中小型科技创新企业成长链融资契约选择?--基于关系专用性投资模型的应用

科技是第一生产力，创新是经济增长的重要驱动力。作为科技创新最活跃的群集，中小型科技创新企业却一直面临融资难的问题，严重阻碍了企业的健康发展。在科技创新企业“如何科学选择融资契约”的研究中，我们基于关系专用性投资模型系统分析了中小企业融资关系的选择机理，并引入了“企业成长链金融”的全新概念，基于企业生命周期理论，对科技创新企业的各成长链环节阶段进行科学划分。然后结合关系专用性投资理论模型成果对企业的各阶段资金供需进行研究，最终根据处在不同的成长链环节中的企业融资特点提出合理化融资对策。

On the choice of financing contract of growth chain in Small and medium-sized enterprises of technological innovation---based on relationship-specific investment theory

s:Science and technology is the first productivity,innovation is an important driver of e-conomic growth.As the most active in scientific and technological innovation in the cluster,however , so far,small and medium-sized companies of scientific and technological innovation has been facing the problem of financing difficulties,seriously hindered the healthy development of enterprises.In the sci-ence and technology innovation enterprise in the study of “how to scientifically choose financing con-tract”,our studies were based on relational specific investment model selection mechanism systemati-cally researching the relationship of the small-and-medium-sized enterprise financing,and we’ve in-troduced the brand-new concept of “financial firm growth chain”.Based on the enterprise life cycle theory,we divided the growth of the chain of science and technology innovation enterprise ,and com-bining the theory of relationship-specific investment model results to the enterprise’s capital in differ-ent stages of the supply and demand .Finally,according to in the growth chain of enterprise financing characteristics put forward some rational financing countermeasures.