科技型企业融资风险：来源、评价与控制

Financing risk of science-and-technology-oriented enterprises: source, evaluation and control

摘要:

科技型企业融资风险是其陷入融资难困境的根源,该风险既包括筹资活动中资金来源不足的风险,又包括偿债资金来源不确定风险。市场波动、研发和管理能力不足、宏观经济政策调整、融资渠道狭窄以及信息不对称是产生科技型企业融资风险的主要原因。因此,对于科技型企业融资风险的评价应围绕市场风险、环境风险、生产经营风险来展开。基于此,从风险预防、风险分散、风险转移和风险补偿的角度提出科技型企业融资风险的预控策略。

Abstract:

Financing risk of science-and-technology-oriented enterprises is the source of their financing difficulty. Financing risk includes both the risk of inadequate capital in the process of fund raising, and the risk of uncertain sources of capital in the process of repayment. The reasons why financing risk of science-and-technology-oriented enterprises exists, mainly lies in market fluctuations, firms’ insufficient capability in R D and management, adjustment of macroeconomic policies, limited financing channels and the information asymmetry. Therefore, we should focus on market risk, environmental risk, and the risk of production and management, while evaluating the financing risk of science-and-technology-oriented enterprises. Based on this, this article raises some pre-control strategies from the perspectives of risk prevention, risk diversification, risk transfer and risk compensation.