随着科技的日新月异、经济全球化的不断发展、全球产业链分工与协作的不断深入,轻资产运营作为一种的新的商业模式越来越受到企业的广泛推崇。本文基于轻资产企业运营的特征,从企业生命周期视角分析其各个阶段的融资需求。轻资产企业的融资困境关键在于初创期抵押资产规模小、信用不足、担保体系不健全、直接融资机制不畅等原因。通过对A轻资产科技型企业融资机制创新的案例分析,总结提出通过政府政策支持、金融服务创新、私募债券融资、夹层融资工具、创业风险投资和完善多层次资本市场等融资机制的创新来试图解决轻资产中小企业的融资困境。
The strategy of asset-light has become very popular with the development of science and technology and economic globalization, the deepening of division of labor and cooperation in the global industrial chain. Basing on the characteristics of assetlight strategy, this paper analyzes the financing demand of enterprises from the perspective of enterprise life cycle. The financing difficulties of asset-light companies are result from the shortage of assets, credit, guarantee system and financing channels. The paper also carries out case study of technology companies, and puts forward several measures to solve the problem of financing difficulties in medium-sized and small enterprises, such as government policy support, financial service innovation, private bond financing, mezzanine financing, venture capital investment and multi-layer capital market perfection.