创新型企业不同阶段资本运营问题探讨

Capital Operation of Innovative Enterprises at Different Development Stages

高效的资本运营对创新型企业发展至关重要。目前,我国资本运营的体制机制还不健全,缺乏长远发展的战略管理理念,管理水平低,运营理念和风险防范意识薄弱,资金投入力度小,中介组织不规范,加之资本市场及金融政策体制等因素的影响,致使创新型企业在发展中存在着内外部融资渠道和高研发资金需求间的矛盾。应从加强创新型企业内部治理,促进资本运营和优化创新型企业外部环境,提升资本运营效率两方面入手,将长远战略目标与不同的资本运作模式结合,以有效提高创新型企业资本运营风险控制能力。

Efficient capital operation is vital for the growth of innovative enterprises. However, innovative enterprises have difficulties in meeting the high research demand with the internal and external financing channels caused by the unsound capital operation system, the lack of long term strategic management philosophy, weak operation and risk prevention awareness, insufficient investment, irregular intermediary agent and other influencing factors from the capital market and financial policy systems. Both internal governance of innovative enterprises and the external environment shall be improved for promoting capital operation efficiency. The long term strategic targets and various capital operation patterns could be integrated in ways that raise the capital operation risk control ability of innovative enterprises.