基于生命周期的高科技企业融资问题研究
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摘要
知识经济时代,高科技企业的发展极大地促进产业结构调整,形成新的经济增长点,高科技企业的发展水平也是衡量一个国家综合实力的重要标准。高科技企业区别与传统企业的最大特点,是其以创新为主要竞争力。这也就意味着高科技企业在发展的过程中,必须依靠自身的艰难探索,可以借鉴的经验很少。因此,高科技企业的发展过程中遇到的困难和问题要比传统企业多。其中融资问题是我国高科技企业遇到的重要问题,也是世界各国高科技企业普遍面临的问题。
由于高科技企业蕴藏着高风险,其自身的特点决定了采用传统企业的融资方法难以解决其融资问题。在我国,高科技企业的发展时间不长,宏观政策环境、金融体制、社会投资等各方面很少为高科技企业融资提供相应的支持。这些问题的存在使得高科技企业融资面临较多的问题,并且其发展的各个阶段对资金量和资金来源的需求存在较大的差异性。因此系统分析高科技企业融资问题,并针对存在的问题提出系统、科学、有针对性地解决方案,是一项紧迫并具有重要意义的任务。
针对高科技企业融资问题,我国学者纷纷提出自己的见解。目前大部分研究成果主要集中在发展风险投资、政府采取扶持政策、拓宽融资渠道、优化资本结构方面。高科技企业的发展阶段非常明显,各个阶段都有非常独特的特点,这些特点对其融资有着重要的影响。因此,要对高科技企业的融资问题进行分析,并提出切实可行的对策,必须结合高科技企业生命周期各个阶段的特点进行研究。
高科技企业融资问题的解决,除了借鉴国外发达国家的成功经验,还要充分考虑我国影响高科技企业融资的宏观环境因素,以及我国高科技企业自身的发展状况。在此基础上,针对高科技企业生命周期的四个阶段:种子期、初创期、成长期、成熟期的特点对其资金需求量、资金来源渠道、资金成本以及融资的风险的影响进行分析研究,提出针对性的措施,解决高科技企业所需资金,扩大其资金来源渠道,降低融资成本和财务风险。这几个方面问题的解决不是孤立的,必须把它们有机的结合起来,形成一个互相交织的系统。
通过以上研究,目的是要在借鉴国外高科技企业融资成功经验的基础上,分析国内高科技企业现状,并结合融资宏观环境因素、高科技企业自身因素、生命周期特点对融资的影响,对高科技企业融资问题进行全方位的刨析,以期对高科技企业融资问题的解决提出系统、科学、全面的对策和建议。
In era of knowledge-driven economy, the development of the high-tech enterprise promotes industrial structure adjustment greatly, form new growth engines, the level of the high-tech enterprise development is an important standard of national comprehensive strength ,too. The most obvious characteristic of high-tech enterprises distinguish until traditional enterprises, is it regards innovating as main competitiveness. This just means the high-tech enterprise must depend on its own difficult exploration in the course of development, there is little experience that can be used for reference. So, high-tech enterprise meets more difficulties and questions than traditional enterprises in the evolution of the high-tech enterprise. Among the questions, the most important problem that the high-tech enterprise of our country meets is financing, it is the problem that high-tech enterprises all around the world generally face too.
Because high-tech enterprise contain risky, its own characteristic determine that if it adopt traditional financing method to solve their financing problem will be difficult. In our country, the development time of the high-tech enterprise is not long, different fields such as macroscopical policy environment, banking system, social investment, etc. seldom offer corresponding support for financing in the high-tech enterprise. The existence of these questions makes the financing of high-tech enterprises face more problems. And greater difference exists in the demand for the fund amount and capital source it each stages developing. So making network analysis on the financing question of high-tech enterprise, and proposing system, scientific, pointed ground solution to the existing problem, is an urgent task with important significance.
