Langfang science and technology enterprises to deepen reform of the mechanism of the analysis of investment and financing

[Abstract] are the most advanced productive forces, science and Technology enterprises and the most vibrant combination of the operating mechanism is a major force in the national innovation, but in recent years as a constraint to Investment and financing the Development of science and Technology enterprises Langfang major bottleneck of the article analyzes the Langfang City of basic science and Technology enterprise Investment and financing conditions, problems and causes, in reference to foreign Investment and financing of basic science and Technology enterprise based on the experience, the system put forward to deepen scientific and technological enterprises Langfang major Investment and financing mechanism reform measures with a view to solve the problem of Investment and financing Technology companies to provide reference.

[Keywords] Langfang, science and technology enterprise, Investment and financing mechanism reform

Langfang the rise and Development of science and technology enterprises, the establishment of socialist market Economic system is the historical necessity, but also deepen the reform, to promote the reality of the whole society needs scientific and technological progress, in line with the contemporary trend of Economic integration technology. Needless to say, Langfang vigorously Development of science and technology enterprises is not only optimize the industrial structure, major changes in the way of Economic Development initiatives, but also building strong market cities to achieve a new leap in the inevitable Economic and social choice. To this end, Langfang support science and technology industrial park, or base characteristics to accelerate the formation of distinctive high-tech industrial clusters, science and technology enterprises to optimize the Investment environment and solve the problem of financing of scientific and technological enterprises of great practical significance.


First, the definition of Investment and financing mechanism

In our business Development, capital management is beginning to people's vision, Investment and finance theory, which is more interesting, but also a modern business strategy an important part of planning, but compared with other countries, the theoretical study of China's Investment and financing is still not perfect, especially for the study of science and technology enterprises with less investment and financing due to objective conditions, the momentum for the slow business expansion, investment and financing model of a single, domestic science and technology enterprises such patterns of investment and financing is lagging behind in China investment and financing mechanism with the word socialist from a planned economy to a market economy over the emergence of in the planned economy period, China's investment and financing mechanism, only investment content, but not the concept of financing As a socialist in 1978 the establishment of a market economy, the formulation of investment and financing mechanism up more gradually, there are many called the "investment and financing system" or "investment and financing mechanism", etc. In general, investment and financing mechanism is a country's investment activities in operating mechanism and management systems in general, is an important part of the Economic system. It includes the establishment of its main investment and financing behavior, ways of financing and investment use, investment decision-making process, construction management and implementation of macro-control system and so on. Investment and financing mechanism for a country or a region important means of resource allocation is the most important economic mechanism, the core component of both economic activities and micro-management-related, with economic activity in close contact with the macro-management mechanism can be said that the investment and financing mechanism to involve the entire economic system from the micro to the macro the whole process.


Second, science and technology investment and financing Langfang Analysis

(An investment and financing mechanisms are inadequate
Langfang Technology investment and financing mechanism is not perfect mainly in two aspects, first, the legal mechanism is not perfect. Langfang has not put the investment and financing platform for the legal norms, the management of many aspects of the blank there, such as investment and financing business carried out to determine the direction of investment, debt management, investment and financing institutions operating status and the lack of such basic operational elements of a unified legal norms, resulting in Langfang City, uneven development investment and financing institutions, policy goals are inconsistent, arbitrary acts of the department or agency over large, investment and financing operations are not standardized, affect the functions of play. To this end, it is imperative Langfang municipal government should establish some laws and regulations related to investment and financing. Second, investment and financing risk control mechanism is not perfect due to the weak scientific and technological enterprise itself, make it much investment and financing risks higher than other industries. Langfang City, and because science and technology enterprise risk protection mechanism for building more slowly, resulting in Langfang City, investment and financing risk control mechanism is not perfect now, Langfang City has not established effective policies and insurance companies, insurance, professional management of technology The insurance company is almost a blank in Langfang In addition, the lack of appropriate technology mutual insurance organization. Standard mutual insurance organizations can provide funds for small investors security, the insurance system is an indispensable part of the third, failed to establish the insurance risk compensation fund such funds to provide subsidies for technology funds because of Langfang Technology Investment financing risk compensation mechanism is not perfect, due to huge investment the majority of irreparable damage, which affected the enthusiasm of investors.

