科技金融的结合机制与政策研究

发布时间：2018-03-08 08:48

本文选题：科技金融　切入点：生命周期　出处：《浙江大学》2011年硕士论文　论文类型：学位论文

【摘要】：科学技术是第一生产力,金融是现代经济的核心,金融与科技的有机结合将会极大地提高科技成果转化为现实生产力的速度与效率。在现代经济中,科技和金融的协调互动是保证宏观经济运行质量和速度的前提和基础。科技金融的重要性已经获得了中央和地方政府的高度认可,关于科技金融如何有效的结合也引起了学术界的高度关注。但是,对于如何根据企业生命周期不同阶段的风险特点、资金需求规模等特征提供针对性的金融服务,如何结合地方的产业基础,利用科技金融来有效促进地方产业转型升级等核心问题还有待进一步深入的解读。对此,本文借助于国内科技金融、高新技术产业、生命周期等相关理论,围绕“科技金融的结合机制”这一核心问题,从企业生命周期入手,剖析了在高新技术企业不同发展阶段可以重点采用的融资渠道,以及政府在不同阶段如何为企业提供直接和间接的金融服务。运用规范理论分析和杭州市经典案例研究相结合的研究方法,本文在科技金融的结合机制和政策研究方面得出以下两个主要研究结论： (1)企业处于不同的阶段时,其投资价值和投资风险不同,对资本需求方式和数量也不同。在企业种子期,天使投资和高新技术企业孵化器比较合适企业的融资需要；在企业初创期,天使投资仍是企业获得资金的关键途径,同时政府可以通过发展中小额贷款公司为企业提供部分债务融资；在企业成长期,风险投资开始关注高新技术企业,政府需要通过引导基金等方式让更多的风险投资基金进入高新技术企业；企业扩展期,风险投资比重提升,但政府需要为企业提供融资成本更低的科技贷款；企业成熟期,企业开始引入长期债务融资,同时经营较好的企业考虑融资上市。 (2)杭州市在创业投资、科技银行、风险投资、科技担保和雏鹰计划5个方面进行了有效的金融创新,很好地满足了高新技术企业生命周期不同阶段的融资需求。但同时,也存在风险投资过于关注企业生命周期后期、科技担保外部环境有待持续改善等诸多问题,对此,本文提出了相应的对策建议,以供杭州市政府有关部门参考。基于企业生命周期科技金融结合机制的理论框架和案例研究,本文在以下两个方面进行了尝试性的创新：(1)在现有研究的基础上,通过定性和定量相结合的方法,对企业生命周期不断阶段的风险特征、资金需求规模进行了深入剖析,提出了针对性的金融创新方式,具有一定的探索性。(2)通过对杭州市科技金融创新活动的深度调研和总结分析，，考察了其创业投入等金融创新工具如何有效的满足处于生命周期不同阶段的企业融资需求,并对其存在的问题提出了改进建议,这在理论和实践两方面都具有一点的创新意义,对我国其他城市科技金融结合机制的创新具有较好的指导意义。当然,囿于研究者本身的学术素养,本文还存在诸多不足之处。对此,论文结论和展望部分提出了本研究的两个主要局限性以及在未来还需要深入研究的两个问题。
[Abstract]:Science and technology is the first productivity, finance is the core of modern economy, the organic combination of Finance and technology will greatly enhance the speed and efficiency of scientific and technological achievements into practical productive forces. In modern economy, coordination and interaction between technology and finance is the premise and foundation of macro economic operation quality and speed. The importance of science and technology finance has been highly recognized by the central and local governments, on how to effectively combine technology and finance has aroused great attention in the academic circles. However, how to according to the risk characteristics of different stages of the enterprise life cycle, capital demand scale and other characteristics to provide targeted financial services, how to combine the local industrial base, the use of technology to finance to effectively promote local industrial transformation and upgrading of the core issues to be further in-depth understanding.
In this regard, based on the domestic science and technology finance, high-tech industry, theory of the life cycle, around the core issue of "combination of technology and finance mechanism", starting from the enterprise life cycle analysis in different stages of the development of high-tech enterprises can focus on the financing channels, and the government in different stages of how to provide direct and indirect financial services. By using research methods of normative research and theoretical analysis of Hangzhou city classic case of combining, in the combination of mechanism and policy on science and technology finance draws the following two main research conclusion:
(1) enterprises in the different stage, the investment value and the investment risk, demand for capital and the number of different enterprises. In the seed stage, angel investment and high-tech business incubator is suitable for the financing needs of enterprises; in the start-up period, angel investment is still is the key way to obtain financial enterprises at the same time. The government can in the development of small loan companies to provide debt financing for enterprises; in the growth stage, the risk investment began to focus on high-tech enterprises, the government needs to guide the fund through other ways to let more of the risk investment fund into high-tech enterprises; enterprise expansion period, increase the proportion of investment risk, but the government needs to provide lower cost financing technology the loan for the enterprise; the enterprise maturity, enterprises began to introduce long-term debt financing, and good business enterprise to consider financing market.
(2) in the city of Hangzhou science and technology venture capital, bank, risk investment, the 5 aspects of science and technology guarantee and eyras plan of effective financial innovation, good to meet the high-tech enterprises in different stages of the life cycle of the financing demand. But at the same time, there is a risk of investing too much attention to the enterprise life cycle stage, many problems, external environmental science and technology guarantee needs to be improved etc. in this regard, this paper puts forward corresponding countermeasures and suggestions, for the relevant departments of Hangzhou municipal government.
The theoretical framework and case study on the combination mechanism of enterprise life cycle based on financial technology, this paper makes a tentative innovation in the following two aspects: (1) on the basis of existing research, by combining qualitative and quantitative methods, the risk characteristics of the enterprise life cycle stage, in-depth analysis of capital demand scale and put forward targeted financial innovations, has certain exploration. (2) through the summary and analysis of in-depth research on the innovation activities of technology and finance in Hangzhou City, the business investment and other financial innovations such as how to effectively meet the financing needs in the different stages of the enterprise life cycle, and its problems the improvement suggestions are put forward, which has some innovation significance in two aspects of theory and practice, innovation of China's other city financial technology system has good guiding significance.
Of course, due to the academic accomplishment of researchers, there are still many shortcomings in this paper. For this reason, the two main limitations of this study and two questions that need further study in the future are put forward.

【学位授予单位】：浙江大学
【学位级别】：硕士
【学位授予年份】：2011
【分类号】：F832;G322

【引证文献】