| In 2020,the State Council issued Several Opinions on Promoting the High-quality Development of National High-tech Development Production Areas,which recommended relaxing market access,simplifying approval procedures and encouraging commercial banks to set up science and technology branches in high-tech zones to provide financing services.However,high-tech enterprises have the characteristics of highly intensive capital and talents,long R&D cycle,etc.,the demand for funds is larger than other types of companies,it occupies a longer time,and each stage of development requires continuous investment,so the financing demand of high-tech enterprises is relatively high.So far,China has introduced a number of policies for the financing of high-tech enterprises,and the financing methods have gradually increased,but the financing of most high-tech enterprises mainly relies on bank borrowings and self-owned accumulated funds,and the financing channels are relatively single.High-tech enterprises need to choose different financing strategies at different life cycle stages.In the early days,due to the immature development of the domestic capital market,some high-tech enterprises in China would choose to list overseas by building a red-chip structure due to capital needs in the start-up period,which would restrict the choice of domestic financing channels.However,high-tech enterprises need large-scale development in the growth process,especially in the high-growth stage,and a single financing channel will hinder the large-scale development of the company,while the domestic capital market and financing environment are constantly maturing,and many enterprises choose to return to domestic listing to broaden financing channels.This paper mainly introduces the background,life cycle and financing channels of high-tech enterprises in China,as well as the current situation and financing channels analysis of high-tech enterprises in China.Then,this paper focuses on taking Haopeng Technology’s financing in different capital markets at different life cycle stages as an example,defines the life cycle stages of Haopeng Technology in a qualitative and quantitative way,analyzes the problems existing in the financing of Haopeng Technology in its growth period,analyzes the market reaction of Haopeng Technology in financing in different capital markets by event research method,and analyzes in detail the reasons why Haopeng Technology chose to go public in China again during its growth period.The main conclusions of this paper are as follows:(1)The main financing channels of high-tech enterprises are their own accumulated funds and bank loans,and the financing channels are single;(2)The life cycle stages of Haopeng Technology are divided by qualitative and quantitative methods.2002-2008 is the initial stage,and 2009-2022 is the growth stage.The main financing methods in the growth stage are self-accumulation and bank loans.The financing structure is unreasonable,but it is necessary to expand the production scale in the high growth stage,which restricts the development of the company.However,in the growth period,the financing market in the A-share capital market responded well,and the financing scale was large.Finally,based on theoretical research and case analysis of Haopeng Technology,from banks,governments,enterprises... |
