高科技中小企业风险投资分析

对于我国的中小企业来说，融资困难一直是制约其发展的瓶颈，尤其对于需要大量前期开发、且其开发成功与否有很大不确定性的高新技术企业来说，融资困难更是很大的问题。高新技术中小企业具有高投入、高成长、高风险、高回报的特点，所以传统的银行信贷等不愿将资金投入其中。风险投资是解决高新技术中小企业融资困难的有效途径，它在将资金投入到高新技术中小企业的同时，还把管理技术，社会资源等投入到企业中，以扶植其发展，待企业发展壮大后，通过退出机制将资金退出。本文通过分析风险投资在我国发展过程中遇到的问题，如资金来源单一、法律制度不健全、退出机制不完善等，提出相应的解决方法，以促进风险投资事业的发展，使其为经济发展做出更大贡献。

关键词：高科技中小企业；风险投资；退出机制
The Analysis of Venture Capital about the High-tech SME
ABSTRACT

For China's SMEs, the financing difficulty is the bottleneck hindering their development, especially for the high-tech enterprises. They need a large number of early development, the success of their development is uncertain and the financial difficulty is a greater problem for them.The high-tech SMEs are Characterized by high input, high growth, high-risk, high-return. Therefor, the traditional bank credit do not want to put money into them.Venture capital is an effective way for SMEs to solve their financial difficulties. It put money into the High-tech SMEs. At the same time, they will also put management techniques, community resources into the High-tech SMEs to support their development. The funds will be returned through the Withdrawal mechanism when the company grows strong.This thesis analyses the problems which the venture capital met with in the process of its development in china, such as the single source of funds, the unsound legal system and the imperfect withdrawal mechanism. The relevant solutions are proposed to promote the development of venture capital and promote it make greater contributions to economic development.

Key words：high-tech SMEs; venture capital; withdrawal mechanism

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