Research On Equity Financing Model Of HL High-tech Enterprise

At present,China’s modernization process has entered a new stage,and the development of the economy has transitioned from high growth rate to high quality,in which the development of science and technology is an important goal of the new stage of modernization in China.Therefore,"strong science and technology" is an important decision for China to move forward to a modern power.In this context,high-tech enterprises,as the carrier of science and technology and innovation,have gradually come into people’s view.Since the implementation of the guidelines and management methods for high-tech enterprises in 2008,the state has been continuously implementing policies for high-tech enterprises to help the fledgling enterprises to grow and develop rapidly.However,in the process of growth,due to the late start of the industry as a whole and the small scale of the company,the enterprise needs a large amount of capital inflow in the initial stage,but the diverse forms of assets,weak solvency,long R&D and return cycle,high operating risks and other characteristics make the capital needs of high-tech enterprises are not fully met,and the problem of enterprise financing is increasingly prominent.At the same time,because of these characteristics of high-tech enterprises,it is difficult to obtain financial support with traditional financing modes,such as bank borrowing,private lending,commercial credit,etc.In the new decade,China has established the development of the digital economy as a national strategy,and the 20th Party Congress report in 2022 once again clearly proposed to accelerate the development of the digital economy,promote the deep integration of the digital economy and the real economy,and build an internationally competitive digital industry cluster.The 20th Party Congress report continues to elevate the " invigorating China through network " and "digital China" to a new height.As an important part of digital economy,network power and digital China construction,the combination of platform economy and equity financing also brings new hope for high-tech enterprises,and the use of platform for equity financing can effectively help high-tech enterprises to solve the difficult financing dilemma.This paper summarizes the current financing characteristics and needs of high-tech enterprises and the applicability of platform financing to high-tech enterprises by reviewing a large amount of literature on theories related to high-tech enterprise financing,platform economy and platform financing.This paper introduces the details of HL’s equity financing project and the specific financing scheme,analyzes the motivation for HL to adopt this financing mode,and analyzes the effect of the financing case from three aspects:financial data,financing cost and financing speed.Combined with the cases,the realization path,risks and suggestions for solving the financing dilemma of high-tech enterprises by platform economy are explored.This paper concludes that(1)platform equity financing model has a natural fit with high-tech enterprises and is an effective way to alleviate the financing difficulties of high-tech enterprises.(2)HL has achieved success in platform equity financing and alleviated its financing dilemma,but there are also certain problems.(3)We should start from three parties:high-tech enterprises,financing platform and government departments to better use the digital platform to promote high-tech enterprises’ financing.