企业融资制度与创新企业融资效率分析

对于中小型技术创新企业来说 ,由于迫切需要大规模、长期性的资金投入 ,外部融资成为主要的融资方式。由于在融资过程中的信息不对称和当事人的机会主义倾向 ,无论采用何种外部融资方式都存在利益冲突。而风险投资家在一系列事先未明确的情况下 ,视创新型企业开发的项目收益稳定状况 ,逐步向其提供资本 ,风险投资者从中可能获得的好处是企业成功后资本退出获得的资本收益。因此 ,风险投资是一种市场化程度更高的关系型融资制度。

Study on Financial System of Enterprises and Financial Efficiency of Innovation- based Enterprises

Small and medium-sized innovation-based enterprises need long-term and large amount of fund and external financing has become the main mode. However, there are interest conflicts during the financing process due to information unbalance and opportunistic behaviors. Although there are many uncertain elements, venture capitalists supply capital gradually according to the gains from the project undertaken by innovation-based enterprises. In the author's opinion, venture investment is a kind of relation-oriented financing system with higher degree of market.