Research On Financing Ways Of The Mid-small & High-tech Enterprises Based On The Different Lifecycle Theory

It is general idea that the science & technology is the first productivity during current knowledge-economical times. The top 500 enterprises of the world are all developed on the high-tech. High-tech industry is an important source and power of Economy's rapid growth, representing the direction of the future economic development. It is the fundamental way to improve the overall national strength according to developing the knowledge & technology-intensive industries. 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. A large numbers of high-tech enterprises have undertaken the important task of China's technological innovation. They bring the technological advances of traditional industries and accelerate the upgrading of industrialization and the pace of structural adjustment, which is a big "POWER" promoting the rapid growth of the national economy. Therefore, China's industries are very concerned about the survival and development of high-tech enterprises in order to enhancing our economic competitiveness and obtaining a leading position in the economic tide of globalization, so the high-tech enterprises has made tremendous contributions to China's economic growth . 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. Therefore, it is the study of great significance the strengthening of high-tech SMEs in financing.In this these, It is combination of theoretical explorations and case empirical analysis, focusing on the use of life-cycle theory. Firstly, they are finance theory and research status in and abroad and simply over viewing of relevant information with the definition of high-tech SMEs; Secondly, the small and medium enterprises financing high-tech features and financing risk analysis, then elaborates our existing means of financing of several high-tech SMEs in the status quo and put forward China's hi-tech small and medium enterprises facing financing difficulties. On this basis, according to the life-cycle theory, we divide it into the seed-stage, the creation period, growth, maturity, and the recession the five different development stages for high-tech SMEs. Combined with high-tech features of the financing needs of SMEs through the establishment of high-tech SMEs in the different stages of development financing choice model, we use the systems analysis method to explore high-tech SMEs in their growth life cycle in different stages of development financing choice. Finally, it analyses the financing behavior of various life-cycle of the company Bao Xin, and verifies the corporate life cycle theory.