To the financing question of high-tech enterprises, scholars of our country put forward their own opinions one after another. Most research results mainly concentrate on developing the respect of adopting the support policy, widening the financing channel, optimizing the structure of capital of risk investment, government at present. Developing stage of high-tech enterprises is very obvious, there are very unique characteristics in each stage, and these characteristics have important influence on their financing. So, to analyze the financing question of the high-tech enterprise, and to put forward the feasible countermeasure, we must combine high-tech enterprise lifespan each stage of characteristics carrying on research.
To settle the financing problem of high-tech enterprise, except use the successful experience of the foreign developed country for reference, we also should fully consider the macroscopical environmental factor of financing of high-tech enterprise, and the high-tech enterprise's own state of development of our country. On this basis, direct against four stages in high-tech enterprise lifespan: Seed issue, newly establish issue, characteristic for growth stage, mature period analyse and research to their fund demand, capital source channel, fund cost and risk of financing, propose the pertinence measure, solve the necessary fund of high-tech enterprise, expand its channel of capital source, reduce the cost of financing and financial risk. The settlement of these respect problems is not isolated, must combine them organically together, form a system of interweaving each other.
Through the above-mentioned research, the purpose should be on the basis of using the foreign financing successful experience of high-tech enterprise for reference, analyzing the domestic current situation of high-tech enterprise, combining the macroscopical environmental factor of financing, influence on financing of the characteristic of one's own factor of high-tech enterprise, lifespan, analyzing the omni-directional planer to the financing question of high-tech enterprise, expect to put forward system, science, overall countermeasure and suggestion to the settlement of the financing problem of high-tech enterprise.
由于高科技企业蕴藏着高风险,其自身的特点决定了采用传统企业的融资方法难以解决其融资问题。在我国,高科技企业的发展时间不长,宏观政策环境、金融体制、社会投资等各方面很少为高科技企业融资提供相应的支持。这些问题的存在使得高科技企业融资面临较多的问题,并且其发展的各个阶段对资金量和资金来源的需求存在较大的差异性。因此系统分析高科技企业融资问题,并针对存在的问题提出系统、科学、有针对性地解决方案,是一项紧迫并具有重要意义的任务。
针对高科技企业融资问题,我国学者纷纷提出自己的见解。目前大部分研究成果主要集中在发展风险投资、政府采取扶持政策、拓宽融资渠道、优化资本结构方面。高科技企业的发展阶段非常明显,各个阶段都有非常独特的特点,这些特点对其融资有着重要的影响。因此,要对高科技企业的融资问题进行分析,并提出切实可行的对策,必须结合高科技企业生命周期各个阶段的特点进行研究。
高科技企业融资问题的解决,除了借鉴国外发达国家的成功经验,还要充分考虑我国影响高科技企业融资的宏观环境因素,以及我国高科技企业自身的发展状况。在此基础上,针对高科技企业生命周期的四个阶段:种子期、初创期、成长期、成熟期的特点对其资金需求量、资金来源渠道、资金成本以及融资的风险的影响进行分析研究,提出针对性的措施,解决高科技企业所需资金,扩大其资金来源渠道,降低融资成本和财务风险。这几个方面问题的解决不是孤立的,必须把它们有机的结合起来,形成一个互相交织的系统。
通过以上研究,目的是要在借鉴国外高科技企业融资成功经验的基础上,分析国内高科技企业现状,并结合融资宏观环境因素、高科技企业自身因素、生命周期特点对融资的影响,对高科技企业融资问题进行全方位的刨析,以期对高科技企业融资问题的解决提出系统、科学、全面的对策和建议。
In era of knowledge-driven economy, the development of the high-tech enterprise promotes industrial structure adjustment greatly, form new growth engines, the level of the high-tech enterprise development is an important standard of national comprehensive strength ,too. The most obvious characteristic of high-tech enterprises distinguish until traditional enterprises, is it regards innovating as main competitiveness. This just means the high-tech enterprise must depend on its own difficult exploration in the course of development, there is little experience that can be used for reference. So, high-tech enterprise meets more difficulties and questions than traditional enterprises in the evolution of the high-tech enterprise. Among the questions, the most important problem that the high-tech enterprise of our country meets is financing, it is the problem that high-tech enterprises all around the world generally face too.
