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党的十五大报告指出:“当今国际经济的竞争,归根到底是科技的竞争。”科技的进步依靠的是自主创新能力,而创新型企业便是我国自主创新的主体,也因此成为建设创新型国家的重要载体以及推动我国经济转型的重要力量。为了获取持续的竞争优势,创新型企业需要大规模、长期性地投入资金进行研发和技术创新,单靠内源融资已无法满足其资金需求,外部融资成为创新型企业主要的融资方式。而当前创新型企业高风险、市场前景不确定性大、投资回报周期长、早期盈利能力偏
The report of the 15th CPC National Congress pointed out: “The competition in the international economy is, in the final analysis, a competition in science and technology.” Progress in science and technology relies on the capability of independent innovation. However, an innovative enterprise is the subject of China’s independent innovation. An important carrier for building an innovative country and an important force for promoting China’s economic restructuring. In order to gain a sustainable competitive advantage, innovative enterprises need to invest large-scale and long-term funds for R & D and technological innovation. Internal financing alone can not meet their capital needs. External financing has become the main financing method for innovative enterprises. The current high-risk innovative enterprises, market uncertainty, long return on investment, early profitability