初创科技型企业融资能力评价指标体系构建研究——基于模糊综合评价模型的分析

Research on the Construction of Evaluation Index System of Financing Capability of Newly Created Technological Enterprises——Analysis based on fuzzy comprehensive evaluation model

随着新一轮科技革命和产业变革的兴起,以数据为核心生产要素、以数字技术为驱动力的新的生产方式蓬勃发展。在此背景下,科技型企业以其对经济发展的突出贡献而成为我国经济最具活力的增长点。然而,一些初创企业在其成长过程中遭遇融资难等问题。本文针对这一问题,构建外部环境、硬件条件和软实力等三个方面的二级评价指标体系,并根据模糊综合评价模型,研究各类因素对初创科技型企业融资的影响程度。研究表明:政策环境是影响初创科技型企业融资的重要因素,我国财税政策以及产业政策引导资本流向初创科技型企业,形成权益性投资的方式以促进科技创新。应完善金融市场,进一步拓宽初创科技型企业的融资渠道,增加股权融资、债券发行等直接融资占比。

With the rise of technological revolution and industrial transformation, new production methods with data as the core production factor and digital technology as the driving force are flourishing. In this context, technology-based enterprises have become the mostdynamic growth point of China’s economy due to their outstanding contributions to economic development. However, some start-ups encountered difficulties in financing during their growth. In this regard, this article constructs a two-level evaluation index system in three aspects: external environment, hardware conditions, and soft power, and studies the degree of influence of various factors on the financing of newtechnology-based enterprises based on the fuzzy comprehensive evaluation model. Research shows that the policy environment is a significant factor affecting the financing of new technology-based companies. China’s fiscal and taxation policies and industrial policies guide capital toflow to new technology-based companies and form equity investments to promote technological innovation. The financial market needs improving, the financing channels of new technology-based enterprises need further expansion, and the proportion of direct financings such asequity financing and bond issuance should increase.