(B finance, financial institutions, investment and financing can not meet the technological development of enterprises
According to 2006-2008 <<Langfang Economic Statistics Yearbook>> records, Langfang finance research into three funds were 10 942 million, 13,695 million, 14,872 million, an increase over the previous year's ratio of 15.6%, 25.2%, 8.59%, while Langfang finance science and technology funding increased year by year three, but the growth rate declined, according to overseas experience, the Government's investment in technology companies, especially the seed stage financing of technology companies from a Key role in Langfang City Finance should increase research funding for the three input addition, the high concentration of banking and financial system can not meet the Langfang tech corporate finance. highly centralized banking system from institutional to science and technology enterprises In addition to excluding the supply of credit funds, even if part of the loan, but also because it is difficult to achieve between banks and enterprises risks and benefits on the other, greatly reducing the financial institutions lending initiative. In addition, the lack of beneficial technologies within the bank's corporate finance incentives of bank credit managers to avoid responsibility, basically gave up, but those risks have a higher expected return projects, thereby further limiting the science and technology enterprise loans in Table 1 is from 2004 to 2009 in Langfang City, state and sales of 500 million yuan of industrial enterprises in science and technology activities, Figure 1 is a scientific and technological activities in industrial enterprises in Langfang City, the funding situation.


From Table 1 and Figure 1 of the statistical data, from 2004 to 2009, the total science and technology activities to raise funds was a general upward trend in the funding of science and technology activities in the process, most of the money from their funds, and loans from financial institutions in general smaller, but showed a downward trend, loans from financial institutions can not meet the industrial development of enterprises. In addition, the proportion of government funds less, which is also a reflection of, science and technology enterprises as own characteristics and limitations, to obtain loans from financial institutions and even less, science and technology enterprise which has become one of the reasons for funding difficulties.

(C venture capital mechanism is not perfect, the capital market is not perfect
From Langfang the current situation, the mechanism has not been established to raise venture capital, private capital, social capital has not yet fully participate in the scientific and technological enterprises. Although ample social capital, but the venture capital Industry in order to get money but it is very difficult private capital Most savings in financial institutions, or engage in some of the very low profit margins of the Industry, social capital is not idle the efficient operation of investment.

In addition, the capital market in Langfang City, also did not give full play to its proper functions, play the role of capital markets and capital markets to achieve high-tech industries, the development of science and technology enterprises docking is an important way to present, although the national launch in the stock market a listing of high-tech Industry's policy priorities, but in the specific operational measures are still inadequate in the support, the Main Board listed companies is too high, for most of the science and technology enterprises in the entrepreneurial growth is elusive and and, therefore, can be listed in the motherboard market less and less science and technology enterprises.


Third, foreign investment and financing mechanism for scientific and technological enterprises draw on the experience

(A U.S. science and technology enterprise financing mechanism About
In the U.S., technology-based enterprises is a major investment and financing private angel investors, angel investment is in the seed and growth stage technology-based enterprises is the main mode of financing of the angel investment has been "high-risk, high return" The legendary attract people's attention. In addition, the legal mechanism of risk investment protection, the laws of the United States there are many matching, as shown in Table 2, Langfang municipal government also introduced the corresponding local laws and regulations to encourage science and technology enterprise development.

(Two Japanese science and technology investment and financing mechanisms Profile
The Japanese Government is very concerned about the development of science and technology enterprises, between enterprises, in addition to further strengthen the scientific and technological Information network and Information-sharing mechanisms to cultivate, the Japanese Government with particular emphasis on supporting policy-related science and technology enterprise building. Such as science and technology enterprises to establish a "creative technology research and development grants system," tax relief, low-interest loans to support science and technology enterprises engaged in technology development, to promote science and technology enterprise academic exchanges with major universities and technical exchanges, the establishment of knowledge Property Centre, to promote the flow of patents and patent technologies and introduction of science and technology enterprises providing financial services, etc. These for the rapid development of science and technology enterprises in Japan provided a favorable platform. Links to free download http://www.hi138.com Fourth, deepen Langfang Technology Enterprise investment and financing mechanism reform measures analysis

