新三板对中小高科技企业融资问题的作用研究.docVIP

PAGE PAGE 16 新三板对中小高科技企业融资问题的作用研究 摘要：改革开放以来，我国的经济发展迅速，高科技已成为我国经济发展的重要动力。当下，传统的融资模式已经满足不了中小高科技企业的融资需求，融资困难的问题已成为其生存和发展的最大瓶颈，因此完善新三板市场来缓解中小企业融资困难的问题已成为一个现实而紧迫的问题。本文通过探讨当今形势下中小高科技企业融资难的问题及造成其融资难的宏观与微观因素，理论结合实际，根据新三板的发展历程，分析新三板市场由发展初期到现在的融资模式对中小高科技企业融资的推动作用。新三板作为一个全新的场外交易市场，其准入门槛较低，但与成熟的美国纳斯达克市场相比，仍存在很多政策与制度上不足与问题。 关键词：中小高科技企业融资困难新三板市场融资模式 Research On The Financing Problem Of Small And Medium High-tech Enterprises In The New-third Board Abstract: Since the reform and opening up, Chinas economic develop rapidly, high technology has become an important driving force for Chinas economic development. At present, the traditional financing model has been unable to meet the financing needs of small and medium high-tech enterprises, the financing problem has become the main bottleneck for its survival and development, so improving the new-third board market to ease the financing problem of small and medium high-tech enterprises has become a realistic and urgent problem. This paper discusses the problems and causes of macro and micro factors of the financing of small and medium high-tech enterprises of the current situation, according to the development of new-third board, analysis the effects of the financing mode from the initial stage to the present to small and medium high-tech enterprises. The new-third board as a new OTC market, the entry threshold is low, but compared with the United States Nasdaq market, there are still a lot of deficiencies and problems of policy and system. Keywords: Small and medium high- tech Enterprise Finances difficultly The new-third board Financing model 一引言 企业的生存与发展离不开资金，资金匮乏也是企业发展面临的最大的问题之一。为了扩张企业规模，强化企业竞争力，高效便捷的融资渠道必不可少。我国中小高科技企业的融资现状表现为：1.约70%的中小企业有扩大资本的需求，其融资的主要目的是为了技术创新、扩大生产。2. 企业向银行贷款，占85%以上，但银行贷款成本高、时间长，满足不了企业对资金的需求。3.经调查，企业主融资时最关注的是融资额度和时间成本，便捷性已成为最核心的问题。4.非银行金融机构融资便捷高效，成本更低，但融资额度较小，满足不了企业发展的需求。综上所诉，如何高效便捷的融到资金已成为现实而紧迫的问题。 我国从1990年开始建立多层次资本市场，新三板作为新兴的场外交易市场，其准入门槛机制、做市商机制和定向增资、股权融资等融资模式满足了大多数中小企业的融资需求。但相比国外成熟的场外交易市场，我国的新三板市场入市退市机制、管理