文档介绍：对外经济贸易大学
硕士学位论文
科技型中小企业融资问题研究——从财务角度评价
姓名:王翊
申请学位级别:硕士
专业:国际贸易学
指导教师:刘树林
20050301
科技型中小企业融资问题研究

摘要

风险投资这一概念从进入中国以来就与高科技产业结下了不解之缘国内外
风险资本的不断投入为我国科技型中小企业的发展提供新的机遇可以说在
科技产业高速发展的今天哪个企业最先与资本市场相结合哪个企业就赢得进
一步发展的先机因此研究风险投资者为谁融资和风险资金的需求者如何获得融
资变得尤为重要
本文以中关村高新技术产业园区中有完整分析数据的 174 家企业的财务数据
为基础运用二元逻辑回归方法对指标数据进行拟和得出风险投资财务评价模
型发现反映企业财务状况的个指标中有个指标资产负债率股东权益收
益率利润留存率总资产周转率直接影响着企业能否获得融资拟和结果表
明对未获得风险投资的家企业的预测精度达到一方面为风险投资者提
供投资去向的可行性分析依据以减少投资的风险另一方面为科技型中小企业
提供自我评价的依据

主题词科技型中小企业财务评价风险投资二元逻辑回归

II
科技型中小企业融资问题研究

Abstract
Venture investment has established indissoluble bound with high-tech industry
since it came to China. The constant investment of domestic and foreign venture capital
has provided new opportunity for the development of scientific and technological SMEs
in China. Nowadays, scientific and technological industries are developing at a high
speed, and it can be said that the enterprise whichever connects with capital market
earlier will win the opportunity for further development. So it es very important
to study whom the venture investors are financing for and how the venture capital
demanders acquire financing.
This paper takes the finance data of 174 enterprises plete analysis data in
Zhongguancun High-Tech Industry Garden as foundation, exercising dualistic logic
regression method to configure index data and educing the finance appraisal model. It is
found that 4 (assets and debt ratio, ROE, retained profit and turnover ratio of total
capital) out of the 17 indexes that reflect the finance status directly decide if the
enterprise can acquire financing. The configuration result shows that the forecast
precision of the 164 enterprises which haven’t acquired venture investment reaches
%. On one hand, it provides feasible analysis grounds on investment orientation for
venture investors so as to reduce investment venture and on the other h