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The R&D of the Medium and Small New High-Tech Enterprise’s Financing Strategies Studying

Author: TangJie
Tutor: ZhaoXiCang
School: Jiangsu University
Course: Accounting
Keywords: Medium and Small New High-Tech Enterprise R&D Financing Strategy
CLC: F275
Type: Master's thesis
Year: 2008
Downloads: 519
Quote: 2
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Abstract


High-tech has become a major growth point in China’s economic development,the party’s seventeen major report said:Upgrade high-tech industries and develop information,biology,new materials,aerospace, marine and other industries.In recent years,high-tech enterprises, especially medium and small high-tech enterprises developed rapidly,they drive the China’s scientific and technological innovation,and promote scientific research and advance national economic development.The R&D (research and development,R&D) is medium and small high-tech enterprise’s core competitiveness and sustainable source of development. The R&D of medium and small high-tech enterprises requires a large amount of money,but because of its own "three high" characteristics of high-risk,high-investment,high-yield in the development,as well as the lack of support of government policies,inadequate capital markets, medium and small enterprise’s credit and other reasons,financial constraints have become a serious bottleneck of development of R&D of medium and small high-tech enterprises.As a result,the R&D of the medium and small new high-tech enterprise’s financing strategy’s studying is of great practical significance.Guided by corporate finance capital structure theory,and use the combination of research methods of qualitative analysis and quantitative analysis,specification analysis and case studies,this paper takes the R&D of the medium and small new high-tech enterprises as the research object, carrying on empirical analysis on the R&D of the medium and small new high-tech enterprise’s financing strategy.In this way,it attempts to find a way to overcome the financing difficulty of the R&D of the medium and small new high-tech enterprise,and to provide reference for the financing of the R&D of the medium and small new high-tech enterprise.The article firstly analyzes the financing status quo of the R&D of the medium and small new high-tech enterprises.By analyzing the status quo of the existing R&D financing methods,find its defects and shortcomings. Inadequate government support;pursuit of security funds,liquidity and profitability of the principle of commercial banks universally don’t want credit money to the medium and small new high-tech enterprises;the threshold of China’s Main Board is relatively high for the medium and small new high-tech enterprises,bond financing has not open the door to the medium and small new high-tech enterprises;venture capital funds is a single source,exit mechanisms is imperfect and other issues;financial lease, although has been supported by the departments,the development is relatively slow,it is far from meeting the funding needs of the R&D of the medium and small new high-tech enterprises.And fatherly discuss the current financing environment situation of the R&D of the medium and small new high-tech enterprises from the legal environment policy,capital market environment,as well as in areas such as credit guarantee system.Follow analyze the R&D of the medium and small new high-tech enterprise’s financing strategy.As the medium and small new high-tech enterprise have different financial needs and risk characteristics in the stage of development of R&D,proposed the R&D of the medium and small new high-tech enterprise should take the stage financing strategy,select appropriate financing method according to the different stages of financing feature.In the R&D research and development stage,medium and small new high-tech enterprise should choose individual deposits,relatives and friend’s loans,or the angel investment.In the R&D examination stage, medium and small new high-tech enterprise should choose venture capital or lease financing.In the R&D product development and market development stage,medium and small new high-tech enterprise should choose venture capital,bank loans or SME Technology Innovation Fund. In addition,the R&D of medium and small new high-tech enterprise’ financing can also use mergers financing strategy and alliances financing strategy.Finally,for the financing environment’s status quo of the R&D of the medium and small new high-tech enterprise,suggest building the financing environment of the R&D of the medium and small new high-tech enterprise from the policy environment,legal environment and market environment of the three aspects.

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