基于高新技术企业生命周期的融资方式优先序研究

Research on the Order of Priority of the Financing Modes Based on Life Cycle of High-tech Enterprises

揭示高新技术企业融资方式的优先序,有助于解决高新技术企业融资难问题。处于5个不同发展阶段的高新技术企业,具有不同的风险特征和资金需求特点,其融资方式存在着不同的优先序:种子阶段的融资方式优先序为自有资金、民间借贷资金、天使投资和政府投资;创建阶段的融资方式优先序为风险投资、自有资金和政府投资;成长阶段的融资方式优先序为风险投资和自有资金;加速成长阶段的融资方式优先序为私人投资、风险投资、上市融资、投资公司投资和自有资金;成熟阶段的融资方式的优先序为债券融资、银行贷款、上市融资和风险投资。

It is very helpful to solve the financing difficulty of new and high-tech enterprises by uncove- ring the priority order of financing modes. New and high-tech enterprises, which have different life cycles, different risk characteristics and capital demand features, have different priority orders. In the seed stage, its priority order of financing ways is from self-owned fund to private loans, angle investment and government investment. In the set-up stage, its priority order of financing modes ranges from venture capital investment to self-owned fund and government investment. In the growth stage, its priority order of financing is from venture capital investment to self-owned fund. In the rapid growth stage, its priority order of financing moves from private investment, to venture capital, stock financing, capital of investment companies, and self-owned fund. In the maturity stage, its priority order of financing is from bond financing, to bank loans, stock financing and venture capital investment.