Research On Financing Methods Of Precision Medical Enterprises At Growth Stage

The development of enterprises cannot be separated from the support of capital which is the sustained driving force of enterprise economic activities.The development of modern enterprises follows the development characteristics of the stages(growth,maturity and recession)of start-up in the theory of enterprise life cycle.The financing methods in different stages have a long way to go because of the growth characteristics of enterprises in their stages.As a branch of high-tech industry in the field of bio-medicine in recent years,the precision medical industry is truly the emerging industry driven by the transformation and upgrading of national medical technology and innovation.Financing difficulty is an insurmountable obstacle in the development of enterprises and the biggest bottleneck restricting the development of innovation-oriented enterprises.At the same time,with the gradual development and improvement of China's capital market,the financing methods are gradually diversified.Therefore,enterprises should not only face the problem of financing difficulties,but also face the problem of how to choose a financing method that suits their own development.As the most active and fastest-growing period in the life cycle,the demand for financing at this stage is extremely urgent.The enterprises in the precision medical industry are in a period of vigorous development,and most of them are in the period of enterprise growth,and the financing needs have greater commonality.Based on MM Theory,Trade-off Theory and Optimal Financing Theory,this dissertation takes life cycle as a cut-in point of view,and focuses on the characteristics of the growth of precision medical enterprises and the main factors that affect the financing at this stage.As an important branch of biopharmaceutical industry,precision medical industry not only has the general characteristics of high investment,high risk,high yield and long cycle in the medical industry,but also has high barriers to entry due to high technology and policy restrictions.Therefore,the financing of the industry is not only affected by risk factors such as internal management,technology,ethics and ethics,but also greatly restricted by the change of external industry policies and economic environment.Through SWOT analysis method,this paper expounds the internal and external factors affecting the financing,and points out the opportunities and advantages and disadvantages of the industry financing.At the same time,the paper gives a selection standard for the financing mode of precision medical industry.The selection criteria should be based on factors,such as the scale and efficiency of growing enterprises,the optimal cost,the lowest risk,and the special requirements and constraints of the industry.Based on the above analysis,the paper gives the following financing suggestions: the growing precision medical companies can be listed on GEM and issue convertible bonds for financing.GEM,as the best way for the growth of corporate equity financing,can best match the status quo of precision medical enterprises.This paper introduces the general situation and characteristics of the listing and financing of the current domestic GEM,and makes a comparative analysis of the GEM and the main board,small board.It focuses on precision medical industry leading enterprises-BGI which successfully listed in 2017.This paper makes a case analysis on it and validates the conclusion.At the same time,as a developing and improving bond market,the flexibility,low cost and large financing of convertible bonds provide a matching financing channel for precision medical enterprises in the growth stage.Of course,the convertible bonds also have the risk of increasing equity dilution rights.Therefore,the thesis also gives some countermeasure for risk aversion,such as rationally refinancing the risks that need to be faced when issuing convertible bonds,scientifically designing the terms of the convertible bonds,and choosing the issuance time appropriately Countermeasures of risk aversion.