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摘要在当今各国经济和社会发展中，中小高科技企业发挥着巨大作用。中小高科技企业已经成为经济的重要组成部分，在创造巨大产值的同时，也成为我国财政收入的重要来源。中小高科技企业提供了大量的就业机会，为促进产业国际化、优化调整经济结构，推进自主创新和高新技术产业发展，提升我国综合国力和国际竞争力做出了巨大贡献。然而与中小高科技企业快速发展及其重要地位不相适应的是，融资难成了中小高科技企业发展的“瓶颈”。尽管我国政府出台了一系列支持、促进中小高科技企业融资的政策和法规，并取得了一定的效果，但由于中小高科技企业融资问题的解决是一个复杂的系统工程，各项工作还处于起步和探索阶段，中小高科技企业融资难的问题依旧十分严重。中小高科技企业的融资特点，决定了中小高科技企业的良好发展要在融资渠道上创新。本文通过广泛搜集国内外报刊、书籍、杂志及互联网的有关资料，结合北京市中关村科技园区中小高科技企业的发展历程与特点及面临的困难，对我国中小高科技企业融资渠道状况进行了分析，通过借鉴其他国家的成功经验并根据我国的实际情况，提出拓展和创新我国中小高科技企业融资渠道，解决中小高科技企业融资难的问题。本文认为，解决中小高科技企业融资问题，要有一个从风险资本市场到IPO再到再发行市场的、充分发育的多层次资本市场体系，要不断发展和完善中小金融机构，建立健全的创业投资体系，拓展民间融资渠道，建立和完善中小企业信用担保体系，要健全法律法规保障，创造良好的融资环境，增强中小高科技企业的竞争力。关键词：中小高科技企业融资渠道融资创新多层次资本市场体系AbstractThesmallandmediumhigh-techenterprises（abbreviatedas“high-techSMEs”）playasignificantroleintoday'seconomicandsocialdevelopmentofallcountries.High-techSMEshavebecomeanimportantpartoftheeconomy,creategreatvalue,andbecomeanimportantsourceofrevenue.High-techSMEshavemadegreatcontributionstoourcountries，itprovidealargenumberofjobopportunities，promoteindustrialinternationalization,optimaladjustmentofeconomicstructure,andpromoteindependentinnovationandhigh-techindustrydevelopment,enhanceChinesecomprehensivenationalstrengthandinternationalcompetitiveness.However,therapiddevelopmentofhigh-techSMEsisincompatiblewithit’simportantposition,difficultyinfinancinghavebecomethe“bottleneck”.AlthoughtheChinesegovernmentFormulatedaseriesofcorporatefinancepoliciesandregulationstosupporthigh-techSMEs,andhaveachievedsomeresults，butthefinancingproblemisacomplicatedsystematicproject,theworkisstillinthebeginningandtheexploratorystage,high-techSMEsfinancingproblemremainsveryserious.Thesounddevelopmentofsmallandmediumhigh-techenterprisesshouldbeconductedoninnovationinthefinancingchannels.Throughextensivecollectionofdomesticandinternationalnewspapers,books,magazinesandinformationontheInternet,combinedwiththedevelopmentprocessandthedifficultiesfacedbyhigh-techSMEsinBeijingZhongguancunScienceParkandAnalyzingwiththestatusofthefinancingchannels,Bydrawingonthesuccessfulexperienceofothercountries,andaccordancewithChina'sactualconditions,toproposeddevelopmentandinnovativefinancingchannelsinChinatoaddressthehigh-techSMEsfinancingdifficulties.Thispaperarguesthathigh-techSMEstosolvetheproblemoffinancingfromventurecapitaltohaveanIPOandthentore-issuemarkettomarket,todevelopthemulti-levelcapitalmarketsystem,continuouslytodevelopandimprovesmallandmediumsizedfinancialinstitutions,toestablishasoundbusinessinvestmentsystem,theexpansionofprivatefinancing,establishmentandimprovementofSMEcreditguaranteesystem,toimprovetheprotectionofthelawsandregulations,tocreateafavorablefinancingenvironment,andenhancingthecompetitivenessofthesmallandmediumhigh-techenterprises。Keywords:：smallandmediumhigh-techenterprisesfinancingchannelfinancinginnovationmulti-layercapitalmarketsystem目录第1章绪论.......................................................................................................11.1研究的背景和意义..........................................................................................11.2研究的内容和结构安排..................................................................................21.3研究的创新点..................................................................................................3第2章中小高科技企业融资渠道的基本阐述........................................52.1中小高科技企业定义和发展特点..................................................................52.1.1中小高科技企业的定义...........................................................................52.1.2中小高科技企业的特点...........................................................................52.1.3北京市中小高科技企业发展现状...........................................................62.2中小高科技企业的融资困境..........................................................................72.2.1中小高科技企业融资渠道.......................................................................72.2.2中小高科技企业的融资困境...................................................................92.3中小高科技企业融资难的原因分析.............................................................11第3章国外中小高科技企业融资渠道与融资创新.............................143.1美国拓宽中小高科技企业融资渠道的经验................................................153.1.1美国中小企业的融资渠道.....................................................................153.1.2美国解决中小高科技企业融资问题的方法及创新.............................153.2英国拓宽中小高科技企业融资渠道的经验................................................173.2.1英国中小企业的融资渠道.....................................................................173.2.2英国解决中小高科技企业融资问题的方法及创新.............................183.3加拿大拓宽中小高科技企业融资渠道的经验............................................203.3.1加拿大中小高科技企业的融资渠道.....................................................203.3.2加拿大解决中小企业融资难的方法及创新.........................................203.4日本拓宽科技型中小企业融资渠道的经验................................................213.4.1日本中小企业的融资渠道.....................................................................213.4.2日本解决中小企业融资问题的对策.....................................................22第4章我国中小高科技企业融资渠道与融资创新.............................244.1完善多层次资本市场体系....................