The Study On China’s High-tech Industry Investment And Ifnancing Way And Select

With the rapid development of China’s high-tech industries, high-tech industryhas become an important driving force for China’s economic development, theChinese government is working to promote the development of high-tech industries.Proposed in the "Twelfth Five-Year Plan"， with significant technologicalbreakthroughs and significant development needs-based, promote emergingtechnologies and emerging industries in deep integration and continue to strengthenand expand the high-tech industry, the Chinese government is looking forward tofoster the development of strategic emerging industries to become a pilot and pillarindustries. In the "Eighteenth Meeting of China People’s Congress," the reportproposes to strengthen the demand-driven, promote strategic emerging industries,advanced manufacturing to develop healthly, and improve the level of scientificresearch and the ability to translate research into outcomes, in order to seize thecommanding heights of science and technology development strategy. However, dueto the high-tech industry itself implies a greater technical risk and market risk, whichbrought a certain resistance to high-tech industry investment and financing. Throughcomparative analysis,we conclude that the growing investment and financing ofhigh-tech industry needs a long period, high-risk, high-return equity capital andventure capital is the most suitable equity capital for the investment and financingneeds of high-tech industries. We use the data of the sub-sectors of high-tech industryin2003to2012as the panel data and tests the effects of risk financing rate on thehigh-tech industry development empirically.From the view of the specific content of this article, firstly, we define the conceptof high-tech, high-tech industries as well as investment and financing, with withinendogenous growth theory, life cycle theory based, considering the Characteristics fordifferent stages of high-tech industries, the high-tech industries can Choose a differentway of financing and investment. Secondly, with the description of the main featuresand the status of the high-tech industry and investment and financing of domestic and foreign, comparative analysis of the investment and financing of domestic and foreignhigh-tech industry, they offer successful reference for the investment and financing ofhigh-tech industry in china. Again, through the analysis of government investmentand the sidedness of financing of commercial banks, the characteristic of venturecapital, the comprehensiveness of venture capital investments in high-tech industryand venture capital investment in high-tech industries as well as the elaboration ofinvestment-related policies, we provide a feasibility of the venture capital to investin high-tech industries. Finally, we test the feasibility of venture capital to investhigh-tech industry in empirical, and with the response test function of the pulsethrough the VAR model. From the specific point of view, there are three cases: firstly,there is a positive role in promoting the rates of high-tech output. Secondly, thedynamic effect of the risk of investment and financing rate on the high-tech outputrate has substantially changed from the negative effect to the positive effects and thechanges in this dynamic response process presents "W" type.Thirdly, the risk ofinvestment and financing rates on high-tech output rate has a negative inhibitoryeffect.In addition, with theoretical and empirical research findings, we are lookingforward to provide useful proposal to expand the scale of investment and properguidances to encourage risk capital to invest in high-tech industry from a macro-,meso-level and micro-level.