成长期科技型企业融资风险管理研究

发布时间：2018-07-01 10:23

  本文选题：成长期科技型企业 + 融资风险　； 参考：《哈尔滨工程大学》2014年博士论文

【摘要】：当前,国际国内的实践与理论都表明,科技型企业的健康发展对一国综合国力的提升具有重要作用,而科学技术只有得到金融的有效支持,才能发挥其真正作用。相关理论表明,科技型企业各个成长阶段都有其鲜明特征,且科技型企业在成长阶段的融资需求最大,所呈现的融资风险也最为突出。因此,如何全面分析、科学评估、及时预警、并合理有效地控制融资风险,对于成长期科技型企业有效利用资金促进其研发与生产、保持企业的快速成长、提升其综合竞争力,具有重要的理论与实践意义。本文在梳理、回顾与科技型企业融资风险相关文献的基础上,首先对科技型企业的范围以及成长阶段的标准进行了界定,并分析了科技型企业区别于一般传统企业的高技术含量、高成长性、高投入、高风险等特征。在此基础上,建立了针对成长期科技型企业的“风险分析—风险识别—风险评估—风险预警—风险控制”的融资风险管理的研究架构。其次,鉴于科技型企业融资风险因素的动态性与相互作用的特征,本文以耗散结构和耦合现象分析为理论基础,结合以风险源因素、风险阈值、风险后果等要素构成的融资风险生成的研究框架,剖析了成长期科技型企业融资风险生成过程的机理。第三,通过与科技型企业的访谈结果与相关文献的整理,针对成长期科技型企业提出了潜在融资风险因素的理论假设,并以此为基础对129家成长期科技型企业进行问卷调查,运用因子分析与回归分析方法,识别出影响融资风险后果的关键风险因子及其变量。第四,以识别的风险因子及其变量为基础构建成长期科技型企业融资风险评估指标体系,采用粗糙集理论对各风险因子与指标赋权,并结合模糊综合评估方法,对融资风险各关键因子生成的可能性、总体融资风险生成的可能性及风险后果程度进行了评估。最后,根据融资风险生成的过程机理、关键融资风险因素的识别、融资风险评估的研究结果,本文提出了成长期科技型企业融资风险的预警系统的构建、融资风险的控制方式与控制措施及完善融资风险预警与控制的保障体系。
[Abstract]:At present, the practice and theory both at home and abroad show that the healthy development of sci-tech enterprises plays an important role in the promotion of a country's comprehensive national strength, and only if science and technology are effectively supported by finance can they play their real role. The relevant theories show that each growth stage of science and technology enterprises has its distinct characteristics, and the financing needs of science and technology enterprises in the growth stage are the greatest, and the financing risks presented are also the most prominent. Therefore, how to make comprehensive analysis, scientific evaluation, timely early warning and reasonable and effective control of financing risks, and how to effectively use funds to promote R & D and production, to maintain the rapid growth of enterprises, and to enhance their comprehensive competitiveness, It has important theoretical and practical significance. On the basis of combing and reviewing the literature related to financing risk of sci-tech enterprises, this paper first defines the scope of sci-tech enterprises and the standards of their growth stage. The characteristics of high technology content, high growth, high investment and high risk are analyzed. On this basis, the research framework of financing risk management of "risk analysis-risk identification-risk assessment-risk early warning-risk control" for the growing science and technology enterprises is established. Secondly, in view of the dynamic and interactive characteristics of financing risk factors in sci-tech enterprises, based on the analysis of dissipative structure and coupling phenomena, this paper combines the risk source factors and the risk threshold. Based on the research framework of financing risk generation, the mechanism of financing risk generation process of science and technology enterprises in growing period is analyzed. Thirdly, through the results of interviews with science and technology enterprises and the collation of relevant documents, this paper puts forward the theoretical hypothesis of potential financing risk factors for the growing science and technology enterprises, and makes a questionnaire survey on 129 growing science and technology enterprises on this basis. By means of factor analysis and regression analysis, the key risk factors and their variables affecting the consequences of financing risk are identified. Fourthly, based on the identified risk factors and their variables, the index system of financing risk assessment for science and technology enterprises in the growing period is constructed. The rough set theory is used to empower each risk factor and index, and the fuzzy comprehensive evaluation method is combined. The possibility of each key factor of financing risk, the possibility of overall financing risk generation and the degree of risk consequence are evaluated. Finally, according to the process mechanism of financing risk generation, the identification of key financing risk factors and the research results of financing risk assessment, this paper puts forward the construction of early-warning system of financing risk in growing science and technology enterprises. The control methods and measures of financing risk and the guarantee system of early warning and control of financing risk are improved.
【学位授予单位】：哈尔滨工程大学
【学位级别】：博士
【学位授予年份】：2014
【分类号】：F276.44;F832.4
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本文编号：2087472