Because high-tech enterprise contain risky, its own characteristic determine that if it adopt traditional financing method to solve their financing problem will be difficult. In our country, the development time of the high-tech enterprise is not long, different fields such as macroscopical policy environment, banking system, social investment, etc. seldom offer corresponding support for financing in the high-tech enterprise. The existence of these questions makes the financing of high-tech enterprises face more problems. And greater difference exists in the demand for the fund amount and capital source it each stages developing. So making network analysis on the financing question of high-tech enterprise, and proposing system, scientific, pointed ground solution to the existing problem, is an urgent task with important significance.
To the financing question of high-tech enterprises, scholars of our country put forward their own opinions one after another. Most research results mainly concentrate on developing the respect of adopting the support policy, widening the financing channel, optimizing the structure of capital of risk investment, government at present. Developing stage of high-tech enterprises is very obvious, there are very unique characteristics in each stage, and these characteristics have important influence on their financing. So, to analyze the financing question of the high-tech enterprise, and to put forward the feasible countermeasure, we must combine high-tech enterprise lifespan each stage of characteristics carrying on research.
To settle the financing problem of high-tech enterprise, except use the successful experience of the foreign developed country for reference, we also should fully consider the macroscopical environmental factor of financing of high-tech enterprise, and the high-tech enterprise's own state of development of our country. On this basis, direct against four stages in high-tech enterprise lifespan: Seed issue, newly establish issue, characteristic for growth stage, mature period analyse and research to their fund demand, capital source channel, fund cost and risk of financing, propose the pertinence measure, solve the necessary fund of high-tech enterprise, expand its channel of capital source, reduce the cost of financing and financial risk. The settlement of these respect problems is not isolated, must combine them organically together, form a system of interweaving each other.
Through the above-mentioned research, the purpose should be on the basis of using the foreign financing successful experience of high-tech enterprise for reference, analyzing the domestic current situation of high-tech enterprise, combining the macroscopical environmental factor of financing, influence on financing of the characteristic of one's own factor of high-tech enterprise, lifespan, analyzing the omni-directional planer to the financing question of high-tech enterprise, expect to put forward system, science, overall countermeasure and suggestion to the settlement of the financing problem of high-tech enterprise.
引文
[1]苏存.高科技产业融资瓶颈待破解.银行家,2006,(7):76-78
[2]梁玲.中国的NASDAQ--我国风险投资业的期盼.商场现代化.2006年11月下旬刊,总第486期:168-169
[3]周立峰.高科技企业融资之道.经济展望,2001,(1):57-57
[4]田力.构建高科技产业的融资体系.环渤海经济瞭望,2006,(8):28-30
[5]GUIDO COZZI.R&D Cooperation and Growth[J].Journal of Economic Theory,1999,86:17-49.
[6]张胜民.高科技发展与国家利益.中国软科学,1999,(9):32-34
[7]张晖.从优序融资理论看我国企业融资模式的选择.会计之友,2006,(12)上:51-52
[8]Miller Merton H.Debt and Taxes.The Journal of Finance,Vol,32,No.2(May,1977).261-275.
[9]Stephen C.Meyers,"Capital Structure Puzzle"(D),NBER Working Paper,No.393 1984
[10]Modigliani Franco,and Miller,Merton H.Corporate Income Taxes and the Cost of Capital:A Correction.American Economic Review,vol.53(1963):433-443.
[11]栾希,杨绍斌,王彬.MM理论及其发展.集团经济研究,2006,(9):78
[12]Myers,Stewart C.The Capital Structure Puzzle.Journal of Finance,39,No.3(July,1984):575-592.
[13]王旭.基于生命周期的财务战略选择.万方学位论文数据库.
