| As knowledge economy approaches, hi-tech industry, which is based on knowledge-intensive technologies, is becoming the core of all industries. It becomes the main power to gain core competitiveness of China as well as the booster for economic sustainability of China. Especially in recent years, the development of high-tech enterprises is quite rapidly and these high-tech enterprises contribute tremendously in terms of propelling the innovation of science and technologies, advancing the transaction of scientific outcomes and promoting national economics and so forth. However, financing strategy problems in the process of high-tech enterprises development has become the key restriction factor for further development and growth of high-tech enterprises. Therefore, to do research on financing strategy issues for high-tech enterprises is contributive to the growth and development of high-tech enterprises, meanwhile, it can be references, to some extent, for the solution of financing strategies in other industries.This thesis is based on abundant literature review regarding the problems in the process of financing for SMEs and high-tech enterprises. The author takes BJZJ Company as a research example and conducts some analysis concerning financing strategies for high-tech enterprises. BJZJ Company, located in Desheng Garden, Zhongguancun High-tech Zone in Beijing, is a high-tech enterprise with a certain scale. It provides customers with R&D and sales of telecommunication and currently it is in developing stage. With the development of telecommunication industry, BJZJ Company grows rapidly. However, capital becomes the main obstacles on the path of BJZJ Company’s development. Through the study and analysis of recent years’ financing status of BJZJ Company, it shows that there are some shortages during its past financing activities, such as too short period of secured loan, high cost of financing, etc. Therefore, the study of financing strategy of BJZJ Company is beneficial to its own sustainability; meanwhile, it can be references for the solution of financing problems in other related high-tech enterprises.Through the analysis in terms of the development status, financial status and external capital demand status in the future5years of BJZJ Company, the author concludes that in current stage, BJZJ Company should take the following financing strategies:operate internal financing in a reasonable way and reduce cost for raising funds;flexibly utilize debt financing and bring the financial leverage into full play to increase enterprise value; Introduce venture capital properly and actively to make up for capital shortage and improve organizational management structure. In the meanwhile, BJZJ current size, operation, profit ability and the conditions listed on the gem, has just listed on the gem of enterprises in the same industry electric information to contrast,BJZJ Company should cast an anchor to windward and grasp the opportunities. It should also take full advantage of the garden policies to realize curb exchange on new third board (an over the counter market for growth enterprises) or listing and financing on GEM board in an attempt to gain sufficient capital and achieve leapfrog development. For this purpose, BJZJ Company should work out related supporting measures:1) consummate modern enterprise system and improve enterprise standardization level;2) Perfect financial functions, improve enterprise financial system, well establish financing plan and enhance enterprise competitiveness.With measures above, the company finally achieves to solve the financing problems and accelerate rapid development for the enterprise. |
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