The Research On Financing Pattern Of High-tech Small-medium Enterprises

In order to enhance their comprehensive ability,High-Tech based scientific and technological innovation and development has been drawing more and more attention from all over the world since the 1980's.The Chinese government is also working to promote the development of High-Tech Industries over this year,the development of High-Tech Industry as an important strategic objective.However,due to traditional economic system and High-Tech Small-medium Enterprises have "small,high risk,and high impact investment"characteristics make the High-Tech Small-medium Enterprises face many financing difficulties.The financing has become the primary problem restricting the healthy development of High-Tech Small-medium Enterprises(SMEs),the specific performance of the financing channel is narrow,higher financing costs,lower satisfaction rate.Although the Chinese government has paid great attention to the financing of High-Tech Small-medium Enterprises,has put forward a series of policies.But the financial difficulties still haven't been effectively solved.Therefore,how to solve the financing problems of High-Tech Small-medium Enterprises has been paying more attention by the enterprise,government and theorists.On the basis of sorting out the research of domestic and foreign financing object.This paper defines the concept of "The Small-medium Enterprises","The High-Tech Small-medium Enterprises" and "Enterprise Financing".And discuss the Modigliani Miller Models Theory,Pecking Order Theory,Control Right of Capital Structure Theory and Corporate Life-cycle Theory.The next,this paper analyzes the present situation and the financial dilemma of the High-Tech Small-medium Enterprise in China.Based on the theory of Capital Structure and the Corporate Life-cycle,it analyzes the optional financing pattern according to the characteristics of enterprise in different growth stage.Then,Cast study.CC Company(IC design house)is the typical of High-Tech SMEs,the success financing pattern makes it grow rapidly in the business growth process.Through the traces of financing needs in the different growth stage,analyze the selection of financing pattern according to the corporate strategy and sourcing according the theory of the Corporate Life-cycle.Another company could learn more from this experience.Finally,by studying the finance pattern from oversea,provide useful proposal regarding to the government policy and financial policy to improve the High-Tech Small-medium Enterprise financing difficulties.For example,expand direct financing channel;develop the multi-level capital market and encourage risk capital to invest in High-Tech Industry;improve the financing guarantee system and Technology Bank.