科技型小企业的融资

DomesticFinanceDivisionFinancingofTechnology-BasedSmallFirmsFebruary2001BankofEnglandFinancingofTechnology-BasedSmallFirmsFebruary2001BankofEnglandDomesticFinanceDivisionThereisnosingledefinitionofasmallfirm.Inthisreportwehavedrawnonarangeofsourcesofdataandconsequentlyhaveusedmorethanonedefinition.Someofthemostcommonlyusedaresetoutbelow.DepartmentofTradeandIndustryInpractice,Governmentschemesthatarenominallytargetedatsmallfirmsadoptavarietyofworkingdefinitionsdependingontheirparticularobjectives.EuropeanCommission*Theindependencecriterionreferstothemaximumpercentagethatmaybeownedbyone,orjointlyownedbyseveralenterprisesnotsatisfyingthesamecriteria.ToqualifyasanSME,boththeemployeeandtheindependencecriteriamustbesatisfied,andeithertheturnoverorthebalancesheettotalcriteria.Alargefirmisanynotsatisfyingtheabovecriteria.CompaniesActAcompanyqualifiesassmallormediumifitmeetstwoofthethreecriteriaaboveinanyyear.BritishBankersAssociationForstatisticalpurposes,theBritishBankersAssociation(BBA)definesmallbusinessesasthosehavinganannualaccountturnoverofupto£1million.CopiesofthisreportareavailablefromBankofEnglandPublicEnquiries02076014878ortheBankofEnglandwebsite:0–9Smallfirm:0–49Mediumfirm:50–249Largefirm:250+MicrofirmSmallfirmMediumfirmTurnovernotapplicablemax€7mnmax€40mnBalancesheetnotapplicablemax€5mnmax€27mnEmployeesmax10max50max250Independencecriteria*notapplicable25%25%SmallcompanyMediumcompanyTurnovermax£2.8mnmax£11.2mnBalancesheetmax£1.4mnmax£5.6mnEmployeesmax50max250EXECUTIVESUMMARY..............................................................................................................1CHAPTERONE:KEYCHARACTERISTICSANDFINANCINGREQUIREMENTS..............................5CHAPTERTWO:THEVENTURECAPITALINDUSTRY................................................................9CHAPTERTHREE:VENTURECAPITALINVESTMENTSINTBSFS:............................................19THERISK-REWARDRELATIONSHIPCHAPTERFOUR:THEATTITUDEOFINSTITUTIONALINVESTORS..........................................27CHAPTERFIVE:OTHERSOURCESOFFINANCE:BANKS,BUSINESSANGELSAND................37CORPORATEINVESTORSCHAPTERSIX:PUBLICCAPITALMARKETS............................................................................45CHAPTERSEVEN:OFFICIALREPORTSONTHEFINANCINGOF..............................................55TECHNOLOGY-BASEDSMALLFIRMSCHAPTEREIGHT:PUBLICSECTORINITIATIVES......................................................................65CHAPTERNINE:ISTHEREAMARKETFAILUREINTHEFINANCINGOFTBSFS?....................73CHAPTERTEN:CONCLUSIONS................................................................................................77ANNEX:LITERATUREREVIEW..................................................................................................81iiCONTENTSThisreportexaminesthefinancingenvironmentfortechnology-basedsmallfirms(TBSFs)intheUK.Itconsiders,inparticular,smallfirmsoperatinginthecommunications,IT,computing,biotechnology,electronicsandmedical/lifesciencesindustries.Thereportisafollow-uptoearlierworkpublishedbytheBankofEnglandin1996.ThekeycharacteristicsofTBSFsarethat:theirvalueislinkedprimarilytolonger-termgrowthpotentialderivedfromscientificknowledgeandintellectualproperty;earlyon,theylacktangibleassetswhichmaybeusedascollateral;theirproductsinitiallyhavelittleornotrackrecord,arelargelyuntestedinmarketsandaresometimessubjecttohighratesofobsolescence.ThisreportconsiderswhetherthesecharacteristicsraisedifferentoradditionalfinancingproblemsforTBSFs,forexamplebecauseofthedifficultiespotentialfinanceprovidersmayfaceinassessingthetechnology,orbecauseofuncertaintiesandrisksoverthelikelycostsofR&Dandinestimatingprospectivedemandforanewproduct.Ineconomicterms,theinformationasymmetrieswhichcharacterisesmallbusinessfinancemayapplyparticularlytoTBSFsatthestart-upstage.Suchasymmetriesareassociatedwithcapitalmarketimperfectionswhichmayaffectadverselyboththequantityandpriceofdebtandequityfinanceandthepotentialrisks.ThereportexaminestheevidencefortheexistenceofsuchfactorsintheprovisionoffinancetoTBSFs.AlthoughthebanksdoprovidefinancetoTBSFs,oftenthroughspecialistunits,alackofcollateralandmarketpresencegenerallymakesequityfinancemoreappropriatethandebtforsmallhigh-techstart-ups.Butthesubstantialfixedcosts,suchasunderwritingandadvisoryfees,makeituneconomicformostSMEs,includingTBSFs,toraisesmallamountsofpublicequitycapital.Formanysmallfirms,moreover,theirlackofsizeandtradingrecordprecludethemfrommeetingthelistingcriteriaofpublicexchanges.Thefirstpartofthereportthereforefocusesontheventurecapitalindustry,asthemainpotentialsupplierofprivateequityfinancetoTBSFs.AlthoughtheUKventurecapitalindustryisthelargestandmostdevelopedinEurope,itcurrentlyinvestslittlemorethan5%offundsinstart-upsandearly-stagefinance,comparedwith20%inexpansioncapitalandasmuchas75%inMBOs/MBIs.Some18%ofBVCAinvestmentsinUKcompaniesin1999,