基于高新技术企业生命周期的融资方式优先序研究

揭示高新技术企业融资方式的优先序,有助于解决高新技术企业融资难问题。处于5个不同发展阶段的高新技术企业,具有不同的风险特征和资金需求特点,其融资方式存在着不同的优先序:种子阶段的融资方式优先序为自有资金、民间借贷资金、天使投资和政府投资;创建阶段的融资方式优先序为风险投资、自有资金和政府投资;成长阶段的融资方式优先序为风险投资和自有资金;加速成长阶段的融资方式优先序为私人投资、风险投资、上市融资、投资公司投资和自有资金;成熟阶段的融资方式的优先序为债券融资、银行贷款、上市融资和风险投资。

Research on the Order of Priority of the Financing Modes Based on Life Cycle of High-tech Enterprises

It is very helpful to solve the financing difficulty of new and high-tech enterprises by uncovering the priority order of financing modes.New and high-tech enterprises,which have different life cycles,different risk characteristics and capital demand features,have different priority orders.In the seed stage,its priority order of financing ways is from self-owned fund to private loans,angle investment and government investment.In the set-up stage,its priority order of financing modes ranges from venture capital investment to self-owned fund and government investment.In the growth stage,its priority order of financing is from venture capital investment to self-owned fund.In the rapid growth stage,its priority order of financing moves from private investment,to venture capital,stock financing,capital of investment companies,and self-owned fund.In the maturity stage,its priority order of financing is from bond financing,to bank loans,stock financing and venture capital investment.