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Analysis of the financing problems of small and medium-sized high-tech enterprises

Author: WeiZuoMin Xu Hui From: www.yourpaper.net Posted: 2009-04-02 15:21:32 Read:
Abstract specific period of institutional transition and economic restructuring, due to both the characteristics of the "technology" and "small and medium scale obstacles for the further development and growth of small and medium-sized high-tech enterprises by financing difficulties severely constrained. To be internal and external causes, and to explore effective ways to solve the status of small and medium-sized high-tech enterprises financing difficulties.
Keywords venture capital incubator financing banking model of Silicon Valley venture capital pool intellectual property rights guarantees

1 Introduction
As a vital force in China's high-tech industry, small and medium-sized high-tech enterprises is the organic combination of the advanced productive forces and the most dynamic operating mechanism, give full play to the role of technological innovation, promote high-tech industrialization of high-tech and traditional industries technology. At the same time, social and cultural development of high-tech SMEs is also beneficial to encourage innovation and entrepreneurship, job creation, and for the country to ease the employment pressure. However, in the specific period of institutional transition and economic restructuring, due to both the characteristics of the "technology" and "small and medium scale obstacles, the further development and growth of small and medium-sized high-tech enterprises by financing difficulties severely constrained. In this paper, the analysis of internal and external causes, and to explore effective ways to solve the status of small and medium-sized high-tech enterprises financing difficulties.
Small and medium-sized high-tech enterprises financing difficulties cause analysis
2.1 internal reasons
(1) small-scale, it is difficult to become competitive. China's small and medium-sized high-tech enterprises, the registered capital is generally in the hundreds of thousands to several million dollars, generally small scale, weak in strength the many SMEs products in the market less competitive, the face of market volatility risk tolerance, unstable operating conditions, it is difficult to compete with the large enterprises.
(2) is not standardized, the financial system is not perfect. The SMEs operation and management of the prevalence of non-standard phenomena, relatively sound financial system and financial management, and the low proportion of tangible assets, the lack of effective collateral, market risk and credit risk faced by banks on their financing, so high scientific and technological SMEs rely on credit facilities it is very difficult.
(3) information asymmetry and higher financing costs. Need to have more professional and technical background of high-tech small and medium-sized high-tech enterprises, professional and technical knowledge barriers to enable the investors to analyze the high-tech projects, demonstration and evaluation. In this process, if you do not have senior professional standards of the industry, the financial intermediaries and investors almost insurmountable blocking technology barriers. Tech background in the small and medium-sized high-tech enterprises to increase the financing of small and medium-sized high-tech enterprise information asymmetry, which adversely affect the financing to small and medium-sized high-tech enterprises.
The 2.2 external causes
(1) the development of capital markets and financial product innovation, growth, development stage, small and medium-sized high-tech enterprises lack a hierarchical support for multi-level capital market. Actively cultivate and effective use of multi-level capital market, has its important role to solve the financing problems of small and medium-sized high-tech enterprises. Foreign high-tech companies to raise funds in the capital market, there are two main ways: First, the public issuance of securities; private. Small and medium-sized high-tech enterprises can not only raise funds through the second board, the Third Market, you can also lobbying the various types of venture capital funds can also be directed to raise funds through financial intermediaries. And our existing capital market, the lack of multi-level services for small and medium-sized high-tech enterprises, many varieties of capital market system, a single capital market level. Risk management principles and criteria of the existing securities pursuit of companies have the scale and return on investment, paid insufficient attention to the expectations of the future, designed to provide financial support for high-tech enterprises to invest the lack of appropriate legal protection and lack of exit channels. The same time, the lack of development of China's bond market, shrinking corporate bonds, equity market trading, capital markets, a lack of options on futures and other financial derivatives market. The structural imbalance of the capital market and the deviation from the efficient market directly led to the growth of small and medium-sized high-tech enterprises of the expansion phase is difficult to obtain capital market hierarchical support.
