摘要
科技型中小企业融资难问题日益受到理论界和实践界的高度关注。文章通过深度访谈,运用多案例研究方法,选取4家科技型中小企业作为案例,对科技型中小企业融资渠道选择偏好及其影响因素进行研究。结果表明,科技型中小企业在选择融资渠道时表现出较强的股权融资偏好;在股权融资中,选择产业资本还是金融资本,受到企业所处阶段、产品的资源依赖性及创业者创业目的等的影响;偏好产业资本的创业企业希望投资者能够影响国家政策、整合行业资源及提高创业者资产价值。文章丰富了创业管理理论及中小企业融资理论,并指出了进一步研究的方向。
Both practitioners and scholars have paid more attention to financing predicament about tech SMEs. Through depthinterviews and with multiple cases study,this paper selects four tech SMEs as cases,discussing the financing preference andtheir influence factors for tech SMEs. The results show that tech SMEs prefer to equity financing. Choosing industrial venturecapital or financial capital,tech SMEs＇ decision has been impacted by their stage of life cycle,the resource dependence ofproducts and the business goal of the entrepreneurs. Entrepreneurial ventures preferring industrial venture capital is hopingthat investors can influence the national policies,integrate industry resources and increase the value of entrepreneurs. This pa-per enriches the entrepreneur management and SMEs financing theory and points out the direction of future research.
出处
《华东经济管理》
CSSCI
北大核心
2016年第9期157-164,共8页
East China Economic Management
基金
国家自然科学基金项目(71202123)
中央高校基本科研业务费专项资金中央财经大学科研创新团队支持计划资助项目
北京市共建项目专项资助中央在京高校重大成果转化项目"面向双轮驱动的北京市科技金融发展战略与实施路径"
