CAJ | 학술논문

将技术创新水平作为一个变量，通过数理模型分析其如何影响高新技术企业在风险投资与银行债务融资之间的选择；并分析技术创新水平如何影响风险资本融资中风险资本家的股份比例。研究认为在技术创新水平较低的情况下，企业会选择银行债务融资；在技术创新水平较高时，企业选择风险资本融资；风险资本家的股权份额会随着技术创新水平的增加而增加
장기술창신수평작위일개변량，통과수리모형분석기여하영향고신기술기업재풍험투자여은행채무융자지간적선택；병분석기술창신수평여하영향풍험자본융자중풍험자본가적고빈비례。연구인위재기술창신수평교저적정황하，기업회선택은행채무융자；재기술창신수평교고시，기업선택풍험자본융자；풍험자본가적고권빈액회수착기술창신수평적증가이증가
Technological innovation level is a key factor to decide the life span of high-tech firms. Treating technological innovation level as a variable,this paper analyses the effect of technological innovation level on high-tech firms’choice between venture capital and bank debt finance based on a mathematical model and that on venture capitalists’equity stakes in venture capital financing. The study result shows that with the low level of technological innovation,the high-tech firms will choose the bank debt financing;with the high level of technological innovation,the high-tech firms will choose the venture capital financing. Besides,the higher the technological innovation level is,the more equity stakes venture capital-ists will own.