中国科技型中小型企业融资创新分析 修改版 吴耀.doc

摘 要 从金融创新和中国资本市场建设，金融体制完善的视角，对科技型中小企业融资难问题进行了分析与讨论。本文试图采用一种新型理论框架对金融创新和融资体制建设问题进行研讨。本文从对科技中小型企业的现状入手，分析融资难问题所在，最后提出解决方法和建议。 本文共由三部分组成。我们首先简单介绍了科技型企业的自身特征，然后提出了创业风险投资项目阶段理论，用以验证融资难的原因在于科技型企业和投资方各自的特征。此外，本文讨论了其他资本市场因素以及政府提供的外部条件问题。最后，我们得出了我国已经开始逐步重视科技型新兴企业融资难问题，但是融资体系还需进一步完善，金融创新还需进一步优化的结论，以此结束了全篇的讨论。 通过上述的分析和研究，科技创新型中小型企业融资难问题归根到底并不仅仅是是渠道建设的问题，而是一项要综合整理整个金融体系的复杂难题。据此，我们仅能做出以下初步结论：①我们要以发展创业板和风险投资为重点注重专业化发展；②以政府引导基金、产业投资基金发展为重点加强扶持力度；③注重金融资源和要素的整合形成完整的融资链式体系。 本项研究对完善中国的整体环境建设，对为国家经济转型做好充分准备有重要意义。 关键词：科技型中小型企业；融资难；金融创新；资本市场完善 Abstract This dissertation values the hardness of innovative high-tech SME financing issue based on a financial innovation point of view. There has been a heated discussion involving explaining the problem of setbacks of financing for high-tech SMEs. And in my study, I used an alternative theoretical framework to discuss the connection with innovative financing system and approach for solving these problems. In what follows, I want to start by stating recent status of high-tech innovative SMEs, analyzes the problem of financing, and finally proposes solutions and recommendations. I start with a brief introduction of characteristics of high-tech SME. Then I propose a periodical project theory to test whether specialties of both SMEs and investment capital result in the barrier of financing. An additional discussion of capital market and government involvement is also provided. I end the study with the conclusion that China has already taken action to cope with these financing problems, only that it takes time and strategic planning to construct the financing system and make further improvement on financing method innovation. What I found in the present study indicates the controversy of the issue. And this leads us to a tentative conclusion that Firstly, I should focus on GEM and Venture Capital development ,pay attention to professionalized investment industry construction; Secondly I need to put government funding and the development of indu