中文摘要：

高新技术企业具有高风险经营特征，资金合理配置对于高新技术企业的持续发展有着重要意义。目前高新技术企业在资金配置上存在着权益性融资方式高居首位、信贷资金中的短期借款大大高于长期借款、债券融资极少、融入资金管理不善等特点。高新技术企业成长的不同阶段对资金配置有着不同要求，资金配置来源的多元化、资金配置与资产结构的匹配、资金配置结构的灵活性是高新技术技术企业资金配置的客观要求。高新技术企业应当结合企业不同发展阶段上的经营与财务特征合理安排长、短期资金，合理利用财务杠杆效应，优化资金配置环境。

英文摘要：

High - tech enterprises have the characteristic of high - risk operation, So the rational allocation of funds is of great sig nificance for the sustainable development of high - tech enterprises. At present, High - tech enterprises have following features in the allocation of funds ： equity financing is the first choice ; the short - term borrowing is much higher than the long - term borrowing in the credit funds; there is very httle bond financing and funds management is unhealthy. High tech enterprises at different stages of growth have different requirements for fund allocation, the diversification of sources of funding, the matching between the allocation of funds and the structure of funds, and the flexibility of the structure of funds＇allocation are the objective requirement of enterprises＇allocation of funds. High-tech enterprises should reasonably arrange long - term and short - term fund, take advantage of financial leverage effect reasonably and improve the en- vironment of the allocation of funds on the basis of combination of operating characteristics and financial characteristics of different stages of enterprise＇s development.