我国中小高新技术企业融资方式的研究
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摘要
当今世界是知识经济时代,科技是第一生产力的观念已经为人们所共识。高新技术产业是国民经济快速增长的重要源泉和动力,发展知识技术密集型的高新技术产业,是提高综合国力的根本途径。
中小高新技术企业在成长过程中需要大量的资金,但由于其自身的特点,在成长的过程中具有很高的风险性,而一旦成功,又将带来很高的收益。这种高风险高收益并存的特征,使传统的融资方式难以满足其融资需求,导致融资渠道不畅,严重阻碍了中小高新技术企业的发展,成为高新技术产业发展滞后的一个严重的瓶颈。因此,加强对高新技术企业融资问题的研究意义重大。
本文首先就中小高新技术企业的定义及其融资理论进行的简单的概述,其次针对我国中小高新技术企业直接融资方式和间接融资方式的现状加以阐述和比较,从我国中小高新技术企业发展阶段入手认真分析其每个阶段的融资方式特征,从而提出我国中小高新技术企业融资方式的选择应该结合其成长阶段的特征,在对各种融资方式进行分析的基础上,充分考虑各因素的影响,从战略的角度进行企业融资行为的设计与选择,保证其融资行为的可行性、有效性及长期性,从而有效地克服融资障碍。最后针对我国中小高新技术企业目前的融资环境,我认为我国应加快以创业板为特征的直接融资体系的完善。
It is general idea that the science & technology is the first productivity during current knowledge-economical times. And the high update technologyis the major power for the national economic increase, it is the final way for us to develop high technology industry up-higher the national strength increase.
A large amount of money would be requird for those small and medium High & New Technology enterprises in the process of development, While, consider the fact that the high risk and high return at the same time, that means it is difficult for those enterprises to got the enough money via the traditional financing their developing & increasing. Therefore, strenghing research to the financing problems of Mid-Small High & New Technology enterprises become a significant task foe the business world, policy-making and academic circles.
Firstly, this dissertation analyses the development and financing peculiarity of Mid-Small High & New Technology enterprises. Then the dissertation probes that the choice of the financing strategy of the Mid-Small High & New Technology enterprises should be on devising and selecting the financing behavior, intergrating developing stages, basing on the analysis to a variety of financial methods and fully considering relevant factors' effects. The financial tactics could assure the feasibility, availability, protacted nature of financial behavior. Finally, the dissertation pionts out the concepts for consummation of Mid-Small High & New Technology enterpris' financing systerm in our country, I think that our country should develop the second board market financing systerm as soon as we can.
中小高新技术企业在成长过程中需要大量的资金,但由于其自身的特点,在成长的过程中具有很高的风险性,而一旦成功,又将带来很高的收益。这种高风险高收益并存的特征,使传统的融资方式难以满足其融资需求,导致融资渠道不畅,严重阻碍了中小高新技术企业的发展,成为高新技术产业发展滞后的一个严重的瓶颈。因此,加强对高新技术企业融资问题的研究意义重大。
本文首先就中小高新技术企业的定义及其融资理论进行的简单的概述,其次针对我国中小高新技术企业直接融资方式和间接融资方式的现状加以阐述和比较,从我国中小高新技术企业发展阶段入手认真分析其每个阶段的融资方式特征,从而提出我国中小高新技术企业融资方式的选择应该结合其成长阶段的特征,在对各种融资方式进行分析的基础上,充分考虑各因素的影响,从战略的角度进行企业融资行为的设计与选择,保证其融资行为的可行性、有效性及长期性,从而有效地克服融资障碍。最后针对我国中小高新技术企业目前的融资环境,我认为我国应加快以创业板为特征的直接融资体系的完善。
It is general idea that the science & technology is the first productivity during current knowledge-economical times. And the high update technologyis the major power for the national economic increase, it is the final way for us to develop high technology industry up-higher the national strength increase.
A large amount of money would be requird for those small and medium High & New Technology enterprises in the process of development, While, consider the fact that the high risk and high return at the same time, that means it is difficult for those enterprises to got the enough money via the traditional financing their developing & increasing. Therefore, strenghing research to the financing problems of Mid-Small High & New Technology enterprises become a significant task foe the business world, policy-making and academic circles.
