Paper
The Discussion of Chinese High-tech Enterprises Financing Efficiency
- Authors:
- Xiaoran Chang; Lingli Liu
- Abstract
- R&D is the important growing way for High-tech enterprises, but funds is the key facter of R&D. Firstly the paper defines R&D financing efficiency and analyses its affecting factors based on the characteristics of R&D project and R&D financing activity. Secondly it inspects R&D financing situation of chinese high-tech enterprises from capital sources and financing structures and then analyzes R&D financing obstacles. The results reveal that the financing dilemma and the unreasonable financing structure lead to the low R&D financing efficiency. The blocked financing channels and the imperfect non-standardized financial institutions are the external reasons which impede the rationalization of financing structure, weaken the freedom of R&D funds and reduce R&D financing efficiency. The characteristics of R&D investment, the nature of corporate assets and the asymmetric information of R&D financing are the internal reasons. Finally the paper puts forward some countermeasures to improve the R&D financing efficiency from transaction efficiency and utilization efficiency. The former includes three levels: government, financial insituations and high-tech enterprises.
- Keywords
- high-tech enterprises; R&D; financing efficiency; trade efficiency; utilization efficiency
- StartPage
- 24
- EndPage
- 29
- Doi