[关键词]
[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
[Key word]
[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.
[中图分类号]
[基金项目]
国家自然科学基金项目：复杂网络环境下中小企业集群创新生态系统：集聚结构与演化博弈（71372001）； 国家自然科学基金项目：整合TCE和RBT视角下的战略联盟资产类型与治理关系研究。（71172081）.
