高科技创业企业融资问题研究：政策设计与现实发展
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摘要
创业企业对于促进各国经济增长、社会发展和科技进步起到了极其重要的作用。然而，受其高成长高风险经济特征的影响，创业企业通常面临融资困难、融资渠道单一等问题，严重地制约了创业企业的成长与发展。理论界的学术研究和业界的各种尝试都在积极探讨和寻求问题的解决之道，各国和各级政府也在研究制定支持创业活动和扶持创业企业的相关政策。
本文以高科技创业企业为研究对象，结合风险投资、银行贷款和商业信用三种主要融资渠道论述了造成创业企业融资难的内在机理。在此基础上，通过国际经验借鉴与比较，提出国家发展风险投资产业支持创业企业的概念框架模型与政策思路，并以450家高科技创业企业为样本，实证检验了目前我国风险投资对创业企业绩效的影响作用，以及决定创业企业融资选择和资本结构的关键因素，以揭示创业企业融资实践及其形成原因，从而为政策设计的执行与实施提供证据和决策参考。
首先，借鉴美国风险投资产业的发展经验，提出政府发展风险投资业政策设计的概念框架模型，并以德国、以色列、印度和欧盟等国家和地区发展风险投资产业政策经验论证了该概念模型，以及据此从金融供给力量、需求力量和外部市场环境三个角度提出发展我国风险投资的政策建议。
其次，利用投资回报、获利性和成长性三个角度的指标测度创业企业绩效，实证考察风险投资及其参与特征和创业类型及创业者参股情况对创业绩效的影响。总体而言，由于我国风险投资起步晚和风险投资机制不健全，研究并未发现目前我国风险投资对提升创业绩效的积极作用，然而，风险投资拥有控制权和增加创业者持股比例一定程度上有利于企业投资绩效和获利能力的提高，但对培育创业企业成长性并不具有积极作用。
再者，结合创业企业可担保资产少、成长性高和非对称信息严重等微观经济特征，提炼创业企业区别于成熟企业的资本结构特征，发掘其主要影响因素，从资本结构理论的角度为创业企业银行贷款和商业信用的融资实践与现状提供证据支撑。研究首先揭示了创业企业资本结构总体上呈现“短期债务为主”的期限特征和“商业信用为主”的来源特征。其次，关于创业企业资本结构影响因素的研究结果表明：担保资产少、银企关系薄弱和股东与债权人代理问题严重是制约创业企业难以获得银行贷款的主要原因；同时，尽管创业者与外部股东间代理冲突不及成熟企业那么严重，但是，出于防止企业因暂时困难而被逼债破产，创业者也具有降低债务水平尤其是银行贷款的激励。
最后，结合某产业基金资助的某高科技创业企业成长与发展历程，论述了国家资本通过资金支持、信号传递和政策倾斜等方式对创业活动和创业企业的支持作用，总结了创业企业和国有风险投资公司共同演进和发展的成功经验，以及分析了创业团队和创业者经验对于创业企业成长的重要作用。
The start-ups played a vital role for the promotion of economic growth anddevelopment. However, because of their micro-economic characteristics of high-growthand high-risk, the start-ups usually face difficulties in financing or they have singlefinancing channels, which seriously restricted the growth and development ofenterprises. Recently, the shoclars and practitioners are actively searching for solutionsof this problem, and the governments at all levels have made every effort to introducethe related policies to support the entrepreneurial activity and the start-ups.
This dissertation combines three main channels of financing high-tech start-ups,venture capital, bank loans and trade credits, to illustrate the financing mechanism ofthe start-ups. Firstly, based on international experience and comparision among them,we develop a conceptual framework model to analyse the policis about development ofventure investment industry which supports furtherly the growth of start-ups. Secondly,using the samples of 450 high-tech start-ups, we empirically examine the impact ofventure capital on the entrepreneurial performance as well as the determinants ofstart-ups' capital structure, so as to understand the financing practice and mechanism ofstart-ups, and to give some evidence and suggestion for governments to design andimplement the policies.
