摘要
随着科技的日新月异,经济全球化的不断发展,全球产业链分工与协作的不断深入,轻资产运营作为一种新的商业模式越来越受到企业的广泛推崇。基于轻资产企业运营的特征,从企业生命周期视角分析其各个阶段的融资需求。轻资产企业的融资困境主要在于初创期抵押资产规模小、信用不足、担保体系不健全、直接融资机制不畅等原因。通过对轻资产科技型企业融资机制创新的案例分析,总结提出通过政府政策支持、金融服务创新、私募债券融资、夹层融资工具和创业风险投资等融资机制的创新来解决轻资产中小企业的融资困境。
The strategy of asset-light as a new business mode has become more and more popular along with the fast development of science and technology and economic globalization, as well as the deepening of division of labor and cooperation in the global industrial chain. Based on the character- istics of assetqight strategy, this paper analyzes the financing demand of enterprises at different stages from the perspective of enterprise life cycle. The financing difficulties of asset-light companies are mainly resulted from small-scale mortgage assets at start-up stage, insufficient credit, imperfect guaran- tee system, unsmooth direct financing channels, etc. Through the case analysis of financing mechanism innovation of an asset-light technological company, this paper summarizes and puts forward several in- novative measures of financing mechanism to solve the financing difficulties in medium-sized and small asset-light enterprises, such as government policy support, financial service innovation, private placement financing, mezzanine financing tool, venture capital, etc.
出处
《当代财经》
CSSCI
北大核心
2013年第10期66-75,共10页
Contemporary Finance and Economics
基金
常州市科技计划项目(20130326)
关键词
轻资产
融资困境
融资机制
金融创新
asset-light
financing difficulties
financing mechanism
financial innovation
