摘要
在技术成果转化的过程中,高新技术企业与投资者之间存在着非对称信息,非对称信息导致的逆向选择和道德风险使高新技术企业面临着融资障碍。本文详细分析了高新技术企业技术成果转化过程中的非对称信息对高新技术企业融资的影响,论证了私人权益资本市场中的机构投资者能够克服技术成果转化过程中非对称信息,满足其资金需求。
In the course of transforming technology achievements, there is asymmetric information between high-tech firms and investors. Asymmetric information can lead up to adverse selection and moral hazard. The adverse selection and moral hazard make high-tech firms be confronted with financial obstacle. The paper has studied how asymmetric information influenced financing of high-tech firms in the course of the transforming technology achievements, and proved that institutional investors in private equity market would overcome asymmetric information, meet fund requirement of high-tech firms.
出处
《中国管理科学》
CSSCI
2007年第3期136-141,共6页
Chinese Journal of Management Science
关键词
高新技术企业
技术成果转化
非对称信息
融资
机构投资者
high-tech firm
transforming technology achievements
asymmetric information
financinginstitutional investor