高新技术企业不同发展阶段的融资选择

Financing Choice of High-new Technological Enterprises in Different Stages

高新技术企业投资具有高风险、高收益 ,且在其发展的各个阶段风险各不相同 ,所需要的资金数量也不一 ,这就决定了企业的融资方式及融资结构具有阶段性特征 ,前期融资主要是筹集主权资本 ,降低企业总体风险 ,而后期融资则需要兼顾资本结构优化和企业价值提高的需要。

Apart from high benefit, high-new technological enterprises often meet with high risks. In different stages of its development, the risks are various and the amounts of the needed founds are different, which results in phasic character in its financing style and structure. In the earlier stage financing mainly depends on raising sovereign capital and reducing the total risk, while in the later stage, the need for optimizing the capital structure and increasing the value of enterprises must be taken into account.