Choice Of Financing Characteristics And Strategies Of The Growth Process Of High-tech Enterprises In China

high-tech industry is an important source and the power of rapid economic growth, the development of knowledge, technology-intensive high-tech industry is the fundamental way to improve the comprehensive national strength. As high-tech enterprises have their own characteristics, especially in the course of their growth, different stages of the business characteristics and financial needs vary greatly, the traditional mode of financing is difficult to meet the demand.Thus, China' s high-tech enterprises in the process of growing up to explore appropriate financing features and financing strategies have important practical significance.In this paper the characteristics of its high-tech enterprises from the special financing to proceed, led to a key obstacle to the financing of high-tech enterprises analysis, As high-tech enterprises in China' s own characteristics and the actual situation of financing and other factors led to a reality. Meanwhile references to the theory of high-tech enterprises based on production due to financing difficulties and financial information asymmetry inhibition. Asymmetric information leading to the risk of unpredictable business, in which the pursuit of sound financial institutions unwilling to cooperate. Financial capital inhibit a curb and curb credit, while the cost of financing the enterprise. In this paper are described the various stages of their development financing channels and the emergence portfolio is built on the basis of this theory.On the financing of high-tech corporate finance theory and the main factors and the impact of the policies and methods of financing channels, This paper focuses primarily from the development of high-tech enterprises to conduct a detailed analysis of the four stages of the strategy and financing options. This four stages are : Seed period, Venture period, Growth, maturity. And Seed period and Venture period because of the market has not been fully recognized and highly risky, Therefore, the main use mainly of endogenous self-financing. Growth stage and mature stage, the market has gradually recognized products, and gradually reduce risk, This stage is a tremendous need for the funds, then the financing channels have many choices, Endogenous financing from the financing to exogenous financing. Explained the four-phase financing strategy of financing high-tech enterprises, The combination of a lot of our reality, the case illustrates the growth of high-tech enterprises in the financing stage road.Based on an analysis of China' s high-tech enterprises and the growth characteristics of the financing strategy, My starting point for this stage to the financing system and the status quo of China' s high-tech enterprises, for every stage in this phase of the financing, and financing channels; However, there are some relatively new financing method is very useful for our present situation, such as : financing instruments and transactions of property rights. Therefore, this financing strategy for China' s high-tech enterprises with the choice of outstanding practical significance.