科技融资模式选择路径研究

The path choice of science and technology financing mode

摘要:

科技企业初创期资金投入大、风险高等特点决定了其在融资方面必然面临诸多问题。从全球范围看，多数发达国家已经采取了适合有效的科技融资模式化解高科技企业融资难题。我国科技融资的发展尚处于初级阶段，为此我们深入研究并比较了美、日、德三个发达国家的科技融资模式，构建了科技融资模式的理论选择模型，并进行了分析，得到科技融资模式的选择与经济主体的经济金融发展水平密切相关、与其社会中投资主体的决策水平和管理能力密切相关的结论，对进一步完善我国科技融资模式提供了借鉴。

Abstract:

Science-and-technological enterprises face multiple financing challenges during their start-up periods, and these challenges are inevitable due to the large amounts of early investment and high risks. On a global scale, most developed countries have already used effective financing models to solve the financing problems of high-tech companies. However, the development of technology financing in China is still at its early stage. This paper explores the means and methods used to choose technology financing models in three developed countries, the United States, Japan and Germany. Based on the results, the paper analyzes the models built by theories of different technology financing models, and proves that the technology financing model is highly relevant to the level of development of the economic body’s economy and finance, as well as to the level of decision-making and management of the investment body in the society. Most importantly, this paper presents suggestions for further development and improvement of China’s technology financing models.