Small And Medium-sized High—tech Enterprises Risk Investment Exit Early Warning Mechanism Research

In2006, the CPC central committee and the state council made a major decision, to build an innovation-oriented country will be promoted to the national science and technology innovation strategy. In this background, a large number of fast growing small and medium-sized high-tech enterprises take root in the national eighty high-tech zone, become an important part of the whole national economy. The development of small and medium-sized high-tech enterprises need adequate financial support, due to high risk characteristics of small and medium-sized high-tech enterprises, it is difficult to get adequate funding from traditional financing channels, chasing high returns, able to bear the risk of risky investment arises at the historic moment. The nature of capital is the disadvantages, risk investment to get high yield, and as far as possible avoid risky. Therefore, early warning, timely effective risk prevention out of the safe operation of the early warning mechanism of risk investment is particularly important. According to a survey released CVCRI, venture capital exit shortage of early warning, exit mechanism not free now small and medium-sized high-tech enterprises in our country venture capital development the primary factor. However, current research on the construction of venture capital exit early warning mechanism of no attention, especially small and medium-sized high-tech enterprises exit early warning mechanism of venture capital research. Therefore, to strengthen the small and medium-sized high-tech enterprises exit early warning mechanism of venture capital research has certain practical significance.In this paper, through statistical yearbook, etc widely collected data, teasing out the small and medium-sized high-tech enterprises the status quo and existing problems of exit mechanism of venture capital, and demonstration building to small and medium-sized high-tech enterprises exit early warning model as the core of venture capital exit the necessity of early warning mechanism. Therefore, this paper research is focused on small and medium-sized high-tech enterprises risk investment exit early warning model is built and exit the design of the early warning mechanism.On the basis of reference to relevant academic research results, first of all, for small and medium-sized high-tech enterprises, risk investment, redefine the concept of venture capital exit, then analyzed the current situation of small and medium-sized high-tech enterprises and risk investment, the exit mechanism of venture capital for small and medium-sized high-tech enterprises expounds the present situation and deficiency, demonstrates the small and medium-sized high-tech enterprises and venture capital exit the necessity of constructing early-warning model. In reference to the American scholar Altman (Altman) proposed by multivariate Z value judgment model, on the basis of combining with the actual situation of domestic small and medium-sized enterprise board and gem, using statistical principal component analysis (pea), constructs has the Chinese characteristic to small and medium-sized high-tech enterprises of venture capital exit early warning model. Has occurred through gathering case verified, the crisis of enterprises, it is concluded that within a year of early warning and effective rate was92.5%and the early warning and effective rate of85%within two years, shows that the model is scientific and effective. On this basis, further design with small and medium-sized high-tech enterprises as the core of venture capital exit early warning model from the early warning mechanism. By choosing A enterprises in shenzhen city the typical case of small and medium-sized high-tech enterprises successful exit application research, the result is in keeping with the actual situation of A company in shenzhen, fully illustrates the small and medium-sized high-tech enterprises risk investment out of the practical early warning mechanism. Finally, from the small and medium-sized high-tech enterprises of venture capital exit channel unblocked, venture capital intermediary system specification and the improvement of the venture capital exit law and policy environment of small and medium-sized high-tech enterprises such as venture capital exit early warning mechanism to further improve made relevant conceptions.May be the innovation of this paper lies in that the designed for small and medium-sized high-tech enterprises as the core of venture capital exit early warning model of small and medium-sized high-tech enterprises venture capital exit early warning mechanism, a try with a pilot, for small and medium-sized high-tech enterprises venture capital exit early warning theory research contribution strength.