Research On Asset Light Enterprise Financing Strategy Based On Life Cycle

Current in economic transition period,the structure adjustment,in order to promote economic growth,China launched reform of the supply side,implement the strategy of innovation driven development.Asset light enterprises rely mainly on intangible assets such as patents,technology,brand,intelligence operations,accord with the requirement of economic development,has the good development prospect.Study light assets financing problems of enterprise can contribute to effectively promote the development of enterprises.Based on the domestic and foreign experts and scholars to light assets on the basis of the research literature,through defining the definition and characteristics of enterprise assets,to weigh the financing theory,the optimal sequence financing theory,enterprise life cycle theory as the theoretical basis,analysis of light assets of enterprises in different stages of the life cycle of financing demand and the status quo,in view of the light of the characteristics of assets of the enterprise life cycle is put forward appropriate financing strategy,combined with the case the concrete expression of Tencent enterprises to adapt to the enterprise in different stages of the life cycle of financing strategies choice.Light assets enterprises face the financing needs of different life cycle and the present situation is different,should be based on the characteristics of the life cycle choose appropriate financing strategy.Leading the asset light enterprise capital demand big,time is tight,on the one hand,the enterprise has not yet profitable,the founder of the limited personal savings,insufficient endogenous financing;On the other hand,the enterprise is difficult to obtain bank loans,listing and financing,such as external funding support.Therefore should adopt the strategy of equity financing is given priority to,founder of the equity financing source generally have personal savings,government investment,venture capital,etc.Growth of asset light enterprises out of need to expand the scale of production,from the various channels to raise funds,the enterprise's profit level enhances unceasingly,enterprise reputation,have been established,can get financial support from the outside.Therefore,we should adopt the combination of equity financing and debt financing strategy,give full play to financial leverage of debt financing,reduce the cost of financing;In addition,for the enterprise profit ability is stronger,more profitable,can consider to keep from endogenous financing.Mature assets of enterprises,development and stability,is to raise funds to improve technology and develop new products,to maintain the status of enterprise in the market,the financing pressure is small,can get money from the external and internal.So the demand of financing,financing time length,be taken into account such factors as the cost of financing,relying on the endogenous financing for stable long-term funds,use a variety of financing at the same time.