Research On Financing Mode Based On Enterprise Life Cycle

Technological enterprises represent a country's advanced productivity and technological innovation ability,and are an important part of the national economy.They play an important role in promoting industrial upgrading,creating employment,stimulating economic growth and other aspects.Technological enterprises have the characteristics of high risk and strong capital dependence,which are different from traditional enterprises,leading to their financing difficulties and restricting the development of enterprises.How to solve the financing difficulties of science and technology enterprises,especially those in the initial stage,has become the national will.The 18 th National Congress of the Communist Party of China put forward that science and technology innovation is the strategic support to improve social productivity and comprehensive national strength.It must be placed at the core of the overall development of the country.It is necessary to adhere to the road of independent innovation with Chinese characteristics and implement the strategy of innovation-driven development.In order to carry out the spirit of the National Conference on Scientific and Technological Innovation,in July 2016,Hebei Provincial Party Committee and Provincial Government made the Decision on Accelerating Scientific and Technological Innovation to Build Innovative Hebei.The decision to build innovative Hebei in our province helps to focus on the coordinated development of Beijing,Tianjin and Hebei,and makes the innovative carrier of our province step up to a new level.This paper focuses on different life cycle financing modes of science and technology enterprises.In the theoretical basis part,the category of science and technology enterprises is defined firstly,and then the related theories of financing theory,enterprise life cycle theory and financing mode are elaborated.Chapter 3 of this paper studies the financing status of technology-based enterprises in Hebei Province by means of questionnaires and in-depth interviews.It also studies the financing mode adopted by technology-based enterprises in different stages of development and the financing difficulties encountered by them.Chapter IV,based on the above research,according to the financing characteristics of different life cycles of science and technology enterprises,analyses the causes of financing difficulties in different life cycles of science and technology enterprises from two aspects: internal and external causes.The fifth chapter is based on financing theory and enterprise life cycle theory,and based on questionnaires and in-depth interviews,it studies the financing modes that can be adopted in different stages of the life cycle of science and technology enterprises,and further testifies the feasibility of this financing mode through specific analysis of KL's financing experience.Finally,this paper puts forward some policy suggestions on financing of science and technology enterprises,including strengthening the construction of science and technology banks,developing multi-level capital markets,giving full play to government functions,vigorously developing venture capital and improving industrial cluster services.