中小型科技企业的融资方式选择

The Selection of Financing Methods for Small and Medium Sized Technology Enterprises

当前中小型科技企业的融资方式主要是股权融资和债权融资。本文以2011~2015年深交所的中小科技企业为样本,研究这些企业在不同融资方式下的影响因素和制约条件。结果表明,在不同的社会发展阶段科技企业有不同的融资方式倾向性,在货币增发的社会阶段,科技企业更倾向于债权融资;具有良好持续发展能力和创新能力的科技企业更容易获得股权投资,具有雄厚企业实力和政府补贴的科技企业更容易获得债权投资。

Equity financing and debt financing are the main financing methods for small and medium sized enterprises. Based on the samples of small and medium-sized enterprises listed on the Shenzhen Stock Exchange during 2010 and 2015, we collected the turnover data and studied the influence factors in financing and constraints. The results show that science and technology enterprises have different tendency in equity financing in different stages of social development. In the stage of social currency additional, these enterprises tend to debt financing. Besides, those science and technology enterprises with better ability in sustainable development and innovation ability are easier to get equity investment; those enterprises with more enterprise strength and government subsidies seemed more successfully in obtaining debt investment.