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  本文選題：科技金融　切入點：生命周期　出處：《浙江大學(xué)》2011年碩士論文　論文類型：學(xué)位論文

【摘要】：科學(xué)技術(shù)是第一生產(chǎn)力,金融是現(xiàn)代經(jīng)濟的核心,金融與科技的有機結(jié)合將會極大地提高科技成果轉(zhuǎn)化為現(xiàn)實生產(chǎn)力的速度與效率。在現(xiàn)代經(jīng)濟中,科技和金融的協(xié)調(diào)互動是保證宏觀經(jīng)濟運行質(zhì)量和速度的前提和基礎(chǔ)�？萍冀鹑诘闹匾砸呀�(jīng)獲得了中央和地方政府的高度認(rèn)可,關(guān)于科技金融如何有效的結(jié)合也引起了學(xué)術(shù)界的高度關(guān)注。但是,對于如何根據(jù)企業(yè)生命周期不同階段的風(fēng)險特點、資金需求規(guī)模等特征提供針對性的金融服務(wù),如何結(jié)合地方的產(chǎn)業(yè)基礎(chǔ),利用科技金融來有效促進(jìn)地方產(chǎn)業(yè)轉(zhuǎn)型升級等核心問題還有待進(jìn)一步深入的解讀。 對此,本文借助于國內(nèi)科技金融、高新技術(shù)產(chǎn)業(yè)、生命周期等相關(guān)理論,圍繞“科技金融的結(jié)合機制”這一核心問題,從企業(yè)生命周期入手,剖析了在高新技術(shù)企業(yè)不同發(fā)展階段可以重點采用的融資渠道,以及政府在不同階段如何為企業(yè)提供直接和間接的金融服務(wù)。運用規(guī)范理論分析和杭州市經(jīng)典案例研究相結(jié)合的研究方法,本文在科技金融的結(jié)合機制和政策研究方面得出以下兩個主要研究結(jié)論： (1)企業(yè)處于不同的階段時,其投資價值和投資風(fēng)險不同,對資本需求方式和數(shù)量也不同。在企業(yè)種子期,天使投資和高新技術(shù)企業(yè)孵化器比較合適企業(yè)的融資需要；在企業(yè)初創(chuàng)期,天使投資仍是企業(yè)獲得資金的關(guān)鍵途徑,同時政府可以通過發(fā)展中小額貸款公司為企業(yè)提供部分債務(wù)融資；在企業(yè)成長期,風(fēng)險投資開始關(guān)注高新技術(shù)企業(yè),政府需要通過引導(dǎo)基金等方式讓更多的風(fēng)險投資基金進(jìn)入高新技術(shù)企業(yè)；企業(yè)擴展期,風(fēng)險投資比重提升,但政府需要為企業(yè)提供融資成本更低的科技貸款；企業(yè)成熟期,企業(yè)開始引入長期債務(wù)融資,同時經(jīng)營較好的企業(yè)考慮融資上市。 (2)杭州市在創(chuàng)業(yè)投資、科技銀行、風(fēng)險投資、科技擔(dān)保和雛鷹計劃5個方面進(jìn)行了有效的金融創(chuàng)新,很好地滿足了高新技術(shù)企業(yè)生命周期不同階段的融資需求。但同時,也存在風(fēng)險投資過于關(guān)注企業(yè)生命周期后期、科技擔(dān)保外部環(huán)境有待持續(xù)改善等諸多問題,對此,本文提出了相應(yīng)的對策建議,以供杭州市政府有關(guān)部門參考。 基于企業(yè)生命周期科技金融結(jié)合機制的理論框架和案例研究,本文在以下兩個方面進(jìn)行了嘗試性的創(chuàng)新：(1)在現(xiàn)有研究的基礎(chǔ)上,通過定性和定量相結(jié)合的方法,對企業(yè)生命周期不斷階段的風(fēng)險特征、資金需求規(guī)模進(jìn)行了深入剖析,提出了針對性的金融創(chuàng)新方式,具有一定的探索性。(2)通過對杭州市科技金融創(chuàng)新活動的深度調(diào)研和總結(jié)分析，，考察了其創(chuàng)業(yè)投入等金融創(chuàng)新工具如何有效的滿足處于生命周期不同階段的企業(yè)融資需求,并對其存在的問題提出了改進(jìn)建議,這在理論和實踐兩方面都具有一點的創(chuàng)新意義,對我國其他城市科技金融結(jié)合機制的創(chuàng)新具有較好的指導(dǎo)意義。 當(dāng)然,囿于研究者本身的學(xué)術(shù)素養(yǎng),本文還存在諸多不足之處。對此,論文結(jié)論和展望部分提出了本研究的兩個主要局限性以及在未來還需要深入研究的兩個問題。
[Abstract]:Science and technology is the first productivity, finance is the core of modern economy, the organic combination of Finance and technology will greatly enhance the speed and efficiency of scientific and technological achievements into practical productive forces. In modern economy, coordination and interaction between technology and finance is the premise and foundation of macro economic operation quality and speed. The importance of science and technology finance has been highly recognized by the central and local governments, on how to effectively combine technology and finance has aroused great attention in the academic circles. However, how to according to the risk characteristics of different stages of the enterprise life cycle, capital demand scale and other characteristics to provide targeted financial services, how to combine the local industrial base, the use of technology to finance to effectively promote local industrial transformation and upgrading of the core issues to be further in-depth understanding.
In this regard, based on the domestic science and technology finance, high-tech industry, theory of the life cycle, around the core issue of "combination of technology and finance mechanism", starting from the enterprise life cycle analysis in different stages of the development of high-tech enterprises can focus on the financing channels, and the government in different stages of how to provide direct and indirect financial services. By using research methods of normative research and theoretical analysis of Hangzhou city classic case of combining, in the combination of mechanism and policy on science and technology finance draws the following two main research conclusion:
