摘 要:高新技术企业在国民经济发展中的地位日益重要，但高新技术企业的融资渠道存在许多障碍，资金短缺限制了企业的持续发展。从微观角度，高新技术企业可以通过选择恰当的融资战略解决企业的资金缺口问题。融资战略是企业为满足经营活动和投资活动中的资金需求，根据内外部环境对融资规模、融资渠道、融资结构及融资成本等进行的系统规划，适当的融资战略选择对于高新技术企业解决融资难问题十分重要。
本文根据高新技术企业不同发展阶段的财务特征及风险规律，动态地探讨高新技术企业的融资战略，将规范研究与实证研究相结合，以期得出高新技术企业融资战略选择方面的相关启示。首先，归纳了高新技术企业的融资现状及困境；之后，以现金流量特征组合为依据划分了高新技术企业的生命周期，并运用非参数检验和线性回归模型对高新技术企业的生命周期与其融资战略的相关性进行实证研究；在此基础上，探究高新技术企业在初创期、成长期、成熟期及衰退期的不同融资战略选择；最后，选取典型案例进行分析，以检验理论在实际融资活动中的适用性。
关键词：企业生命周期；高新技术企业；融资
ABSTRACT:Status of the high and new technology enterprises in the development of national economy is becoming more and more important, but capital shortage caused by financing obstacles restricts the sustainable development of the enterprises. From the microscopic point of the view, high and new technology enterprises can solve its funding gap by choosing the proper financing strategies. To meet the capital requirements of business activities and investment activities, financing strategy is a system plan enterprises make about the financing scale, financing means, financing structure and financing cost according to internal and external environment. The appropriate financing strategic choice is very important for high and new technology enterprises to solve financing difficulties.
In order to get relevant inspiration of the financing strategy selection of high and new technology enterprises, this paper combines normative research and empirical research to discuss financing strategies dynamically according to its financial characteristics and risk situation in different development stages. First of all, this thesis makes the summary of the financing situation and the financing problems of the high and new technology enterprises. And then, dividing the life cycle of the high and new technology enterprises based on its cash flow characteristics, this paper uses nonparametric test and linear regression model for empirical study on the correlation of life cycle and its financing strategy. On this basis, this dissertation explores its financing strategic choices in initial, growth, mature and decline phases and chooses a typical case for analysis to test the applicability of the theory in the actual financing activities at last.
Keywords: Enterprise life cycle; High and new technology enterprise; Financing
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