Research On Financing Of Unicorn Enterprise Cultivation

In recent years,a large number of fast-growing,innovative,and rare unicorn companies have emerged in China,quickly becoming the leader of the new track.Due to its characteristics of rapid development and unique business model,it has a huge impact on China’s economic development,and the traditional industrial pattern is being reshaped by unicorns.However,most of the unicorns grow up in technology startups.Less than 1% of the startups can cross the death valley into the high growth stage and become gazelle enterprises.Less than 1% of the gazelle enterprises have the opportunity to become unicorns,which means it is very difficult to incubate and cultivate unicorns.At the same time because of its unique business model,is difficult to satisfy its growth in the process of financing demand,not by the indirect financing methods such as traditional enterprise assets mortgage as financing way,only to attract angel investment,risk investment and solve the problem of financing needs,once the capital chain rupture,start-ups,it is easy to fall into death valley.In this context,how to solve the financing difficulties of high-tech enterprises in the initial stage,help enterprises to cross the death valley,and eventually cultivate unicorn enterprises has become a hot topic in China’s economy and society.On the analysis of the unicorn enterprises based on the present situation and characteristics,this paper found that unicorn enterprises have special technology adoption life cycle,high-tech enterprises grow into a unicorn in general to undergo before death valley start-up period,after death valley gazelle enterprise high-speed development period and become unicorn enterprise stable development period,Therefore,this paper first summarizes the financing behavior and characteristics of enterprises in different stages,and then establishes OLS model,focusing on the empirical research on the factors affecting the financing of high-tech enterprises before crossing the death valley.It is found that the technological innovation ability of enterprises has a positive effect on the financing of enterprises.In addition,if the enterprise is in artificial intelligence,financial technology,Internet services,intelligent logistics and other industries with great potential for future development and high industry valuation,the enterprise will have stronger financing ability.Based on the findings,this paper puts forward suggestions to strengthen the innovation capacity construction of unicorn enterprises,focus on new species and new tracks,help enterprises to finance,follow the technology adoption life cycle,and help enterprises to cross the valley of death,so as to foster more unicorn enterprises.The innovation of this paper is reflected in: taking unicorn enterprises as the research object,based on the relevant theories of enterprise financing,the factors affecting the cultivation and financing of unicorn enterprises are comprehensively and emphatically analyzed.Through literature review,it is found that there are few studies on unicorn enterprises at home and abroad.Most scholars mainly study the valuation of unicorn enterprises,and very few scholars study the financing of unicorn enterprises.Therefore,the first innovation point of this paper is to make a certain contribution to the research on financing of the cultivation of unicorn enterprises.The second innovation point of this article is based on the predecessors’ research traditional enterprises on the basis of the constructed model innovation in future joined the new track,enterprise business valuation indicators,such as the hurun research institute in2020 on the list of China unicorn enterprises as the research object,explore the death valley,across corporate financing behavior,dig deep influence the core elements of its financing,According to the research results,corresponding improvement suggestions are put forward in order to foster more unicorn enterprises.Based on the above innovations,the research significance of this paper is to provide practical suggestions for high-tech start-ups to cross the death valley,provide solutions to solve the financing difficulties of high-tech start-ups,and provide corresponding implementation paths for cultivating more unicorn enterprises.