(1) enterprises in the different stage, the investment value and the investment risk, demand for capital and the number of different enterprises. In the seed stage, angel investment and high-tech business incubator is suitable for the financing needs of enterprises; in the start-up period, angel investment is still is the key way to obtain financial enterprises at the same time. The government can in the development of small loan companies to provide debt financing for enterprises; in the growth stage, the risk investment began to focus on high-tech enterprises, the government needs to guide the fund through other ways to let more of the risk investment fund into high-tech enterprises; enterprise expansion period, increase the proportion of investment risk, but the government needs to provide lower cost financing technology the loan for the enterprise; the enterprise maturity, enterprises began to introduce long-term debt financing, and good business enterprise to consider financing market.
(2) in the city of Hangzhou science and technology venture capital, bank, risk investment, the 5 aspects of science and technology guarantee and eyras plan of effective financial innovation, good to meet the high-tech enterprises in different stages of the life cycle of the financing demand. But at the same time, there is a risk of investing too much attention to the enterprise life cycle stage, many problems, external environmental science and technology guarantee needs to be improved etc. in this regard, this paper puts forward corresponding countermeasures and suggestions, for the relevant departments of Hangzhou municipal government.
The theoretical framework and case study on the combination mechanism of enterprise life cycle based on financial technology, this paper makes a tentative innovation in the following two aspects: (1) on the basis of existing research, by combining qualitative and quantitative methods, the risk characteristics of the enterprise life cycle stage, in-depth analysis of capital demand scale and put forward targeted financial innovations, has certain exploration. (2) through the summary and analysis of in-depth research on the innovation activities of technology and finance in Hangzhou City, the business investment and other financial innovations such as how to effectively meet the financing needs in the different stages of the enterprise life cycle, and its problems the improvement suggestions are put forward, which has some innovation significance in two aspects of theory and practice, innovation of China's other city financial technology system has good guiding significance.
Of course, due to the academic accomplishment of researchers, there are still many shortcomings in this paper. For this reason, the two main limitations of this study and two questions that need further study in the future are put forward.

【學(xué)位授予單位】：浙江大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2011
【分類號】：F832;G322

【引證文獻(xiàn)】

相關(guān)期刊論文 前2條

1 徐敏;蔣學(xué)杰;譚睿昊;;科技金融的形成機理及發(fā)展路徑探析[J];長春師范學(xué)院學(xué)報;2013年01期

2 王建中;田云;高祥;;基于DNA雙螺旋原理的科技金融體系構(gòu)建研究[J];華中師范大學(xué)學(xué)報(人文社會科學(xué)版);2013年S2期

相關(guān)博士學(xué)位論文 前1條

1 童藤;金融創(chuàng)新與科技創(chuàng)新的耦合研究[D];武漢理工大學(xué);2013年

相關(guān)碩士學(xué)位論文 前2條

1 崔燦斌;大連市科技型中小企業(yè)的融資問題研究[D];東北財經(jīng)大學(xué);2012年

2 王嬙;天津科技金融服務(wù)體系建設(shè)研究[D];天津財經(jīng)大學(xué);2012年

本文編號：1583196