The Research On The Financing Model Of Changda Kitchenware Co.,Ltd In Growing Stage

High-tech SMEs take development of high technology,transformation from research into realistic productivity,and selling as main business.The development of high-tech SMEs will help to promote technological innovation,alleviate the pressure of social employment and promote local economic development.However,high-tech SMEs are generally faced with financing difficulty in start-up stage,and financial constraints in growing stage.Fund shortage has become a bottleneck restricting the development of enterprises.Changda Kitchenware Co.,Ltd has core technology with independent intellectual property rights.It is a high-tech SME producting energy-saving kitchen equipment and provides related services.To provide a financing solution which can be followed and repeated by high-tech SMEs,this paper conducts a case study on its financing model in growing stage.It has important theoretical and practical significance.Our country is establishing and perfecting the science and technology of financial market system driven by market and diversified funds,which for long term effective integration of financial capital and technological innovation,application and promotion.Financial instruments applied in the market are emerging,such as property rights pledge loan,accounts receivable pledge loan and venture capital.In growing stage,Changda Kitchenware Co.,Ltd needs outside capitals recently,5.629 million Yuan.The company proposed to develop a new generation of energy-saving gas stoves,master advanced energy-saving technology,and an investment of 40 million Yuan will be needed.Its financing is mainly from retained earnings,in which advance payments,short-term bank loan,and national science&technology innovation fund are accessorial.The single method of external financial capital,lack of long-term planning and long-term funding gap bring the enterprise unprecedented challenges.The financing model relying on internal financing cannot meet the needs of survival and development.The enterprise needs to expand financing channels and enhance the capacity.In order to solve the financing problem of the case enterprise,this paper analyzes its current financing model of the case enterprise and suggests the certain principle to establishing a financing model,a combination of equity financing with financing,in growing stage,focusing on the venture capital,Energy Performance Contracting loan.intellectual property pledge financing,green bonds and capital increase&share enlargement.To ensure that the model can be effectively implemented,the enterprise should renew financial ideas of major shareholders,grasp financing policies,and improve scientific innovation ability.