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High-tech Corporate Finance: Strategic Choice And Institutional Innovation

Posted on:2004-09-01Degree:MasterType:Thesis
Country:ChinaCandidate:L ZhouFull Text:PDF
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It should be owed to the development of High& New Technology industry to a great extent that American Economy turned up ten years' prosperities after entering the ninetieth era of last century. There was the 27 percent of the growth of GDP from 1993 to 1995 created by High& New Technology industry in American, even rising to 33 percent in 1996. In terms of some economists' testing, the rate of contribution that technical progress to the economic growth nearly exceeds 60 percent in American, British, Japan and German, but only about 20%-30% for the present in our country. So the potentiality that developing our country's High& New Technology industry is greatness.Fund is the premise of the enterprises' operating in Market Economy. It is highly important to have a stable financing ditch for the continued development of enterprises. However, the financing problems of High& New Technology enterprises especially small and medium sized enterprises have been the central factor limiting their development in our country. Therefore, strengthening research to the financing problem of High& New Technology enterprises becomes a significant task for the business world, policy-making and academic circles.Firstly, this dissertation analyses the development and financing peculiarity of High& New Technology enterprises. On the basis of this, the dissertation generalizes the factors limiting access to capital as following four aspects: incertitude, asymmetric information, the nature of assets and financial market conditions. Then the dissertation suggests that the solution to High& New Technology enterprises' financing difficulties lies in the microcosmic subject-enterprise and the macroscopic environment of financing.Secondly, the dissertation probes that the choice of financial strategy of the High& New Technology enterprises should be on devising and selecting the financing behavior, integrating developing stages, basing on the analysis to a variety of financial methods and fully considering relevant factors' effects. The financial tactics could assure the feasibility, availability, protracted nature of financial behaviors.Thirdly, the dissertation discusses the Venture Capital as representing the financialsystem innovation of High& New Technology enterprises by far. Venture Capital efficiently solves risks and the problem of asymmetric information between High& New Technology enterprises and the venture capitalists in the course of financing through a series of institutional arrangements, extremely promoting High& New Technology enterprises' development.Finally, the dissertation points out the concepts for consummation of High& New Technology enterprises' Financing System in our country. The consummation mainly includes the following two parts: the direct financing system characteristically by the Second Board Market and the indirect financing system principally by credit warranty system.
Keywords/Search Tags:High& New Technology enterprises, The choice of Financing Strategy, Venture Capital, System Innovation
PDF Full Text Request
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