstly, the financial structure of enterprises is affected by several factors, and has different stages. In order to make the financing process more effective, Chinese venture enterprises should use adaptable financing methods according to the stage in the development. And they also need to adjust the financing ways with the changes of outer financing environment quickly. At the early stage of financing, convertible securities is the most acceptable way for both So they can be considered to use frequently. Secondly, venture enterprises should pay attention to the financing cost and the best financing period, find the appropriate financial structure on the base of keeping the control power. Thirdly, in order to realize the optimization of multi-stage financial Structure, Chinese venture enterprises need to have high-level enterpriser as well as mature team. Besides, sound laws and mature capital market need to be build up to give relative support.