科技型中小企业融资与投资管理分析.pdf

摘 要 本文结合科技型中小企业不同成长阶段的特性对其融资管理和投资管理进行 了详细的探讨。得出了适合我国科技型中小企业融资管理和投资管理的具体策略和 方法。 首先从质和量上分析了科技型中小企业的特点并给出了其定义，将其生命周期 划分为种子期、创建期、成长期、成熟期、蜕变（或衰退）期五个阶段；而后在概 括分析了科技型中小企业的特点的基础上，指出科技型中小企业融资管理高风险与 高收益相匹配，其重要性相对高于传统企业；投资管理上投资的重点领域、评价标 准、对外战略性投资不同于传统企业的特点。 接着对科技型中小企业融资管理进行了深入详细的研究。对当前我国科技型中 小企业融资难的现状进行了剖析并提出了适合科技型中小企业的融资方式。对处于 不同成长阶段的企业融资主要渠道、主要方式及相应的融资管理原则、实际操作方 法提出了创新性的思路。 最后论述了科技型中小企业投资管理。分析了其不同成长阶段的投资重点，接 着重点阐述了技术创新和技术资产转让投资决策，并建议在科技型中小企业的投资 决策中采用实物期权方法。 关键词：科技型中小企业 成长阶段 融资管理 投资管理 I Abstract In this paper ，the financing management and investment management is discussed in detail on the basis of the characteristics of different growth stages of the small and medium–sized enterprises of science technology. The specific strategy and methods of the financing management and investment management are identified for the small and medium–sized enterprises of science technology in our country. First, in this paper we analyze the characteristics of the small and medium–sized enterprises of science technology in quality and quantity, and discuss the definition standard for it. The life span of enterprise is divided into five stages: seed stage, startup stage, growth and expansion stage, maturation stage and upgrade (or decay) stage. Later on the basis of an analysis of the characteristics of the small and medium–sized enterprises of science technology, the financing management of high risk and high returns; Investment focus areas, evaluation criteria, external strategic investment to match their importance relative to traditional enterprises is analyzed. Secondly, the financing management of the small and medium–sized enterprises of science technology is studied thoroughly in this paper. By anal