浙江民营高科技企业资本市场融资障碍因素实证分析

A Positive Analysis of Obstacles in Raising Funds from Capital Market for Private High-tech Enterprises in Zhejiang Province

浙江是民营经济大省 ,民营科技企业已取得长足的发展 ,但仍存在一些阻碍民营科技企业进一步发展的不利因素 ,尤其是民营企业的资金供给问题亟待解决。西方发达国家的实践表明 ,资本市场融资是解决民营科技企业在创业过程中资金不足的一种有效途径。但这一融资方式在浙江省的应用还存在许多的障碍。本文通过运用层次分析法 (AHP)进行实证研究 ,结果表明阻碍浙江省民营科技企业资本市场融资的主要障碍是“企业管理不规范”及“政策法规的限制”。

Zhejiang, as a major economic province, is famous for its numerous well-developed private high-tech enterprises. We should still not ignore the problems which hinder the further development of our private high-tech enterprises, among those the supply of funds is of greatest significance. Raising funds from capital market has been proved as a good source for the private high-tech enterprises by many western countries. However there is still some obstacles in our country in this field. Through AHP method, we find that the inference from the policy and the management of the enterprises are the main obstacles.