The Research On The Financing Problem Of High-tech Enterprise Based On Life Cycle

In era of knowledge-driven economy, the development of the high-tech enterprise promotes industrial structure adjustment greatly, form new growth engines, the level of the high-tech enterprise development is an important standard of national comprehensive strength ,too. The most obvious characteristic of high-tech enterprises distinguish until traditional enterprises, is it regards innovating as main competitiveness. This just means the high-tech enterprise must depend on its own difficult exploration in the course of development, there is little experience that can be used for reference. So, high-tech enterprise meets more difficulties and questions than traditional enterprises in the evolution of the high-tech enterprise. Among the questions, the most important problem that the high-tech enterprise of our country meets is financing, it is the problem that high-tech enterprises all around the world generally face too.Because high-tech enterprise contain risky, its own characteristic determine that if it adopt traditional financing method to solve their financing problem will be difficult. In our country, the development time of the high-tech enterprise is not long, different fields such as macroscopical policy environment, banking system, social investment, etc. seldom offer corresponding support for financing in the high-tech enterprise. The existence of these questions makes the financing of high-tech enterprises face more problems. And greater difference exists in the demand for the fund amount and capital source it each stages developing. So making network analysis on the financing question of high-tech enterprise, and proposing system, scientific, pointed ground solution to the existing problem, is an urgent task with important significance.To the financing question of high-tech enterprises, scholars of our country put forward their own opinions one after another. Most research results mainly concentrate on developing the respect of adopting the support policy, widening the financing channel, optimizing the structure of capital of risk investment, government at present. Developing stage of high-tech enterprises is very obvious, there are very unique characteristics in each stage, and these characteristics have important influence on their financing. So, to analyze the financing question of the high-tech enterprise, and to put forward the feasible countermeasure, we must combine high-tech enterprise lifespan each stage of characteristics carrying on research.To settle the financing problem of high-tech enterprise, except use the successful experience of the foreign developed country for reference, we also should fully consider the macroscopical environmental factor of financing of high-tech enterprise, and the high-tech enterprise's own state of development of our country. On this basis, direct against four stages in high-tech enterprise lifespan: Seed issue, newly establish issue, characteristic for growth stage, mature period analyse and research to their fund demand, capital source channel, fund cost and risk of financing, propose the pertinence measure, solve the necessary fund of high-tech enterprise, expand its channel of capital source, reduce the cost of financing and financial risk. The settlement of these respect problems is not isolated, must combine them organically together, form a system of interweaving each other.Through the above-mentioned research, the purpose should be on the basis of using the foreign financing successful experience of high-tech enterprise for reference, analyzing the domestic current situation of high-tech enterprise, combining the macroscopical environmental factor of financing, influence on financing of the characteristic of one's own factor of high-tech enterprise, lifespan, analyzing the omni-directional planer to the financing question of high-tech enterprise, expect to put forward system, science, overall countermeasure and suggestion to the settlement of the financing problem of high-tech enterprise.