Based on the experiences of the development of venture investmet industry inAmerica, chapter 2 puts forward a conceptual model for the government to support thedevelopment of the venture capital industry. We then demonstrate this model byanalysing the related policies used by Germany, Israel, India and the European Unionand other countries and regions, and give some proposals to develop China's ventureinvestment industry from the perspectives of the financial supply, the financial demandand the construction of external market environment.
Chapter 3 tests empirically the importance of the venture capital and theentrepreneurs, and the impacts of the characteristics of their participation on theentrepreneurial performance measured by the return on investment, the profitability andthe growth rate, respectively. In the all, we have not found the evidence that the venture investments in China play an active role of enhancing the performance of start-upsbecause the venture investments develop lately and its operational mechanism is not assound as that in America. However, giving the venture capital some control right andincreasing entrepreneurs' holdings of stocks will be reasonable alternatives to improvethe return on investment and the profitability, but these alternatives do not have positiveeffect on the the growth of start-ups.
Combining the the micro-economic characteristics of start-ups such as less collaterals,high-growth potential and serious asymmetric information, chapter 4 points out theunique characteristic of capital structure of start-ups which is different from that of themature firms, and explores the main determinants of start-ups's capital structure. Firstly,the results show that the start-ups' debts mainly consist of the short-term debts and thetrade credit. Secondly, with regard to the determinants of the capital structure, we findthat the less collaterals and the weak relationship between the start-up and the bank, andthe conflict between the shareholders and creditors are the key factors that hinder accessto bank loans. At the same time, although the conflict between the entrepreneur and theoutside shareholders in the start-ups is not as serious as that in the mature firms, theentrepreneur has the incentive to reduce the level of debts, especially bank loans, toprevent the enterprise going bankruptcy as a result of the difficulties of meeting debts.
By analyzing the growth process of a high-tech start-up subsidized by one of thegovernmental industy fund, chapter 5 discusses the ways for governments to advancethe entrepreneurial activities and to develop the high-tech start-ups, such as financialsupport, signaling and preferential policies. Moreover, we sum up the successfulexperiences of co-development and co-evolution of the high-tech start-ups and thestate-owned venture investment companies, and analyse the important roles played bythe entrepreneurial teams and the entrepreneurs' experience of management for thegrowth and development of the start-ups.
本文以高科技创业企业为研究对象，结合风险投资、银行贷款和商业信用三种主要融资渠道论述了造成创业企业融资难的内在机理。在此基础上，通过国际经验借鉴与比较，提出国家发展风险投资产业支持创业企业的概念框架模型与政策思路，并以450家高科技创业企业为样本，实证检验了目前我国风险投资对创业企业绩效的影响作用，以及决定创业企业融资选择和资本结构的关键因素，以揭示创业企业融资实践及其形成原因，从而为政策设计的执行与实施提供证据和决策参考。
首先，借鉴美国风险投资产业的发展经验，提出政府发展风险投资业政策设计的概念框架模型，并以德国、以色列、印度和欧盟等国家和地区发展风险投资产业政策经验论证了该概念模型，以及据此从金融供给力量、需求力量和外部市场环境三个角度提出发展我国风险投资的政策建议。
其次，利用投资回报、获利性和成长性三个角度的指标测度创业企业绩效，实证考察风险投资及其参与特征和创业类型及创业者参股情况对创业绩效的影响。总体而言，由于我国风险投资起步晚和风险投资机制不健全，研究并未发现目前我国风险投资对提升创业绩效的积极作用，然而，风险投资拥有控制权和增加创业者持股比例一定程度上有利于企业投资绩效和获利能力的提高，但对培育创业企业成长性并不具有积极作用。
再者，结合创业企业可担保资产少、成长性高和非对称信息严重等微观经济特征，提炼创业企业区别于成熟企业的资本结构特征，发掘其主要影响因素，从资本结构理论的角度为创业企业银行贷款和商业信用的融资实践与现状提供证据支撑。研究首先揭示了创业企业资本结构总体上呈现“短期债务为主”的期限特征和“商业信用为主”的来源特征。其次，关于创业企业资本结构影响因素的研究结果表明：担保资产少、银企关系薄弱和股东与债权人代理问题严重是制约创业企业难以获得银行贷款的主要原因；同时，尽管创业者与外部股东间代理冲突不及成熟企业那么严重，但是，出于防止企业因暂时困难而被逼债破产，创业者也具有降低债务水平尤其是银行贷款的激励。
最后，结合某产业基金资助的某高科技创业企业成长与发展历程，论述了国家资本通过资金支持、信号传递和政策倾斜等方式对创业活动和创业企业的支持作用，总结了创业企业和国有风险投资公司共同演进和发展的成功经验，以及分析了创业团队和创业者经验对于创业企业成长的重要作用。
The start-ups played a vital role for the promotion of economic growth anddevelopment. However, because of their micro-economic characteristics of high-growthand high-risk, the start-ups usually face difficulties in financing or they have singlefinancing channels, which seriously restricted the growth and development ofenterprises. Recently, the shoclars and practitioners are actively searching for solutionsof this problem, and the governments at all levels have made every effort to introducethe related policies to support the entrepreneurial activity and the start-ups.
