企业生命周期下区域性股权市场金融服务体系构建——基于科技型中小企业融资视角的探讨

Analysis on the Construction of Regional Equity Market Financial Service System Based on the Life Cycle of Enterprises

科技型中小企业是创新的主体,其发展关系到创新型国家建设,而科技型中小企业的融资难问题制约了科技研发创新,这不利于科技型中小企业的发展壮大。现有文献很少从企业生命周期视角探讨科技型中小企业的融资模式问题。为此,本文基于企业生命周期视角探讨科技型中小企业在不同生命周期阶段的融资需求特点,并结合区域性股权市场的服务理念,构建适合科技型中小企业全生命周期的金融服务体系——依托孵化器产业园区的集群担保融资模式体系,在一定程度上为科技型中小企业融资提供精准的金融服务,为区域性股权市场业务创新提供借鉴,促进多层次资本市场建设。

This paper studies the difficulty of financing technology based SMEs restricts the innovation of scientific and technological research and development,which is not conducive to the development and expansion of scientific and technological SMEs. There are few literatures on the financing mode of technology-based SMEs in the view of enterprise life cycle. Therefore,this paper discusses the characteristics of small and medium-sized enterprises in different life cycle and financing demand based on the perspective of enterprise life cycle,and combines the concept of the parallel structure of regional equity market,and constructs a financial service system suitable for the whole life cycle of technology-based SMEs—the cluster support of the incubator Industrial Park. It is expected to provide a precise financial service for the financing of small and medium-sized enterprises in science and technology to some extent,to provide reference for the innovation of regional equity market and to promote the construction of multi-level capital market.