Research On Financing Wavs Of The Mid-small High-tech Enterprises Based On The Different Life-cycle Theory

Currently in the world the high-tech competition has become performance of the economy competition, technology is not only an important factor in promoting the development of productive forces, but also a decisive factor in the decision of national competitiveness and overall strength. Since the reform and opening up, the rapid development of China’s high-tech enterprises has outstanding contributions in improving the country’s economic structure and the promotion of private investment.And they have become an important and critical part of the growth of the national economy. Small and medium high-tech enterprises have made outstanding contributions in accelerating scientific and technological achievements, promoting technological innovation and enhancing the core competitiveness, and they also provide energize for economic growth. But funding has hindered the development of small and medium high-tech enterprises.They should choose the right financing to raise the necessary funds. This study is of great significance.Significant growth regularity exist in the development of small and medium high-tech enterprises, they have obvious features in various stages. I chooses the life-cycle theory at first, then analysis operating characteristics、financing and financial risk characteristics of high-tech small and medium enterprises at different stages of the life-cycle. Then the characteristics of the enterprises themselves is combined with product supply and demand from external financial markets, so that we can explore appropriate and reasonable combination of financing to improve the financing effect to reach optimal allocation of resources to promote the healthy development of China’s small and medium high-tech enterprises.In this paper, theoretical analysis is used with empirical analysis. At first I introduce the research background and basic theory followed by the analysis of features and financing situation of small high-tech, and then I introduce financing options in the seed stage, create stage, growth stage, maturity stage and decline stage of the life-cycle theory. Finally I use empirical methods to verify the theoretical analysis and explain where the results of the statistical analysis do not match the assumptions.