高新技术企业融资方式选择——基于技术创新水平差异的研究

Study on the Financing Choice of High-tech Firms——Based on Different Technological Innovation Level

摘要:

技术创新水平是影响高新技术企业寿命长短的一个重要因素,本文将技术创新水平作为一个变量,通过数理模型分析其如何影响高新技术企业在风险投资与银行债务融资之间的选择；并分析了技术创新水平如何影响风险资本融资中风险资本家的股份比例。研究认为在技术创新水平较低的情况下,企业会选择银行债务融资；在技术创新水平较高时,企业选择风险资本融资；风险资本家的股权份额会随着技术创新水平的增加而增加

Abstract:

Technological innovation level is a key factor to decide the life span of high-tech firms. Treating technological innovation level as a variable, this paper analyses the effect of technological innovation level on high-tech firms’ choice between venture capital and bank debt finance based on a mathematical model and that on venture capitalists’ equity stakes in venture capital financing. The study result shows that with the low level of technological innovation, the high-tech firms will choose the bank debt financing, with the high level of technological innovation, the high-tech firms will choose the venture capital financing. Besides, the higher the technological innovation level, the more venture capitalists’ equity stakes.