我国中小高新技术企业在资本市场的融资研究

发布时间：2018-01-04 22:20

本文关键词：我国中小高新技术企业在资本市场的融资研究　出处：《河北大学》2012年硕士论文　论文类型：学位论文

【摘要】：高新技术已成为我国经济发展中的主要增长点，党的十七大报告中提出:提升高新技术产业，发展信息、生物、新材料、航空航天、海洋等产业。近几年来，高新技术企业特别是中小高新技术企业发展迅猛，它们在带动我国科技创新、推动科研成果转化、促进国民经济发展等方面做出了难以估量的贡献。中小高新技术企业在其发展中需要大量的资金，但由于其自身发展过程中的高风险、高投入、高收益的“三高”特征，以及政府政策不够支持、资本市场不够完善、我国中小型高新技术企业在融资过程中面临着政府支持技术改造资金较少、直接融资渠道狭小、间接融资中信贷配给问题，缺乏完善的直接融资体系、缺乏有效的直接融资渠道。间接融资体系不健全以及企业自身所存在融资能力不够等原因融资难已成为制约中小高新技术企业发展的严重瓶颈。因此，研究中小高新技术企业的融资策略，具有十分重要的现实意义。本文分析了中小高新技术企业自身的特征，，从合理满足高新技术企业发展过程中的融资要求出发，借鉴发达国家中小型高新技术企业先进融资体系的经验的基础上，提出了支持我国中小型高新技术企业在资本市场融资的对策。为了解决目前我国中小型高新技术企业的融资问题，必须采取如下对策：第一完善资本市场结构，建立完善二板市场；第二发展风险投资；第三建立场外交易。
[Abstract]:High and new technology has become the main growth point in the economic development of our country. In the report of the 17th National Congress of the Communist Party of China (CPC), it has been put forward: to upgrade the high-tech industry, to develop information, biology, new materials, aerospace, marine and other industries in recent years. High-tech enterprises, especially small and medium-sized high-tech enterprises, are developing rapidly. They are driving scientific and technological innovation in our country and promoting the transformation of scientific research achievements. Small and medium-sized high-tech enterprises need a lot of funds in their development, but because of their own development process of high risk, high investment. The "three high" characteristics of high returns, as well as the insufficient support of government policies, the capital market is not perfect, China's small and medium-sized high-tech enterprises in the process of financing is faced with less government support for technological transformation funds. The direct financing channel is narrow, the credit rationing problem in the indirect financing, lacks the perfect direct financing system. Lack of effective direct financing channels, indirect financing system is not perfect and the financing capacity of the enterprise itself is not enough, financing difficulties have become a serious bottleneck restricting the development of small and medium-sized high-tech enterprises. It is of great practical significance to study the financing strategy of medium and small high-tech enterprises. This paper analyzes the characteristics of small and medium-sized high-tech enterprises, from the reasonable development of high-tech enterprises to meet the financing requirements. Based on the experience of advanced financing system of small and medium-sized high-tech enterprises in developed countries. In order to solve the financing problem of the medium and small high-tech enterprises in our country, we must take the following countermeasures: first, perfect the structure of the capital market. Establishing and perfecting the second board market; Second, develop venture capital; Third, the establishment of over-the-counter transactions.
【学位授予单位】：河北大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F276.44;F832.51

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