我国中小高新技术企业在资本市场的融资分析-financing analysis of small and medium-sized high-tech enterprises in capital market in china.docxVIP

摘要摘 要高新技术已成为我国经济发展中的主要增长点，党的十七大报告中提出:提升高新技 术产业，发展信息、生物、新材料、航空航天、海洋等产业。近几年来，高新技术企业 特别是中小高新技术企业发展迅猛，它们在带动我国科技创新、推动科研成果转化、促 进国民经济发展等方面做出了难以估量的贡献。中小高新技术企业在其发展中需要大量 的资金，但由于其自身发展过程中的高风险、高投入、高收益的“三高”特征，以及政 府政策不够支持、资本市场不够完善、我国中小型高新技术企业在融资过程中面临着政 府支持技术改造资金较少、直接融资渠道狭小、间接融资中信贷配给问题，缺乏完善的 直接融资体系、缺乏有效的直接融资渠道。间接融资体系不健全以及企业自身所存在融 资能力不够等原因融资难已成为制约中小高新技术企业发展的严重瓶颈。因此，研究中 小高新技术企业的融资策略，具有十分重要的现实意义。本文分析了中小高新技术企业自身的特征，从合理满足高新技术企业发展过程中的 融资要求出发，借鉴发达国家中小型高新技术企业先进融资体系的经验的基础上，提出 了支持我国中小型高新技术企业在资本市场融资的对策。为了解决目前我国中小型高新 技术企业的融资问题，必须采取如下对策：第一完善资本市场结构，建立完善二板市场； 第二发展风险投资；第三建立场外交易。关键词：中小高新技术企业 融资 资本市场 二板市场 风险投资AbstractAbstractThe high technology and new technology has become a major growth point in Chinas economic development. In partys 17 reports proposed that：to promote high technology and new technology industry, Development of the information, biology, new materials, and aerospace, marine, and other industries. In the last few years, rapid development of small and medium-sized high-tech enterprises, that in driving technological innovation, promoting scientific research in China transformation, and promoting national economic development have made much contributions. Small and medium-sized high-tech enterprises in their development requires a lot of money, but because of its own development process in high risk, high investment, high return of three high feature, lack of government policies supporting, lack of perfect capital markets, domestic medium and small high-tech enterprises in the process of financing faces those problems about fewer technical revamping of Government support funds and direct financing channel of small and credit rationing in indirect financing， Lack of direct financing system and direct financing channels. The lack of perfect of the indirect financing system as well as the enterprise itself financing ability insufficiently and so on the reasons become the serious bottleneck which restrict the small high technology and new technology enterprise development . Therefore, t