摘要
科技型小微企业是市场经济的重要组成部分,而融资难一直是制约其发展的关键因素。本文以生命周期理论为基础,将科技型小微企业生命周期划分为初创期、成长期、扩张期、成熟期、衰退期五个阶段,分析了其不同成长阶段的资金需求特征和融资状况。通过对发达国家科技型小微企业的创新型融资模式—"政策性融资模式与市场化融资模式"的研究,提出了适应我国科技型小微企业不同成长期阶段的融资体系:初创期和成长期应以民间资本和团体融资为主;扩张期和成熟期应充分利用资本市场实现债券融资与股权融资;衰退期应采用各种方式实现资产重组。
Small and micro S＆T enterprises are an important component of the market economy, but difficulty in financing has been a crucial factor for restricting their development. Based on the life cycle theory, the paper divides the life cycle of small and micro S＆T enterprises into five stages of start - up, growth, expansion, maturity and decline, and discusses the capital need characteristics and financing conditions for each stage. Through researches on the innovative financing models for small and micro S＆T enterprises in developed countries, the paper presents financing systems at different stageswhich arc suitable for micro - technological enterprises in our county, and proposes focusing on private capital and group financing in the start - up and growth periods, making full use of the capital markets for debt financing and equity financing in the expansion andmaturity periods, and realizing asset restructuring in various ways in the decline period.
出处
《企业经济》
北大核心
2014年第8期100-104,共5页
Enterprise Economy
基金
国家社会科学基金资助项目"中小企业团体融资路径与机制研究"(批准号:11BGL023)
关键词
生命周期
科技型小微企业
融资体系
growth cycle
small and micro S＆T enterprises
financing system