(A) improve the scientific and technological reform of corporate investment and financing mechanism
Langfang existing science and technology enterprises on regional laws and regulations is still not complete and perfect, slow updates in support of technology companies have not done enough to protect the legal effect is not high, so learn from management science and technology enterprises in developed countries experience, Langfang City, you can set up a special government agency, to develop as soon as possible to support and protect the development of science and technology enterprises where special laws, such as <<Langfang science and technology investment and financing method>> to make the investment and financing scientific and technological enterprises are protection of the law. for the support and development of science and technology enterprises, and only at the level of laws and regulations to be sure, the healthy development of science and technology enterprises will continue in the investment and financing risk control mechanism, Zhejiang and Shanghai to learn the practice, may establish specialized credit rating agency, on science and technology enterprise's credit rating such as AAA credit good business, generally for the AA business, bad for the A Company, at the same time, these corporate credit data to be published on the Internet, so that both credit can promote the improvement of science and technology enterprises, but also help companies to reduce investment and financing costs, and loans for financial institutions to provide a reliable decision support. In addition, to increase supervision and law enforcement efforts to combat evasion of debts, sound and trustworthy promises punishment reward system. for a good credit history science and technology enterprises, Langfang city to be awarded, to be in a more favorable tax treatment, the business sector can be given two to three years of exemption. for poor credit history, to be severely punished . (B to further increase the fiscal and financial institutions, investment funds for science and technology enterprises
The main aspects of the investment and financing, mainly over the last Shanghai government investment, through the appropriate expenditure on technological innovation to give direct financial assistance, has become common practice in developed countries is an important government policy the Government as the national financial allocation macro functions, and as one of the main investment and financing technology companies, should bear the financial resources to support national economic development, science and technology leading Industry role, Langfang City in economic strength, based on the need to further increase investment in scientific and technological resources, while to strengthen the funding targeted to meet the industrial upgrading and restructuring, and strengthening the capability of independent innovation, and strive to cultivate new economic growth point, to create new and lasting competitive high-tech industrial economy, the development of science and technology enterprise development plan , improve relevant policies and measures, timely research and resolution of the reform and development in the new situation and new problems, the integrated use of economic, political and legal means to promote the distinctive scientific and technological level of industries, on the scale, efficiency in financial institutions, financing, through the government to develop appropriate safeguards to regulate the banks and the operation between the scientific and technological enterprises, while reducing the threshold of technology and standards for corporate loans.

(C actively introduce venture capital firms and angel investors
Learn from the experience at home and abroad, Langfang City can set up venture capital firms, investment risk fund technology projects to take on regional science and technology, science and technology to provide business development loans and other guarantees for venture capital firms that have growth potential specifically, there is a certain risk can not be from commercial bank lending growth has been science and technology enterprises, according to their development process and risk financing needs arising from the characteristics of its funding support to banks, rural credit cooperatives or other non-bank financial institutions, compared to venture capital firms in the settlement on the financing of science and technology enterprises have an advantage, compared with venture capital firms, angel investors are informal venture capital, it has a non-governmental nature, spontaneity, individuality and dispersion of other features that make the angel investment is different from the traditional venture capital has become a promising way of personal investment in the United States, angel investment is the science and technology enterprises in the seed and the growth of one of the main means of financing in China's Shanghai, Jiangsu and Zhejiang and Guangdong, there have been angel investment club, but the operation has not been standardized, need further development and improvement in Langfang, angel investing has not yet appeared, should learn from foreign experience, based on the active introduction of angel investment, which will provide financing of Langfang City to open up science and technology enterprises a new world.


(D using the GEM and backdoor listing and financing
Developed countries and China's experience shows that the development of GEM is to give small and medium enterprises, especially high-growth technology-based enterprises to provide more convenient financing channel for venture capital to create a normal exit mechanism. For investors, although the GEM market risk is much higher than the motherboard market, but since our October 23, 2009 the first batch of 28 GEM board on the market, GEM has developed into helping small and medium sized emerging businesses, especially high-growth technology companies financing market. Langfang municipal government to create conditions to encourage and support have certain basic conditions for science and technology enterprises and to enter the GEM market financing. In addition, the backdoor listing is also an effective way of financing, in our current listing standards under the conditions of backdoor listing of science and technology enterprises to access capital markets more viable option mode. China's science and technology enterprises, such as Beida Jade Bird bridges, Hunan Powerise science and technology enterprises in the backdoor listing has made the successful exploration and practice, science and technology enterprises should learn from some of Langfang City.


V. Conclusion

Through the above analysis we can see, the growth of science and technology enterprise is a complex process, often non-linear trajectory, usually to go through the seed, start-up period, growth and maturity of different stages of development, and the corresponding need matching mechanism to be improved in the early stage of development of the seed, the stage technology enterprises mainly rely on funds raised, but the registration and self-financing can only meet the basic needs, unable to meet the needs of all the funds, must find a new investment channels, the government need to venture capital, angel investors, the main advantage of the start-up venture capital firm financing, the main use of financial institutions in financing growth in maturity, the principal financing science and technology enterprise characteristics and the nature of any previous stage have a sense of difference, at this stage, gradually improve business operations, institutional structure is more reasonable, the use of technology matures, a process that is required to fund capital requirements of the previous stage more than ten times the number of these difficult capital to form its own capital by enterprises, it is difficult to rely solely on banks to meet the need for financing through the capital market. Science and technology enterprises at different stages of financing needs shown in Figure 2.


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