Docking Of The High-tech Industries And The Capital Market

I.PURPOSE & SIGNIFICANCETo achieve a jumping development of national economy in China, we must energetically improve the hi-tech industry. A health capital market, which can bring a large amount of capital to hi-tech industry, is the forcing house of growing hi-tech industry. To integrate the capital market and hi-tech industry is not only a principal condition of accelerating the massive development in hi-tech industry, but also an internal demand of maintainable development in capital market. So, we should discuss the strategy and the policy choice of the expanding hi-tech industry from higher level and broader viewpoint to carry out the mutual development between the hi-tech industry and capital market.II.BASIC CLUSE & LOGICAL STRUCTUREFirstly, I analyze the needs of developing the hi-tech industry in China. After that, I point out the problems in processing hi-tech industry in our country, and give out that we can solve these problems by eliminating the restrictions of hi-tech industry development through integrating the hi-tech industry and capital market. At last, I compare the integrating modes and draw attention to the strategy and policy choice of hi-tech industry by using capital market.III.MAIN CONTENT & KEY VIEWPOINTSThere are five parts in this paper.In the first part, I define the hi-tech and briefly introduce the relating concept, as well as the concept and attribute of hi-tech industry. After that, I prove that we can only upgrade China industry structure from developing the hi-tech industry, by analyzing the reasons of the long lasting economy growth in U. S. and the economy crisis in Southeast Asia in recent year. At last, I briefly state the general mode of the hi-tech industry and its restriction in the world.In the second part, I analyze the actuality the hi-tech industry in China, and discuss the restrictions of the development in the hi-tech industry. The conclusion is that the capital investment is not enough and finance structure is irrational. In the third part, I give out that using the capital market is a good way to eliminate the above restrictions.In the fourth part, I emphasis the mode choice of integrating the capital market and hi-tech industry. The modes include: the stock market can give more benefits to hi-tech industry; establish a second board stock market which may bring a healthy mechanism of risk capital; tradition industry graduates into hi-tech industry by capital recombination. In the last part, I probe and give some advice on industry policy guidance, the support to small hi-tech enterprises, establishing mechanism of risk capital investment, and the revenue policies.IV.MAIN ACHIEVEMENTThe paper proved the validity and path choice of eliminating the restrictions on hi-tech industry development by using capital market. Also, there is advice and guidance on how to use capital market to achieve both hi-tech industry development and mutual development between the hi-tech industry and capital market.