Firstly, this dissertation analyses the development and financing peculiarity of Mid-Small High & New Technology enterprises. Then the dissertation probes that the choice of the financing strategy of the Mid-Small High & New Technology enterprises should be on devising and selecting the financing behavior, intergrating developing stages, basing on the analysis to a variety of financial methods and fully considering relevant factors' effects. The financial tactics could assure the feasibility, availability, protacted nature of financial behavior. Finally, the dissertation pionts out the concepts for consummation of Mid-Small High & New Technology enterpris' financing systerm in our country, I think that our country should develop the second board market financing systerm as soon as we can.
引文
[1]亚东.中小高新技术企业如何获取风险投资.大经贸 2000.6
[2]Harris and Raviv,The Theory of Capital Structure,The Journal of Finance.1991.Vol XLⅥ
[3]周航,原志庆.高新技术中小企业融资的战略资源及战略对策.哈尔滨商业大学学报(社科版).2002(1);
[4]Leland,H.pyle D,Information Asymmetries,Financial Structure and Financial Intermediation,The Journal of Economics
[5]林汉川.中国高新技术中小企业发展研究.第一版.北京::中国财政经济出版社,2001
[6]张玉明.资本结构优化与高新技术企业融资策略.第一版.上海:上海三联出版社.2003
[7][美]保罗.A.冈珀斯,乔希.勒纳,宋晓东等译.风险投资周期.第一版.北京:经济科学出版社,2002
[8]Miller Merton.Debt and Taxes,Journal of finance,1977
[9]梁莱散.高新技术企业融资策略与方法.第一版.北京:经济科学出版社,2003
[10]Adam Soloman(1998)Venture Capital in the United States,Chairman,Shaker Investments Inc.1998
[11][美]莫迪利亚尼.米勒.资本成本.公司财务与投资理论.莫迪利亚尼文选.商务印书馆.1993年译本
[12]吴添祖.高新技术企业发展的一般规律.中国软科学.2000.11
[13]张玉明.资本结构优化与高新技术企业融资策略.上海:三联书店.2003.6
[14]Modigliani.F.,Miller M.H..,The Cost of Capital,Corporation Finance and the Theory of Investment American Economic Review,1958
[15]王西麟.高新技术企业成长论.暨南大学出版社.1996.6
[16]吴龙生.现代高新技术企业成长论.暨南大学出版社.2000.8
[17]Jensen M.,Meckling W.,Theory of the Firm:Managerial Behacior,Agency Costs and Ownership Strcture.Journal of Financial Economics,1976
[18]陈开全,兰飞燕著.高科技产业与资本市场.北京大学出版社.1999.4
[19]Myers Stewart C.,The Capital Structure Puzzle,Journal of Finance,1984
[20]拓宽中小高新技术企业直接融资渠道.中国软科学研究.2002.9
[21]Stephen A.Ross,The Determination of Financial Structure:The Incentive Signaling Approach,The Bell Journal of Economics,1977
[22]周航,陈柳钦.高新技术中小企业融资的博弈分析.决策借鉴.2002(4)
[23]木军.八措施给中小科技企业穿融资跑鞋.中国青年报.2002.10
[24]Freear,J.,Sohl,J.E,wetzel,W.E,Jr.The Private investor market for venture capital,The Financier,1994
[25]中华人民共和国科学技术部编.中国技术创新政策.科学技术文献出版社.2000.11
[26]Sahlman,W.A,The structure and governance of venture-Capital organizations,Journal of Financial Economics,1990
[27]梁莱散等.高新技术企业融资策略与方法.经济科学出版社.2003.7
[28]郭励弘,张承惠,李志军.高新技术产业发展规律和风险投资.中国发展出版社.2000
[29]邓乐平,孙从海.科技创新与资本市场一理论与经验的考察.金融研究.2001.9
[30]植万禄.谁能给中小企业输点血.北京青年报 2001.9.3
