| The application of high technology is able to improve the quality of substantial factor, raise labor productivity and increase the utilization efficiency of the means of production. What's more important, it opens a brand new field for human progress, and consequently produces new demand and supply of the market, and brings forth new industries and provides a great space for economic growth.The high-technology corporation, being the underpinning part of technological progress, is the main micro-partner of the high technology, so it's of great importance to the promotion of the birth and improvement of new industries. In the situation of knowledge economy, the high-tech corporation is becoming a more and more important factor for one country or region to improve the ability to compete.Recently, high-tech corporations spring out like bamboo shoots after rain, and have gradually become the core of the technological innovation. However, The high-tech corporation is constrained and embarrassed by the lack of capital, resulting the lack of financing ways and methods in accordance with the features of high-tech corporations.Thus it is meaningful to study the issue of financing of high-tech corporations.This thesis begins from the analysis of the characteristics of high- tech corporations. It explores the reasons of the high-tech corporation's financing puzzlement in its beginning and expanding period. On this basis, the author puts forward the basic plan to solve the high-tech corporation's financing puzzlement. First of all, in accordance with the situations of nowadays China, the author analyzes the restrictive factor and practicability of the high-tech corporation's financing in the beginning period, and gives the suggestion. Secondly, the author analyzes the high-tech corporation's financing ways in the expanding period considering the prospect of the second board markets. The thesis contains three chapters:Chapter One The high-tech corporation, as participant of technological innovation, is responsible for turning the technological achievements into real productivity. Compared with traditional corporation, the prominent characteristics of a high-tech corporation can be reduced to the following. (1) The assets of corporation comprise mainly of intangible assets such as intellectual property and know-how, etc.; (2) Human resource plays an important role in corporation; (3) The key to the survival and development of corporation is technological innovation; (4) The development of a corporation has obvious life period, which includes the seeding period, the initiative period, the expanding period and the mature period.The above characteristics determine the main characteristic of the high-techno corporation, i.e. high risk and high returns. The main risk a high-tech corporation is faced with marketing risk, technology risk, financing risk and managing risk. These risks are not evenly distributed in the different periods of a high-tech corporation. For example, the risk in the seeding period and the initiative period is much higher than that in the expanding period and the mature period. On the whole, the factors that influence a high-tech corporation's financing ability include the corporation itself, capital owner and the market. In the seeding period and the initiative period:1) The high-tech corporation spends money in the technological development and it is in great need of capital. Meanwhile, its operation data shows little or negative material assets, net profit and cash flow. Therefore, the ability of the high-tech corporation to shoulder the financing cost does not match the capital supply. 2) The traditional capital owner (the supplier) has its own investing behavior owing to its different organizing ways and capital resources.The government's fiscal capital, being the public capital, places emphasis on the industries and products critical to the macro- economy or the strategic economy and the fiscal capital is limited due to the government's fiscal ability. The commercial ban... |
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