Research On Financing Ways Of The High-tech Enterprises Based On The Lifecycle Theory

In the21st century, high science and technology is becoming the leadership of social economy development, the degree of development of high-tech industry has become one of the key factors to measure the strength of the one country’ economic capacity in the word, the nature of competition between states is the competition in the technological innovation. Therefore, the high-tech enterprises as the main force of high-tech industry in China have attracted increasing attention. In the development of high-tech enterprises, we have achieved good results in quantity and quality, but it is still weaker, especially in the issue of financing. In addition to the development of high-tech enterprises in China started late, the China’s capital market and financial system is not perfect to meet enterprises’multi-faceted use of financing that is also important reasons. The driving force for development of high-tech enterprises is the funds; the advances in technological innovation rely on the funds, if the enterprises are unable to replenish the funds demand, it will cause bottlenecks in the development, and ultimately affect the entire national economy forward. In this way, the choice of financing ways is particularly important for corporate. After that, the article use the empirical research method to test the select of financing way in high-tech enterprises’ growing and mature stages, concluded that the three financing ways (Retained earnings、equity、bond) are positively related to the corporate performance; compared with the bond financing way, the equity financing way have more relevant in growing stage; when the high-tech enterprise is in growing stage, they more prefer equity financing way; when the high-tech enterprise is in mature stage, they more prefer bond financing way. But the contention of the bond financing way have more relevant in mature stage is not supported, the article use an evaluation model to analyze the financial constraints. Only rely on the innovative financing ways to solute practically on the difficult situation of high-tech corporate finance is not enough, the fundamental way is to build and perfect a harmonious external financing environment.