Small And Medium-sized High-tech Corporate Finance, Pricing,

As an innovative financing system for small and medium-sized high-tech enterprises, venture capital has a unique mechanism of the operation. The pricing mechanism is an important way to solve the asymmetric relations between venture capital and small and medium-sized high-tech enterprises. Pricing process involves assessing the value of enterprises, constructing contract and management service three parts, including two main roles: venture capitalists and entrepreneurs. The main line of the study is in accordance with the pricing process.As to the value assessment of small and medium-sized high-tech enterprises, the paper point out that the traditional assessment methods does not apply to venture capital in some areas, and try to introduce the theories of real options to the value assessment of venture capital. According to the small and medium-sized high-tech enterprises'high-growth, high-risk and high profitability features, the paper has proved that the small and medium-sized high-tech enterprises have real options, compared with the traditional methods, the real options theory has the applicability and feasibility. On this basis, the paper systematically expounds the limitations and application prospects of real options in the value assessment of high-tech enterprisesFor contract construction between venture capitalists and entrepreneurs, the paper mainly analyses three aspects: investment tools, phased investment mechanism and the effective allocation of control rights. Because convertible securities have advantages such as protecting investors, encouraging enterprise management, and sharing enterprise growth potential, it is a preferred investment vehicle to venture capitalists. Full and one-off capital investment may bear a higher agent risk; therefore, venture capitalists typically invest in a multi-stage investment approach. As to the control constraints, the paper divided into seven areas: board seats, the right to vote the stock, employment, financial supervision and so on. In the reward incentive, the status of entrepreneur in the enterprise and the methods of incentive compensation are studied.In addition, the paper stresses that the value-added services and management control play an important role in venture capital, analysis the construction and operation of board of directors, and the board ensure the venture capitalists' strong intervention and monitoring, which enable the smooth development of venture businesses, maintaining and increasing the value of venture capital.