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发展高新技术企业及产业,自20世纪80年代以来已成为一股世界性的潮流。近年来,我国政府也将扶持高新技术企业作为我国经济发展的一个重要的增长点。高新技术企业最大的特点就是高风险,据统计,美国高新技术企业的成功率一般只有15%～20%,60%以上受挫,近20%濒临破产。由于高新技术企业的这种低成活率,决定了我们在高新技术企业的融资策略中,不仅要考虑融资成本的最小化,更多的是要根据其生命周期各阶段的风险特点,考虑融资决策的战略性。
The development of high-tech enterprises and industries has become a worldwide trend since the 1980s. In recent years, our government will also support high-tech enterprises as an important growth point for our country's economic development. According to statistics, success rates of high-tech enterprises in the United States are generally only 15% to 20%, more than 60% are set back and nearly 20% are on the verge of bankruptcy. Due to the low survival rate of high-tech enterprises, we determine that in the financing strategies of high-tech enterprises, we should not only consider the minimization of financing costs, but also consider the financing decision according to the risk characteristics of each stage of its life cycle Strategic.