High-tech Enterprise R & D Financing Model

The independent innovation is the important way in which the high-tech enterprises develops, but the fund is the key of the enterprise to carriy on the independent innovation. No matter the scale and the time length of the R&D project, it must have continues and sufficient fund supplies to enable the R&D project completed smoothly. However, at present domestic research about the R&D project financing question is little, specially the research aim at the the R&D project's character, which is more deficient.On the base of discussing the financing correlative theories, the paper f analyzes the R&D project's character of the high tech enterprise, then inquired into the character for different types of R&D project calling for fund. According to the above pointed out, because the project type is different, the fund demand is different and the financing channel is dependent on this diffenerce. Meanwhile, with the own limitation of different project, the fund's using cost and the financing risk also is different, the enterprise should act according to the R&D project characteristic and its own financing condition to choose the financing pattern. This paper also analyse the influentialce factors that affected the enterprise's R&D fund investment and the the R&D financing barrier. According to the research mentioned above, this paper discussed the determination method of the quantity of the R&D project fund required , and has constructed financing pattern based on the project character.Then put forward a series of comprehensive financing safeguard system proposal. The paper finally take a enterprises's R&D project financing as an example,and discussed the application of the financing pattern which the paper constructs.The paper do research with the purpose of providing significant reference for the high-tech enterprises which face the R&D project financing question.