技术创新对融资模式的选择

在技术创新领域,企业和银行均有降低风险和追求短期利润的激励,选择渐进式技术研发项目并以信贷方式融资成为基本模式,成熟的行业领先者在技术投资中较多地采用这种方式。行业的新进入者为了站稳脚跟并获得更多的市场份额,偏向选择风险和收益率双高的长期技术项目,股市上的风险资本家能够有效为其融资,拥有新技术或进行突破性技术研发的新办企业较多采用这种融资方式。

The Choice of Financing Mode for Technological Innovation

In the fields of technological innovation, firms and banks have incentives to lower down risk and pursue short-term profit, which makes bank＇ s loan a fundamental mode in financing firms＇ incremental innovation. The mature leaders in an industry are more likely to choose this kind of funding. As for new comers, they prefer long-term investment for radical innovation with both high risk and high returns in order to get a firm foothold and more market share, venture capitalists in the stock market can effectively provide funds for their need. Those startups that own new technology or plan to implement radical innovation are more likely to use venture capitals. This paper will analyze these two financing modes theoretically.