CAJ | 학술논문

金融是现代经济的核心，促进科技和金融结合对于转变经济发展方式和经济结构战略性调整具有重要意义。因此，高新技术企业的融资问题成为创新驱动发展战略实施的关键性因素。本文从总结发达国家构建多层次融资平台支持高新技术企业发展的经验出发，运用生命周期理论实证分析我国高新技术制造企业在不同生命周期中的融资顺序和结构对企业绩效的影响。结果发现，高新技术企业融资方式与其生命周期不匹配，说明高新技术制造企业在融资渠道选择方面有待改进，进一步研究还发现，政府扶持资金效率有待提高，迫切需要构建多层次融资平台支持高新技术企业发展。
금융시현대경제적핵심，촉진과기화금융결합대우전변경제발전방식화경제결구전략성조정구유중요의의。인차，고신기술기업적융자문제성위창신구동발전전략실시적관건성인소。본문종총결발체국가구건다층차융자평태지지고신기술기업발전적경험출발，운용생명주기이론실증분석아국고신기술제조기업재불동생명주기중적융자순서화결구대기업적효적영향。결과발현，고신기술기업융자방식여기생명주기불필배，설명고신기술제조기업재융자거도선택방면유대개진，진일보연구환발현，정부부지자금효솔유대제고，박절수요구건다층차융자평태지지고신기술기업발전。
〔Abstract〕 This paper examines the impact of different financing methods on business performance during different life period through empirical analysis . The result shows that the impact do not match the capital structure of the enterprise , which means financing remains to be further improved . The achievement of this study will be used to promote Chinese high -tech manufacturing enterprises financing , and leads to reasonable and better decisions on this industry made by the government .