通过对广州创新型科技企业的融资情况调查及对供需状况的深入分析,我们发现其融资供求存在巨大的资金缺口。从根本上说,这种金融缺口是因为我国存在金融压抑所造成的。在广州市,利率因素的影响存在但不明显,金融缺口更显著地体现在资金供给者和资金需求者信息不对称,以及其他一系列内外因素的限制,使得资金有效供给减少,加大了金融缺口。针对造成创新型科技企业融资困境的主要因素进行剖析,并从完善政策性金融、银行信贷、资本市场、创业风险投资和民间金融等方面,提出相应的解决对策。
<<This paper finds that there is a huge funding gap between supply and demand in Guangzhou’s innovative sci-tech enterprises financing after investigating their financing situation and in-depth analyzing the funding in supply and demand. Frankly speaking,this financial gap is caused by the financial repression in China. In Guangzhou,the impact from interest rate factor exists but not obvious. The financial gap is reflected significantly in the information asymmetric between capital suppliers and funds demanders. And together with other restriction factors,the effective supply of fund reduces and widens the financial gap. This paper analyzes the key factors that resulting the plight for innovative sci-tech enterprises,and proposes resolutions from the perspective of improving policy finance,bank credit,capital market,venture capital and non-governmental finance.
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