企业创新的金融支持

On the financing pattern of the innovative enterprise

在企业家进行技术创新的过程中 ,从提出新的技术经济组合的初始设想到建成比较稳定的持续经营的企业 ,往往有很长的一个时间跨度 ,这一时期需要大量资金投入 ,并且具有较大的不确定性 ,这是传统的融资方所无法满足的。针对这一业务领域 ,风险投资行业应运而生。但风险投资作为一种新型的金融制度 ,其效率与预算约束机制和特定行业的技术创新特点有关。

In the process of the technology innovation, there is a long time span from putting forwards the imagine of new economic combination to establishing standing enterprise. In this period, it is necessary to invest a great deal of funds, which the traditional financing system could not satisfy because of uncertainty. Aimed to this field, venture capital industry appears and the efficiency of this financing system is related to the budget constraint and the innovative character.