High-tech Enterprise Financing Problem

With the approach of knowledge-based economy ages, knowledge industry or high and new technology enterprise on basis of technique on intensive knowledge is becoming the core of all industry .It is primary impulsion that a country gains long competition advantage .It is the important thruster of keeping on increasing of society and economy. So, every country in the world is plunging into a lot of manpower, material resources, financial resources to develop high and new technology enterprises. Within recent several years, high and new technology enterprises in our country are taking on the trend of rapid development. They have developed from 14533 enterprises in 1995 to 37489 enterprises at present. These enterprises make great contributions to accelerating the industrialization of science and technology and the growth of national economy. However, during their development, the difficulty of financing is more and more evident. Therefore, it is very important to study financing question of high and new technology enterprises.This paper tries to analyze the new channels of high and new technology enterprises financing through interfusing model between high and new technology enterprises and bank credit capital, interfusing model with venture capital, interfusing model with stock capital. Through the research on above three models, this paper would help to promote it's development and enhance it's ability in the international competition.