高新技术企业成果转化融资与机构投资者  

Financing in Transforming Technology Achievements of High-tech Enterprises and Institutional Investors

作　　者：熊波 陈柳[2] 

机构地区：[1]中国博士后特华科研工作站 [2]中国光大银行总行

出　　处：《财经科学》2006年第7期35-41,共7页Finance & Economics

基　　金：国家自然科学基金重点资助项目(79730020)

摘　　要：在高新技术企业的技术成果转化过程中,高新技术企业与投资者之间存在着非对称信息,非对称信息导致的逆向选择和道德风险使高新技术企业面临着融资障碍。本文详细分析了高新技术企业技术成果转化过程中的非对称信息对高新技术企业融资的影响,论证了私人权益资本市场中的机构投资者能够克服技术成果转化过程中的非对称信息,满足其资金需求,促进高新技术企业技术成果的顺利转化。In the course of transforming technology achievements into productivity, there is asymmetric iniformation between high - tech enterprises and investors. Asymmetric information can lead to adverse selection and moral hazard. The adverse selection and moral hazard make high- tech enterprises be confronted with financial obstacles. The paper studies how asymmetric information influences financing of high- tech enterprises in the course of the transforming technology achievements, and proves that institutional investors in private equity market would overcome asymmetric information, and meet high- tech enterprises＇ fund requirement to promote transforming technology achievements.

关 键 词：高新技术企业 技术成果转化 非对称信息 融资 机构投资者 

分 类 号：F276.44[经济管理—企业管理]