The Study Of Non-state-run S&T Enterprises' Financing Problem

Non-state-run science-technology enterprises, where the two international developing trends converge, is an organic combination of the most advanced productive forces and the most vigorous management mechanism. As a fresh troop of the industrialization of advanced and new technology, it has become a new growth point of the economy. However, there still exist some problems in the development of non-state-run science-technology enterprises. The most prominent one is financing barrier. Thus, how to expand the financing channels becomes a major task set before the business world, policy-making body and academic circles.There are five chapters in this essay.Chapter 1 theoretically defines non-state-run science-technology enterprises and discusses the character of it and the significance to develop it, the content of this article and the train of thought and the related research. Chapter 2 analyzes the financing barrier of these enterprises. It points out in order to expand financing channel, we should make a short-term and a long-term program. In the short-term point, we should expand the financing room of non-state -run science-technology enterprises under current financial structure Indirect financing and state-owned financing institute is superior in China, so in short-term the first task to solve the non-state-run S&T enterprises' financing problem is how to improve the credit loan condition . Chapter 3 gives a detailed analysis. In the long-term point, we should try to find a new financial structure that is fit for the "Three High" characteristics of these enterprises. So we need of use the international experiences for reference. In chapter 4 , the author suggests we develop venture capital in our country. At present, in the structure of direct financing of outside of enterprises (refer to and does not manage the organization ) of our country, the proportion of bond financing is obviously on the low side, the choices of most outside financing ways and easy developed country of the partiality, namely the financing order is the stock financing at first, then the bank loan, then the bond financing, meanwhile , in the direct financing , compare with stock market, the bond market of enterprise of our country lags behind seriously, and, non-state-run scientific and technological enterprises of our country have already possessed the quality of issuing bond at present, so the author thinks that it is feasible to develop the bond market in a more cost-effective manner, and have long-term meanings, and the private bond market of scientific and technological enterprise of preliminary idea. Chapter 5 gives a detailed analysis.