嘉興太美醫療科技有限公司股權融資的策略研究

Abstract

1978改革開放距今恰好40周年，中國的社會經濟體制也發生了翻天覆地的變化，中小企業在社會主義市場經濟舞臺上扮演著越來越重要的角色，不僅成為社會經濟的重要助推力量，並且解決了就業等社會問題。其中一些中小企業通過資本擴張得到迅速發展，一躍成長為各領域的“獨角獸”。 對於企業的成長和發展而言，資本是企業首要因素。然而，對於發展初期的中小企業而言，融資過程困難重重。近年來，市場的需求加政策的利好促使科技型中小企業如雨後春筍般拔地而起，與此同時，企業對資本的需求與日俱增。由於企業數量眾多，創業專案的素質參差不齊，其中不乏一些動機不純的融資行為；另外，由於成立時間較短，中小型企業的盈利能力和未來成長的不確定性較大，導致一些具有真正融資需求的中小企業難以獲得投資人的信賴。 為此，本文將主要對科技型中小企業股權融資的現狀、特點、難點進行梳理，深入探討其背後的原因，並結合醫療科技中小企業的股權融資案例，具體分析應當如何應對科技型中小企業發展初期融資難的問題。希望此文能夠為一些正在融資過程中的科技型中小企業以一定啟發。

It has been exactly 40 years since Reform and Opening in 1978, Chinese social and economic system has also changed dramatically. Small and medium-sized enterprises(SMEs) is playing more and more important role on social and economic stage, they are not only significant roll boosters for economy, but also help solving all kinds of social problems such as employment. Some of SMEs developed rapidly through capital expansion, and grew to be‘Unicorn’enterprises in various fields. If an enterprise wants to grow smoothly, capital is the principal factor. Unexpectedly, equity financing is so hard for companies in the initial stage. In recent years, the increasing demands of ‘Internet Plus’products and the tailwinds propelling the market both push the technology-based SMEs springing up like mushrooms. At the same time, the demand for capital is mounting. Firstly, the number of SMEs is so large that the quality of projects and competency of managements vary greatly, undoubtedly covering equity financing with impure motives; secondly, due to short history, immature research products and uncertainty of profitability of many SMEs, investors would undertake more risks. In order to solve above problems, the essay will tease out the status quo、features and difficulties of equity financing for technology SMEs, and then explore the underlying causes, finally searching out effective measures by combining with a case of a medical technology enterprise. I expect that the essay can inspire some SMEs which are experiencing the difficulty of financing equity in some sense.