A Study On Sci-Tech Finance Supporting The Development Of Seed-stage Enterprises

The number of seed-stage enterprises in ZhangJiang High Technology Parkis over800, accounting for more than50%of all the SMEs, as a result, thedevelopment of these seed-stage enterprises will directly determine the future ofthe Zhang Jiang Park.Financing difficulty is a major obstacle to the seed-stage enterprises inZhangJiang High Technology Park, so it is of great significance to study sci-techfinance supporting the development of seed-stage enterprises. In this article, wefirst analyze the financing needs of seed-stage enterprises and sci-tech financesupply in the Park from the demand and supply side respectively, then identifythe financing problems faced by the seed-stage enterprises through comparativeanalysis, and at last, discuss the reasons for these problems and put forwardsome advice on sci-tech finance policies.The questionnaire-based research finds that most of the seed-stageenterprises in the Park have no financing experience, and own money is themain source of funds while money from free subsidy, debt financing and equityfinancing is very small, which means seed-stage enterprises have seriousfinancing problems. From the demand side, the main reason for the seed-stageenterprises’ financing problems is their small asset size but large amount ofexpected funds; from the supply side, the financing problems are mainly due tothe asymmetry information between the credit institutions and the seed-stageenterprises, the high transaction costs, the imbalance between the risk and benefit and the absence of angel investors.Finally, based on the analysis above and the advanced experience in thedeveloped countries, we make some advice on the sci-tech finance policies. First,perfect the existing credit risk-sharing mode. Second, develop financesupporting sci-tech credit insurance. Third, improve finance module linked withbanks, investors and securities traders. Fourth, establish and perfect the creditsystem of seed-stage enterprises. Fifth, increase the free subsidy efforts tosupport the growth of seed-stage enterprises. Sixth, make innovations on thedebt financing mechanism of seed-stage enterprises. Seventh, attract moreventure capital to invest the seed-stage enterprises by various mechanisms.