Allocation Of Funds Based On The Life Cycle Of The High-tech Enterprise

The fund is a key of enterprise's development, if enterprises neglect the disposition of fund, not only they are unable to satisfy the demand, but also may bring the risk, increase the difficulty of continuous financing, influence enterprises' development. The deficiency of fund demand of high-tech enterprises is the bottleneck of their development, especially important for high-tech enterprise that the fund is disposed effectively, but in analysis and research to the fund of enterprises. Domestic scholar only pay attention to the study on enterprise's financing cost, financing structure at present, lacking accord with the demand of the fund and risk characteristic of life cycle of high-tech enterprises, therefore how to establish reasonable fond disposition mode of each stage in life cycle and solve the problem of fond shortage of high-tech enterprises should be paid attention.The management characteristics and phased characteristics of development of high-tech enterprises have important influence to the way of enterprise's fond disposition. This text expounds the fond demand of life cycle and risk characteristic of high-tech enterprises of our country at first, then through the questionnaire investigation and the data of capital market, analyze the current situation of fond disposition of high-tech enterprises. On this basis, I propose that it should construct the system of fond guarantee of high-tech enterprises to strengthen enterprises' fondmanagement, through perfecting the inside financing system of enterprises, strengthening the management system of the cash flow, setting up the system of enterprise's risk precaution etc.. And according to the life cycle and management features of high-tech enterprises, directing against the characteristics of fund demand of every stages, combining the analysis to the funds of different sources and their nature, establish the fund disposition mode match with every stage, and optimize the fund disposition constantly to raise the efficiency of enterprise's fund disposition. At last, according to the situation of Bird's fund disposition of the past ten years, this text carries on the positive research to the aforesaid fund disposition mode. The research of the thesis has important realistic meanings in advancing the development of high-tech enterprise of our country.