These days the competition in the world mainly shows on the high-tech, States are increasing funding for high technology,but in all,the capital is mainly used for scientific experiments, high-tech enterprises can also get more and more capital investment.High-tech Industries are taken for economy development engine.Most countries’ government are focusing on the high-tech industry,Development of high-tech enterprises to the economic development of a country, political stability,technology upgrading has a great influence. It is a sign that the measure of national international competitiveness at the same time.In recent years, our country paid great attention to the development of high-tech enterprises, especially small and medium enterprises, and it made the very great contribution in the aspect of promoting China’s economic development and the international competitiveness.Our high-tech development is very rapid, and some high-tech has reached world leading level, our country’s High-tech enterprise is becoming a noticeable strength.But because our country’s High-tech enterprise is facing financing difficulties,finance channel is few and narrow and the government financing channel effect is not obvious. And we has not established the perfect financing system of the High-tech enterprise under the different life cycle, this also caused our country’s High-tech enterprise to have the serious financing gap in the developing process, although our country’s high-tech enterprise is developing rapidly, but still has the disparity compared with the developed countries. Therefore, solves the High-tech enterprise to finance the difficult question to become the topic which gradually our country pays attention, is also the significance which this article needs to study is. Therefore, the problem of solving the financing difficulties of the high-tech enterprise is to become the issue of concern, and is the meaning of the study in this paper.This article summarizes the way of financing in high-tech enterprise and the cycle of life, The article also explains the financing, this article study the demand of enterprises with the way of financing, this article analyses the characteristics of hightechnology enterprise in each stage, finds out the reason for choosing these financing, to provide theoretical support for high-tech enterprises in choosing the way to realize the optimal financing combination. In the empirical analysis part, through Discounted Cash Flow Method. Then this article carried out a statistical analysis of the gem data, will commonly used five kinds of financing ways, retained incomes,credit of bank financing, debt financing and stock financing, financial financing and enterprise’s total assets of yields descriptive statistical analysis and regression analysis,in the growth stage and mature stage, according to the analysis results of the two stages to inspection specifications of research conclusion. |