基于生命周期的科技型中小企业融资策略

Financing Methods of Technology-based Medium and Small Enterprises Based on Life Cycle

近年来,科技型中小企业在发展过程中每一阶段的资金需求都在迅速增长,但资金短缺一直是困扰我国科技型中小企业发展的一大难题,随着科技产品生命周期的不断缩短,融资模式的逐渐衍变,科技型中小企业呈现出新的特点和出现新的融资模式。文章从企业生命周期的角度出发,帮助科技型中小企业甄选适合自身特点的融资模式。研究结果表明,科技型中小企业在孵化期适合利用创新基金、风险投资等进行融资;在成长期可进行股权融资或申请科技银行贷款等;在成熟期和衰退期可以争取海外或国内上市融资。

In recent years, the fund demand of each stage has grown rapidly during the growth of technology-based medium and small enterprises. However, tile shortage of funds has been an obstacle to the development of technology-hased SMEs in China. As lit~ cycles of teehnnlogy products are gradually shortened, and financing methods are, changed, teehnology-hased SMEs presenl some new features and new financing methods oeeur. This paper helps technolog3＋-based SMEs choose suitable financing methods from the perspective of enterprise life cycle. The results show that technology-based SMEs are suitable to use innovation fired and venture capital in incubation period; can raise equity or apply for a technology bank loan in growing period： court foreign or domestic listings in mature period and recessions.