[31]Gilson,Ronald J.,Bernard Black,Venture capital and the structure of capital Markets:Banks Versus stock,Market[J],Journal of Financial Economics,1998
[32]卢福财.企业融资效率分析.第一版.北京:经济管理出版社,2001
[33]胡小平.中小企业融资.经济管理出版社.2000.10
[34]林汉川,魏中奇.中小企业发展与创新.上海财经大学出版社.2001.8
[35]王峻涛.中小科技企业的阳光.证券时报.2004
[36]王鸿茂.中小科技企业融资问题思考.2004年网络资本年会.2004.9
[37]韩平.我国中小企业融资问题思考.金融时报.2004
[38]国家科学技术部火炬高技术产业开发中心.中国高新技术产业化发展报告.科学出版社1999.12
[39]俞自由,李松涛,赵荣.信风险投资理论与实践.第一版.上海:上海财经大学出版社,2001
[2]Harris and Raviv,The Theory of Capital Structure,The Journal of Finance.1991.Vol XLⅥ
[3]周航,原志庆.高新技术中小企业融资的战略资源及战略对策.哈尔滨商业大学学报(社科版).2002(1);
[4]Leland,H.pyle D,Information Asymmetries,Financial Structure and Financial Intermediation,The Journal of Economics
[5]林汉川.中国高新技术中小企业发展研究.第一版.北京::中国财政经济出版社,2001
[6]张玉明.资本结构优化与高新技术企业融资策略.第一版.上海:上海三联出版社.2003
[7][美]保罗.A.冈珀斯,乔希.勒纳,宋晓东等译.风险投资周期.第一版.北京:经济科学出版社,2002
[8]Miller Merton.Debt and Taxes,Journal of finance,1977
[9]梁莱散.高新技术企业融资策略与方法.第一版.北京:经济科学出版社,2003
[10]Adam Soloman(1998)Venture Capital in the United States,Chairman,Shaker Investments Inc.1998
[11][美]莫迪利亚尼.米勒.资本成本.公司财务与投资理论.莫迪利亚尼文选.商务印书馆.1993年译本
[12]吴添祖.高新技术企业发展的一般规律.中国软科学.2000.11
[13]张玉明.资本结构优化与高新技术企业融资策略.上海:三联书店.2003.6
[14]Modigliani.F.,Miller M.H..,The Cost of Capital,Corporation Finance and the Theory of Investment American Economic Review,1958
[15]王西麟.高新技术企业成长论.暨南大学出版社.1996.6
[16]吴龙生.现代高新技术企业成长论.暨南大学出版社.2000.8
[17]Jensen M.,Meckling W.,Theory of the Firm:Managerial Behacior,Agency Costs and Ownership Strcture.Journal of Financial Economics,1976
[18]陈开全,兰飞燕著.高科技产业与资本市场.北京大学出版社.1999.4
[19]Myers Stewart C.,The Capital Structure Puzzle,Journal of Finance,1984
[20]拓宽中小高新技术企业直接融资渠道.中国软科学研究.2002.9
[21]Stephen A.Ross,The Determination of Financial Structure:The Incentive Signaling Approach,The Bell Journal of Economics,1977
[22]周航,陈柳钦.高新技术中小企业融资的博弈分析.决策借鉴.2002(4)
[23]木军.八措施给中小科技企业穿融资跑鞋.中国青年报.2002.10
[24]Freear,J.,Sohl,J.E,wetzel,W.E,Jr.The Private investor market for venture capital,The Financier,1994
[25]中华人民共和国科学技术部编.中国技术创新政策.科学技术文献出版社.2000.11
[26]Sahlman,W.A,The structure and governance of venture-Capital organizations,Journal of Financial Economics,1990
[27]梁莱散等.高新技术企业融资策略与方法.经济科学出版社.2003.7
[28]郭励弘,张承惠,李志军.高新技术产业发展规律和风险投资.中国发展出版社.2000
[29]邓乐平,孙从海.科技创新与资本市场一理论与经验的考察.金融研究.2001.9
[30]植万禄.谁能给中小企业输点血.北京青年报 2001.9.3
[31]Gilson,Ronald J.,Bernard Black,Venture capital and the structure of capital Markets:Banks Versus stock,Market[J],Journal of Financial Economics,1998
[32]卢福财.企业融资效率分析.第一版.北京:经济管理出版社,2001
[33]胡小平.中小企业融资.经济管理出版社.2000.10
[34]林汉川,魏中奇.中小企业发展与创新.上海财经大学出版社.2001.8
[35]王峻涛.中小科技企业的阳光.证券时报.2004
[36]王鸿茂.中小科技企业融资问题思考.2004年网络资本年会.2004.9
[37]韩平.我国中小企业融资问题思考.金融时报.2004
[38]国家科学技术部火炬高技术产业开发中心.中国高新技术产业化发展报告.科学出版社1999.12
[39]俞自由,李松涛,赵荣.信风险投资理论与实践.第一版.上海:上海财经大学出版社,2001