High-tech Enterprises Of Financing Research

High-tech industry is now becoming the important driving force and engine of rapid development of national economy. Nurturing knowledge-based and technology-based high-tech industry is the primary way to enhance overall national strength. Large amount of capital is required to pour into the development process of high-tech enterprises. Yet traditional financing channels are far from satisfying the demand due to the characteristics of capital investment featuring high risks and high revenue. Thus, it is of realistic significance to explore proper financing ways suited for rapid development of our high-tech enterprises.Firstly, this dissertation analyzes the characteristics of high-tech enterprises and their demand for financing, and presents a conclusion that high-tech enterprises embody their high growth nature that is superior to that of traditional enterprises, while can not exclude their high risks nature they have, which includes the risks of technical failure of high-tech transferring into realistic products, the risks of failing to be accepted by market and the competition they face, and the financial risks of the difficulties to make out the investment budgets and their operational risks, etc. The existence of such risks contributes to the formation of high-tech enterprises' financing difficulties to a large extent. Therefore, the key issue lies in how to appropriately raise capital needed for their development.Secondly, the paper summarizes the main purpose, elementary costs and risks of high-tech enterprises' financing, and gives a brief introduction of western capital structure theories, aiming to provide a general direction for the analysis and choosing financing means in the following chapters.Chapter three studies the relations among the forms of their capital demand, the amount of capital and demand period. In beginning stage characterizing science research and development and maturity stage in which high-tech they have already realized high-tech industrialization and will get their investment back soon, the scarcity of capital is not a big problem, whereas in establishment stage and growth stage which are the crucial periods for their development, tremendous long-term capital is needed to inject into the enterprises. If not, the lack of capital will be the bottleneck that restrains high-tech industry's development.Expected to offer some references for our high-tech enterprises to rationally choose their financing means, the fourth session shows successful experience of high-tech enterprises' financing in many countries.Chapter five exploits diverse financing means with a view to develop our high-tech enterprises grounded on the analysis of limitation of traditional financing means, then draw some major conclusions as follows: (1) Traditional financing meansare not capable of meeting the requirements in each developing stage of high-tech enterprises both in quantity and in variety. Commercial banks must take stability as their primary principle because of the characters of debt operation and the law of credit capital movement, and pay more attention to risk than benefit. However, high-tech enterprises at the starting point are far beyond maturity both in marketing and in technology, and have no enough credit and mortgage. Therefore, they often fail to get the loan money from the banks due to high risk, even though they have a project that will earn high returns. And there exist many risk factors in the early stages of their development, and there're no earning records, so they can't be up to the standards of being listed on the main board for financing, then there is slim hope for their financing through stock market. (2) High-tech enterprises should take according measures in different development stages to ensure financing. When in the beginning, they'd better carry out internal financing, closely linking individual risks and benefits through the legal form of solely-funded corporation and joint venture; when in establishment stage and growth stage, they are in urgent need of...