China Sme Equity Financing Study

The development of high-tech medium-small scale enterprise is an important driving power for economic and social development in China, playing a vital role in promoting Chinese international competition. However, financing difficulty has always been "bottle-neck" and "stubborn disease" harassing healthy growth and quick development for medium-small enterprises especially for high-tech medium-small scale enterprises. Capital is regarded as blood for enterprise, and financing is a crucial activity during business operation process playing an important meaning to enterprise development. There are two issues should be solved for financing of high-tech medium-small scale enterprise:what kind of financing is suitable for high-tech medium-small scale enterprise; how to efficiently make high-tech medium-small scale enterprise to win financing. Study and analysis are required for fast development of high-tech medium-small scale enterprise and this article introduce the thesis of taking stock right finance as the first financing way for high-tech medium-small scale enterprise based on the above two issues by combination with practical discussion and analysis. On these grounds, this article put forward suggestions on financing system and rule for high-tech medium-small scale enterprise according to real situation in China and successful financing experience from medium-small scale enterprise abroad.The first chapter is to explain the purpose and the meaning of this article theme and bring forward the study direction and way.The second chapter is to introduce on the meaning of high-tech medium-small scale enterprise and related concepts of enterprise financing; to introduce theory of enterprise capital organization; to review the related theories indicated previously.The third chapter is to present the necessity of stock-right-financing for high-tech medium-small scale enterprise from the lifecycle of high-tech medium-small scale enterprise, further to explain the way of stock-right-financing is relatively suitable for high-tech medium-small scale enterprise; to introduce the actuality of medium-small scale enterprise especially for the situation of high-tech medium-small scale enterprise as well as advanced experience on this kind of financing from developed countries; to explain the importance of stock-right-financing for high-tech medium-small scale enterprise through further practice analysis. This chapter proves the promotion effect and essentiality on stock-right-financing for high-tech medium-small scale enterprise from the points of theory and reality.The fourth chapter is to put forward suggestion on high-tech medium-small scale enterprise by integrating the discussion of former chapters, improving environment and efficiency of our high-tech medium-small scale enterprise though these above suggestions and measures to make high-tech medium-small scale enterprise develop healthily.