基于优序融资和生命周期理论的中小高新技术企业融资问题研究

Financing Problems of Small and Medium-sized High-tech Enterprises based on the Theory of Pecking Order and Life Cycle

近年来,融资问题严重影响中小高新技术企业的发展。基于生命周期理论针对中小高新技术企业在种子期、创立期、成长期、成熟期和衰退期的五个成长阶段的特征及影响因素,分析了现金流与中小高新技术企业所处生命周期各阶段的关系。同时通过比较优序融资理论,得出我国中小高新技术企业在融资方式的选择上同样应秉承先内源融资,再外源融资的原则,其中在外源融资的过程中,应先进行股权融资再进行债权融资。进而提出满足中小高新技术企业在生命周期中各阶段特点及需求的解决措施,从而使中小高新技术企业融资效率提高,企业能够进一步发展。

In recent years, financing problems have seriously affected the development of small and medium-sized high-tech enterprises. Based on the life cycle theory and the characteristic and influencing factors at five growth stages of seed, establishment,growth, maturity and decline of small and medium-sized high-tech enterprises, the study analyzes the relationship between cash flow and the life cycle. Meanwhile, comparing the pecking order theory, it is concluded that China＇s small and medium-sized high-tech enterprises should follow the principle of internal financing first, then external financing. In the process of external financing, equity financing should be first followed by debt financing. Then, it puts forward solutions to meet the characteristics and demands of small and medium-sized high-tech enterprises in each stage of their life cycle, so as to improve the financing efficiency and further develop.