[14]张兵.基于企业生命周期理论的人力资源管理.当代经理人2006,(21):947-948
[15][美]伊查克·爱迪思.企业生命周期.中国社会科学出版社.1997,(10):90
[16]彭莉戈.高科技企业融资环境问题研究.特区经济.2006,(5):306-307
[17]Marjolijn C.Knot,Jan C.M.van den Ende,Philip J.Vergragt.Flexibility strategies for sustainable technology development[J].Technovation,2001,(21):335-343.
[18]周荃,徐健.高科技企业的典型风险及其防范.科技创业月刊.2006,(9):41-44
[19]赵勃升,王晓东.基于生命周期的高科技企业融资方式演变.商业时代.2006,(17):75-76
[20]戴淑庚.美国高科技产业融资模式研究.世界经济研究,2003,(11):54-58
[2l]邹建,张照国,陈光海.我国资本市场现状及规范化建议.2003,(4):66-68
[22]胡彦成,董晶等.发展我国风险投资业若干问题的思考,沈阳农业大学学报(社会科学版2006-12,8(4):621-624
[23]许江萍.打通高科技企业间接融资渠道.中国科技投资2006,(11):1
[24]吕连浮,姚凤歧.高科技企业若干问题浅析.中国高新技术产业导报.1998.8.10
[25]孙宇,康文生.我国现阶段高科技风险投资存在的问题.经济研究参考.2006,(55):31
[26]刘宏凯.论风险投资发展中的政府职能.赤峰学院学报.27卷第6期:69-70
[27]刘继海,陈晓剑,刘天卓.企业技术创新不同阶段的风险管理策略探讨.科技管理研究2006,(7):178-181
[28]王华.面向高科技企业生命周期的融资战略选择.科技与经济.2003,(4):23-25
[29]陈波,李小丹.高科技企业融资渠道探索.中国电梯2002,13(11):81-83.
[30]支持我国高科技企业发展的资金运行机制研究,湖南大学.万方学位论文数据库
[31]马若鹏,冯宗宪.我国高科技企业成长模式初探,生产力研究2006,(12):140-142
[32]Myers,S.C.,Majluf,N.S.1984 "Corporate financing and investment decisions and when firms have information,investors don't have"(J),Journal of Finance.
[33]刘正东.中国高新技术企业融资结构现状剖析.财经界,2006,8月下半月刊:118-119
[34]王益,许小松.风险资本市场理论与实践,第1版.北京:中国经济出版社,2000,35-75
[35]何进日.财务管理,西南财经大学出版社
[36]Jensen.m.c.Agency Cost of Free Cash Flow,Corporate Finance,and Takeovers,American Economics Review,1986,76(2):323-329.
[37]Drand D.Cost of debt and equity funds for business:trends and Problems of measurement conference on research in business finance,New York:National Bureau of Economic Research,1952,21(3):172-201
[38]怎样获得天使投资者的青睐,经理人,郑磊,2006,(9)
[39]戴淑庚,郭富霞.政府在构建高科技产业融资体系中的角色定位.科技进步与对策.2004,(8):31-32
[40]Hank huang.国际创新投资经验及启示.中国科技投资,2006,(11):74-76
[41]刘降斌,邢喜佳.风险投资与高科技企业融合的经济学阐释.经济技术协作信息.2006,(22)
[42]刘子鹏.论高新技术企业应如何吸引风险投资.技术与创新管理.2006,27(5)
[43]车辉,经济转轨国家金融中介机构的变迁.沈阳师范大学学报2005,4期第29卷:108-110
[2]梁玲.中国的NASDAQ--我国风险投资业的期盼.商场现代化.2006年11月下旬刊,总第486期:168-169
[3]周立峰.高科技企业融资之道.经济展望,2001,(1):57-57
[4]田力.构建高科技产业的融资体系.环渤海经济瞭望,2006,(8):28-30
[5]GUIDO COZZI.R&D Cooperation and Growth[J].Journal of Economic Theory,1999,86:17-49.