(2) the lack of external financing support of the government related policies. Over the years, many of our policies and regulations is in accordance with the operation of the enterprise size and ownership design, large enterprises and public enterprises consider more small and medium-sized enterprises, especially small private small and medium-sized high-tech enterprises consider, and small and medium-sized high-tech enterprises legal formulation and implementation has lagged far behind its development practice.
The relative lack of internal financing, the exogenous financing channels suffered a serious setback, lack of funds reality has become a bottleneck restricting the development of high-tech SMEs to grow and scale expansion.
3 countermeasures to solve the financing problems of small and medium-sized high-tech enterprises in China
3.1 to set the right financing principle
Described above, small and medium-sized high-tech enterprises financing difficulties and other practical problems, neither despair and inaction, should not be blindly ambitious, but should adhere to the vote given chips and capabilities, low-risk, low-cost financing and maintain control over financing principle.
3.2 vigorously develop the credit guarantee system
China's current financing environment in general, there is the problem of underdeveloped capital markets. So you can learn from the experience of the national debt financing, policy support, institutional innovation, vigorously develop to improve the credit guarantee system, and provide a channel for small and medium-sized enterprises to obtain loans, has become a key financial support for SMEs.
3.3 establish and improve risk investment system
Venture capital and technology-based small and medium enterprises can not be separated each other like a pair of interdependent community. Therefore, even though the bank financing is a means of financing the SME financing actually need it most, and government support fund financing to some extent play a very positive role, but the long-term goal, in order to fundamentally to solve the financing problem of small and medium-sized science and technology enterprises, is necessary for China to establish a multivariate risk investment subject to appropriate policies to foster the perfect intermediary service system and unobstructed exit channel conditions, to improve the economic and legal system for the protection of venture capital system. In the process of the establishment of a venture capital system should focus on the following points:
(1) Orient the government's position. The venture capital industry can not develop without the necessary support of the government, but government support must adapt to the inherent requirements of risk capital operation. Therefore, the focus of government support for investment to invest in a high risk of early entrepreneurial start-ups, investment invest in entrepreneurial risk of post-start-ups are generally no longer involved. In foster mainly tax incentives, financial discount indirect measures to support, rather than direct investment.
(2) efforts to foster a diverse commercial risk investment subject, focus on small and medium-sized science and technology enterprises to provide capital support and value-added services to foster double functions. China in the cultivation of a wide range of commercial risk investment subject at the same time, foreign venture capital funds can learn from the advanced form of venture capital experience in the main development efforts to achieve the venture capital business scale and specialization, not only to provide capital support should pay more attention to providing value-added services to small and medium-sized science and technology enterprises.
(3) training and development of the venture capital intermediary service organizations. Risk investment intermediary service organizations to project evaluation, financial and legal advice as the main content plays an important part in the financing of small and medium-sized science and technology enterprises as a whole system. To bring to market demands of the profession through the development of the financial services institutions, enterprises will also consider a more professional needs. Therefore, it is necessary first to cultivate risk investment subject to risk investment entities and venture capital career development to boost the development of the venture capital intermediary service system, and ultimately the formation of a situation of mutual promotion and coordinated development of risk investment entities and venture capital intermediary service system.
(4) to open up multiple investors to exit the channel. Business entities as capital, venture capital investment in start-ups is not intended in order to obtain short-term dividend from start-ups, but the choice of the most appropriate time to enter the business, and at the most appropriate time to exit investments in order to obtain long-term capital appreciation. Venture capital investment out of the way: (1) through the investment transfer of fund shares held by the initial public offering; (2) sold to strategic investors or other funds invested enterprises or transfer of fund shares held; (3) the original business repurchase held by the Fund shares ; (4) self-liquidation of the Fund invested enterprises recycle as much as possible the interests of the Fund. Sustained and stable development of the venture capital industry also depends on the formation of diversified investment exit channel.
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