高技术中小企业融资需求及主要供给方式探讨

The discussion of the financing demands and main supply ways of high-tech small and medium-sized enterprises

高技术中小企业的成长过程主要分为三个阶段,即基础研究(前期)、应用试验(中期)和产业化(后期)阶段,不同的阶段对融资具有不同的需求,需要寻找不同的融资支持。在前期,以股权资本为主,尽可能地引入民间资本;在中期,仍然需要以股权资本为主,可选择的途径有创业资本融资和股票市场融资;在后期,则以债权资本为主,可选择的方式是债券和商业银行贷款等。

High-tech growth course of small and medium-sized enterprises divide into three period of stage mainly, namely basic research （earlier stage ） , test stage to use（middle stage） , and industrialization （later stage ）. Different stages having different demands for financing need to look for different financing to support. In earlier stage, it will take stock right capital as the core and introduce the folk capital as much as possible; in middle period, it will take stock right capital as the core to need still and optional ways are starting an undertaking on capital financing and stock market and finance; on later stage, it will take creditor＇s rights capital as the core and optional ways are bond and commercial bank loans, etc.