摘要
本文构建了科技型中小企业互联网投融资模型。主要贡献为:高技术项目投融资的条件是产业的预期收益要大于进入壁垒收益和移动壁垒收益之和;高技术项目的专有属性将有助于企业家获取高技术项目的全部净收益。同时,数理模型分析表明,科技型中小企业持续投资的周期性特征是与企业生命周期理论吻合的。实证分析通过结构方程模型验证了种子期、初创期、成长期、成熟期的融资需求特点及其融资能力的匹配性。
This article builds an assessment model of technical medium-sized and small enterprises investment value. The main conclusion was: hi-tech project investment and financing conditions are expected to be greater than the earings of industrial revenue to entry barriers and earnings of the barriers to move barriers;proprietary property of hi-tech projects will help entrepreneurs obtain high-tech projects; the cycle character is in accord with the life cycle of the enterprises,which provides the basis for medium-sized and small enterprises online assessment. Emprircal analysis verifies the match between the financing capacity and the financing needs of the seed,start-up,growth and the maturity characterisitics by structural equation model.
出处
《当代经济科学》
CSSCI
北大核心
2016年第3期114-123,128,共10页
Modern Economic Science
基金
国家科技支撑计划<面向科技型中小企业的科技金融综合服务平台及应用示范--区域科技金融综合服务示范>(2012BAH31F 006)
甘肃省软科学研究计划项目<甘肃特有民族文化创意元素挖掘技术和开发模式研究>(148ZCRA004)
甘肃省社科规划项目<华夏文明传承创新区文化产业转型升级研究>(YB045)的阶段性研究成果
关键词
科技金融
融资周期特征
网上评价
Technology Finance
Financal Cycle Character
Online Assessment