[6]张胜民.高科技发展与国家利益.中国软科学,1999,(9):32-34
[7]张晖.从优序融资理论看我国企业融资模式的选择.会计之友,2006,(12)上:51-52
[8]Miller Merton H.Debt and Taxes.The Journal of Finance,Vol,32,No.2(May,1977).261-275.
[9]Stephen C.Meyers,"Capital Structure Puzzle"(D),NBER Working Paper,No.393 1984
[10]Modigliani Franco,and Miller,Merton H.Corporate Income Taxes and the Cost of Capital:A Correction.American Economic Review,vol.53(1963):433-443.
[11]栾希,杨绍斌,王彬.MM理论及其发展.集团经济研究,2006,(9):78
[12]Myers,Stewart C.The Capital Structure Puzzle.Journal of Finance,39,No.3(July,1984):575-592.
[13]王旭.基于生命周期的财务战略选择.万方学位论文数据库.
[14]张兵.基于企业生命周期理论的人力资源管理.当代经理人2006,(21):947-948
[15][美]伊查克·爱迪思.企业生命周期.中国社会科学出版社.1997,(10):90
[16]彭莉戈.高科技企业融资环境问题研究.特区经济.2006,(5):306-307
[17]Marjolijn C.Knot,Jan C.M.van den Ende,Philip J.Vergragt.Flexibility strategies for sustainable technology development[J].Technovation,2001,(21):335-343.
[18]周荃,徐健.高科技企业的典型风险及其防范.科技创业月刊.2006,(9):41-44
[19]赵勃升,王晓东.基于生命周期的高科技企业融资方式演变.商业时代.2006,(17):75-76
[20]戴淑庚.美国高科技产业融资模式研究.世界经济研究,2003,(11):54-58
[2l]邹建,张照国,陈光海.我国资本市场现状及规范化建议.2003,(4):66-68
[22]胡彦成,董晶等.发展我国风险投资业若干问题的思考,沈阳农业大学学报(社会科学版2006-12,8(4):621-624
[23]许江萍.打通高科技企业间接融资渠道.中国科技投资2006,(11):1
[24]吕连浮,姚凤歧.高科技企业若干问题浅析.中国高新技术产业导报.1998.8.10
[25]孙宇,康文生.我国现阶段高科技风险投资存在的问题.经济研究参考.2006,(55):31
[26]刘宏凯.论风险投资发展中的政府职能.赤峰学院学报.27卷第6期:69-70
[27]刘继海,陈晓剑,刘天卓.企业技术创新不同阶段的风险管理策略探讨.科技管理研究2006,(7):178-181
[28]王华.面向高科技企业生命周期的融资战略选择.科技与经济.2003,(4):23-25
[29]陈波,李小丹.高科技企业融资渠道探索.中国电梯2002,13(11):81-83.
[30]支持我国高科技企业发展的资金运行机制研究,湖南大学.万方学位论文数据库
[31]马若鹏,冯宗宪.我国高科技企业成长模式初探,生产力研究2006,(12):140-142
[32]Myers,S.C.,Majluf,N.S.1984 "Corporate financing and investment decisions and when firms have information,investors don't have"(J),Journal of Finance.
[33]刘正东.中国高新技术企业融资结构现状剖析.财经界,2006,8月下半月刊:118-119
[34]王益,许小松.风险资本市场理论与实践,第1版.北京:中国经济出版社,2000,35-75
[35]何进日.财务管理,西南财经大学出版社
[36]Jensen.m.c.Agency Cost of Free Cash Flow,Corporate Finance,and Takeovers,American Economics Review,1986,76(2):323-329.
[37]Drand D.Cost of debt and equity funds for business:trends and Problems of measurement conference on research in business finance,New York:National Bureau of Economic Research,1952,21(3):172-201
[38]怎样获得天使投资者的青睐,经理人,郑磊,2006,(9)
[39]戴淑庚,郭富霞.政府在构建高科技产业融资体系中的角色定位.科技进步与对策.2004,(8):31-32
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