The Research On Financing Mode Of High-tech Venture Enterprises

As a new mean of alleviating the financing dilemma of small and medium-sized enterprise (SME), venture capital has made a great deal of development in recent years in China. Venture capital is of great significance to the promotion of SME development in China, especially to high-tech industrial development.Generally speaking, high-tech enterprises go through five development stages: seed stage, start-up stage, grow-up stage, expansion stage and maturity stage. At different stages of development, high-tech enterprises have different financing needs, and must adopt different modes of financing. To a certain extent, venture capital has alleviated the financing difficulty of high-tech enterprises. However, high-tech venture enterprises should not only rely on venture capital. It is necessary to establish a pluralistic financing system to meet the diverse financing needs of enterprises.The paper selected high-tech venture enterprise as a research object. It was based on normative research and supported by empirical research. The paper aimed to study the financing law of high-tech venture enterprise as well as the mode of financing choices. According to the existing financing obstacles, the paper presented to adopt diverse financing modes that are suitable for high-tech venture enterprises in order to promote financing of high-tech venture enterprises.Firstly the paper introduced the corporate finance theory to provide theoretical guidance for the study of high-tech venture financing. Among them, the Pecking Order Theory and financial growth cycle theory are the main theoretical viewpoints.Secondly, this paper described the related concepts and questions of high-tech venture enterprises in detail, as pre-job preparation for the study of high-tech venture financing.Thirdly, based on corporate finance theory, this paper researched financing characteristics and mode of financing options high-tech venture enterprises in different stages of development, and analyzed financing obstacles and the reasons of high-tech venture enterprises to explore influencing factors of high-tech venture enterprises financing structure so as to make preparation for presenting rational proposals to promote financing of high-tech venture enterprises.Subsequently, in response to the current financing obstacles, the paper proposed the use of a wide range of financing methods to meet the diverse financing needs, which will help high-tech venture enterprises to optimize financing structure, reduce financing costs and to avoid financial risks effectively. Therefore, the paper will have enlightenment to high-tech venture enterprises financing, which has strong practical significance.Finally, the paper selected Kingdee as representative financing case, and researched the entire financing process of Kingdee in-depth detail, in order to provide practical support for normative research, and hopes to provide a meaningful reference to the financing of high-tech enterprises.