This dissertation combines three main channels of financing high-tech start-ups,venture capital, bank loans and trade credits, to illustrate the financing mechanism ofthe start-ups. Firstly, based on international experience and comparision among them,we develop a conceptual framework model to analyse the policis about development ofventure investment industry which supports furtherly the growth of start-ups. Secondly,using the samples of 450 high-tech start-ups, we empirically examine the impact ofventure capital on the entrepreneurial performance as well as the determinants ofstart-ups' capital structure, so as to understand the financing practice and mechanism ofstart-ups, and to give some evidence and suggestion for governments to design andimplement the policies.
Based on the experiences of the development of venture investmet industry inAmerica, chapter 2 puts forward a conceptual model for the government to support thedevelopment of the venture capital industry. We then demonstrate this model byanalysing the related policies used by Germany, Israel, India and the European Unionand other countries and regions, and give some proposals to develop China's ventureinvestment industry from the perspectives of the financial supply, the financial demandand the construction of external market environment.
Chapter 3 tests empirically the importance of the venture capital and theentrepreneurs, and the impacts of the characteristics of their participation on theentrepreneurial performance measured by the return on investment, the profitability andthe growth rate, respectively. In the all, we have not found the evidence that the venture investments in China play an active role of enhancing the performance of start-upsbecause the venture investments develop lately and its operational mechanism is not assound as that in America. However, giving the venture capital some control right andincreasing entrepreneurs' holdings of stocks will be reasonable alternatives to improvethe return on investment and the profitability, but these alternatives do not have positiveeffect on the the growth of start-ups.
Combining the the micro-economic characteristics of start-ups such as less collaterals,high-growth potential and serious asymmetric information, chapter 4 points out theunique characteristic of capital structure of start-ups which is different from that of themature firms, and explores the main determinants of start-ups's capital structure. Firstly,the results show that the start-ups' debts mainly consist of the short-term debts and thetrade credit. Secondly, with regard to the determinants of the capital structure, we findthat the less collaterals and the weak relationship between the start-up and the bank, andthe conflict between the shareholders and creditors are the key factors that hinder accessto bank loans. At the same time, although the conflict between the entrepreneur and theoutside shareholders in the start-ups is not as serious as that in the mature firms, theentrepreneur has the incentive to reduce the level of debts, especially bank loans, toprevent the enterprise going bankruptcy as a result of the difficulties of meeting debts.
By analyzing the growth process of a high-tech start-up subsidized by one of thegovernmental industy fund, chapter 5 discusses the ways for governments to advancethe entrepreneurial activities and to develop the high-tech start-ups, such as financialsupport, signaling and preferential policies. Moreover, we sum up the successfulexperiences of co-development and co-evolution of the high-tech start-ups and thestate-owned venture investment companies, and analyse the important roles played bythe entrepreneurial teams and the entrepreneurs' experience of management for thegrowth and development of the start-ups.
引文
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