| As a fresh motive power to boost economy,"innovation-driven" development strategy guides clearly the direction to the next stage of the Chinese economic transition and growth.The core of this strategy lies in,as the country's innovative strategic objective to be fulfilled by 2020,nurturing the independent innovation subjects,upgrading the enterprises' competence,and developing innovative and technological businesses.Therefore,development and construction of technological enterprises would be a major carrier as well as a mainstay and security for the innovative country to foster implementation of the innovation-driven development strategy.Based on the theory of "three equivalences" for the state-owned and private economies in terms of status,opportunity and regulation,with innovation-driven backings,some essential channels can be explored to enable the small and medium-sized enterprises to take the lead in shaking off existential predicament and practicing the innovative development strategy.However,in the innovation-driven context,the small and medium-sized technological enterprises are confronted with various and ubiquitous risks.So the enterprises must manage to control such risks,in particular the financial ones.Currently most Chinese enterprises are not well aware of financial risk management with weak managerial competence.Even for those which have completed the experimental stage hanging out their shingles,they still fail to identify and manage the financial risks in a powerful manner.In most cases,depending on the business owners' personal experience,intuition,and wisdom,China's technological small and medium-sized enterprises are challenged with severe financial risks.In addition,taking the listed small and medium-sized technological enterprises as a case,based on their practice,an empirical analysis is made for the sake of their decision making against the aforesaid financial risks.Eight enterprises of the same sizes are selected for this study:Dacheng Culture,Tianrun Digital Entertainment,Infotmic,Jizhi Mechatronic,Minde Electronics,Nanhua Instruments,Xunyou Network,and BizConf Telecom.And 17 financial indicators in five major categories are investigated:profit statements,asset and liability statements,cash flow statements,notes to financial statements,and statements,as well as operational capacity evaluation index,profitability evaluation index,solvency(debt repayment)evaluation index,growth capacity evaluation index,cash capacity evaluation indicators.Also,creatively two non-financial indicators are deployed to identify and measure the financial risks in the innovation-driven context of small and medium-sized technological enterprises.Eventually,three representative enterprises are chosen to further the analysis for the case studies.Then,based on the analysis,identification,measuring,and case studies,through four stages(the seed financing,initial start-up,growth,and maturity).this paper puts forth some countermeasures against the financial risks of the small and medium-sized technological enterprises and draws the following conclusions:1.There are essential differences between the innovation-driven small and medium-sized technological enterprises and the general ones of the same sizes.As part of the third stage of economic development by nature,innovative drive is,on one hand,a technical creation originating from a new scientific discovery and innovative achievement made by universities,scientific research academies and institutes;on the other,an innovative process through advanced technology introduction and digestion.Its contents include the new,innovative industrial system,the innovative technological system with a complete set of forms,the new market and economic growth point with creative products,innovative systematic security for economic development,and strategically concerted innovative system.China's innovative drive should focus on independent innovation,original,integrated or absorptive after import and digestion.Therefore,in the context of the innovation-driven development strategy,the small and medium-sized technological enterprises will,as a key carrier,definitely increase their investment in technological innovation projects and meantime,non-technological innovation ones such as innovative projects,services and systems.Moreover,in the context,the small and medium-sized technological enterprises are markedly prone to risks in liquidity,investment,and fund-raising.2.Depending on the state's platform of innovation-driven development strategy,some small and medium-sized technological enterprises choose transformed development models,for instance,Dacheng Culture,one of the eight sample companies of the same sizes in the context for this study,which specializes in the industry of cultural innovation,in an innovative stage of leaping development.One of China's strategic industries,the cultural sector is a core link of the modern industrial system to be constructed as well as a significant means of the Chinese fast shift to economic boost.With the direction and support of the national policies,Dacheng Culture attaches importance to update of the Chinese screen cultural industry seizing sound development opportunities while practicing strategic industrial interlinks layouts.The company also gets across its financial predicament,realizes its profit increase from negative to positive profits,and minimizes fundamentally the enterprise's financial risks.3.All forms of life experience such processes as gestation,birth,growth,development,maturation,aging,and death.There's no exception for small and medium-sized technological enterprises as well.They also go through the entire processes from gestation to death,and their developmental channels are compatible with the theory of the enterprise life cycle.However,due to the enterprises'characteristics of high technological content,highly innovative competence,high risk,and high benefit,in different stages of the enterprise life cycle,the affects of the business,investment,and financing on the cash flow vary from enterprise to enterprise,and so with the financial risks in the four stages that distinct from the other enterprises.This paper intends to investigate in depth the financial risks of the particular stages,to sample eight small and medium-sized technological enterprises,to make empirical case studies in rigid line with the national innovation-driven development strategy for such companies,and thus to explore the countermeasures against the financial risks in each stage.This paper may have the following three aspects of innovation.First of all,the study topic on construction of the small and medium-sized technological enterprise construction,to some extent,is of creativity from the perspective of decision-making against financial risks.To date,studies on the small and medium-sized technological enterprises elaborate mainly the concept,connotation,and developmental channel and model,among others,whereas this paper starts with the study of such enterprises' nature and connotation from the innovation-driven perspective,and points out the significance of the enterprises' financial risk management.In addition,the countermeasures aimed at the financial risks,as the most crucial interlink,may play critical roles in successful development of the enterprises.Second,based on the analysis of the enterprise life cycle in four phases and construction of the decision-making mechanism for the small and medium-sized technological enterprises,this paper sets up a preliminary theoretical framework for such enterprises' financial risk countermeasures with theoretically innovative contents to some extent.The paper also defines the small and medium-sized technological enterprises' financial risk decision,and goes to to identify and measure such risks through analysis of financial statement,clustering and principal component,which is a little more innovative than previous studies on the risk decision.Moreover,in reference to the enterprise life cycle,accounting element,and financial and non-financial financial indicators,the factors for the effects on the enterprise risk decision are analyzed,for further expansion of the decision theory and supplement and optimize the risk management specific theory with certain theoretical originality.Third,quantitative analysis is applied to the empirical study with a certain innovative methodology.The main methodology for the current study on risk management is qualitatively and quantitatively combined analysis and study.In contrast,this paper attempts to introduce the theories and methodologies of textural mining,analysis of statement/clustering/principle component/statistics to the study of the small and medium-sized technological enterprises' financial risk management in the innovative-driven context,with some innovative study methodology. |
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