Study On The Financing Constraints And Countermeasure Of China’s High-tech Enterprise

With the rapid development of technology in the world, many countries through thecomprehensive progress of the development of high technology and its industry topromote economic and social development, it has become an important symbol tomeasure the comprehensive national strength，China must develp high-tech industry toremain invincible in the wave of global economic integration efforts. China’s high-techenterprises not only face the new development opportunities but also faces somechallenges, only by the internal financing is difficult to meet the rapid expansion of hightechnology enterprises demand, due to high risk characteristics and the internal and aseries of external financing constraints in the high-tech enterprises，the enterprises facethe situation is a single channel of financing and financing amount is serious shortage.Lack of funds has become a major bottleneck restricting for the development ofhigh-tech enterprises in china.Therefore, this paper draw lessons from the basis of the traditional financing theoryand the Western high-tech enterprises financing experience to find out the main factors offinancing constraints, and puts forward a series of policy suggestions on improving thefinancing environment to solve the financing difficulties of high-tech enterprises. Itincludes the following contents: the first chapter of domestic and foreign researchachievements are reviewed and summarized the classification; The second chapter toanalyze the status quo of China’s high-tech enterprise financing constraints.First throughthe financing of high-tech enterprises in China’s Shanghai and Shenzhen stock marketstatus quo data descriptive analysis. Second, the operating performance of the high-techenterprises in China empirical regression analysis to identify financing constraints play amajor effect. The third chapter, through the financing constraints faced by China’shigh-tech enterprises analysis of its influence factors, so as to find out the internal andexternal financing environment deficiencies. The fourth chapter, through the analysis offoreign high-tech enterprises financing system and policy structure, summarizes thesuccessful experience in solving the problem of foreign financing constraints. This partseparately experience from the financing mode in developed countries of the United States, Germany, Japan and other high-tech enterprises for the development of high-techenterprises of our country financing. The fifth chapter is on the basis of the financingsystem of foreign high-tech enterprises successful experience, combined with thecharacteristics of China’s internal financing structure and high-tech enterprisescharacteristics, by providing the corresponding policy recommendations to improve theinternal and external environment of China’s high-tech enterprises financing. The aboveresearch is very important for the vigorous development of China’s high-tech enterprises.At the same time, the study on the expansion of financing channels of China’s high-techenterprises, has a very important theoretical and practical significance to optimize thefinancing environment。...