| The U.S. Subprime Crisis in2008has brought the global economy into downturn. As the development of our economy relies on exporting too much, especially in the coastal areas, the lack of external demand made a lot of small and medium-sized companies which are export-oriented close down, and the growth rate of GDP has been affected seriously as well. In response to the plight of domestic economic development, our Party put forward that we should promote the strategic adjustment of economic structure, improve competitiveness of large and medium-sized companies and support the development of small companies.About65%of patents, more than75%of technical innovation and more than80%of new products were created by small and medium-sized science and technology companies, which demonstrated strong innovation ability. But financing difficulties has become a bottleneck restricting the development of them in the start-up stage. Although our government and relevant organizations have made many efforts to ease the problem, the companies do not have any strength in financing from the traditional financial sector comparing with the traditional companies. And the existence of the financing difficulties may lead a promising project nip in the bud. Accordingly, we should actively explore the way to broaden financing channels for small and medium-sized science and technology companies in the start-up stage.As a new financing way, project financing can get much more loans than capital. And the venture capital solves the conflicts between narrow financing channels due to poor credit status and strong innovation abilities, guarantees the sustainable development of small and medium-sized science and technology enterprise and supports the construction of an innovative country. The solutions of financing problems of small and medium-sized science and technology companies isThis paper chooses "image restoration" of HT Science and Technology Limited Liability Company (HT Company) as a representative of the projects of innovative science and technology companies, analyzes its internal and external financing environmental and extracts the key factors of the success. Other small and medium-sized science and technology companies can get guidance from the experiences and estimate the feasibility of gaining money from project financing by comparing their advantages and disadvantages.Following the ideas, this paper emphasizes on exploring the factors of the success by analyzing the advantages of the company and the projects and the effects brought by external environment. In order to achieve the goal of research, this paper applies the method combining theoretical analysis and case study. Case analysis focuses on field survey and data collection.The main conclusions are as follows. From the case study, it is reasonable to say high quality of research stuff, good project management skills and excellent technology innovation projects are necessary points in the successful project financing. Also, bright future of the industry and polices are important. Apart from these, this paper extracts five key factors which contribute to the success of financing:Credit guarantee, Business models, Demand in the market, Science and technology and Active Marketing.Comparing with the existing research, the possible innovations are following points. First, we put forward a research framework of the project financing of small and medium-sized science and technology in the start-up stage based on case study. Second, we conclude five key points which will improve financing probability together with some general factors. Third, many small and medium-size science and technology companies can get guidance and experience from the conclusions of this research.Due to the author’s limited ability and knowledge, this paper has some deficiencies. First, some data has been "desensitized" and qualitative method used only. Second, it is not enough to select only one object of one company as the case. |
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