Research On The Channel Selection Of High Technology Enterprise Financing

With the continuous development of economy, High technology enterprise Plays a moreand more important role in the development of national economy, has become the strong supportpower of a country’s economic development and an important indicator to measure a country’soverall competitiveness. However, Financing problem is always restricts the development ofhigh technology enterprises, has become the biggest obstacle of the development of hightechnology enterprise. So, by the method of combining the theory and case, this paper discussesthe financing channel selection problem of high technology enterprise in our country based onthe enterprise life cycle theory, the capital structure theory and the previous studies, Hope thatcan provide the reference and advice for the development of high technology enterprises in ourcountry. This paper mainly make analysis from the following several aspects.First, this paper defined the concept of high technology and explains the financing channels.Accordingly, Elaborated the enterprise life cycle theory, the capital structure theory, and thecurrent financing state of high-tech enterprise financing at home and abroad, as to providetheoretical basis for the following chapters.Secondly, based on life cycle theory and the theory of capital structure, the financingcharacteristics of different growth stages of high technology enterprise were analyzed in thispaper. Refer to the supply and demand analysis method of western economics, this paperanalyzed the different growth stage and comprehensive analysis across the stage,about financing supply and demand of different growth stage of high-tech enterprise,comprehensive analysis across the stage. Based on this, the paper established the main channelsof financing supply model of high technology enterprise in different growth stages, and thefinancing channels of the different growth stage are expounded.Again, the choice of high technology enterprise financing channel depends on theassessment of financing capital cost and risk. So, on the basis of enterprise financingchannel classification, this paper has made a analysis about the econometric model analysis andempirical data analysis of different financing channels. Besides, financing risk of differentfinancing channels is also analyzed in the paper. Then, the matrix selection model of hightechnology enterprise financing channel choice is established, Hope that when the domestichigh-tech enterprise make a choice of the financing channels, can play a reference role.Finally, on the basis of above research, this paper expounds the advantage financingchannels Can be selected in different growth stage of high technology enterprise, And with the method of case analysis to carry on the summary analysis. Although the enterprise financepriority sequences has certain difference at home and abroad, along with our country capitalmarket constantly improve and perfect, the future is likely to gradually converge.