Private scientific and technological enterprises can be divided into the main financing source of funding within and outside financing sources.  Endogenous financing refers to a particular enterprise or economic units of the investment required by the internal accumulation (retained earnings and depreciation funds) to provide financing mode of financing.  External finance refers to the business or economic units through external financial markets and access to investment funding sources of financing.  Exogenous financing includes corporate direct financing (debt equity financing, etc.), indirect financing (bank loans, etc.) and other mode of financing.

民营科技企业的主要融资方式主要分为内源融资与外源融资。内源融资是指某一特定企业或经济单位所需投资是通过该企业内部积累（留存收益和折旧基金等）提供资金的融资方式。外源融资是指企业或经济单位通过外部金融市场获得投资的资金来源的融资方式。外源型融资主要包括企业直接融资（债权股权融资等）、间接融资（银行借贷等）以及其他融资方式。

View from the stage of business development, entrepreneurial private technology enterprises lack the initial venture capital support, a lack of effective small business loan guarantee mechanisms; in the growth stage of the business due to lack of new capital injection, are often unable to grasp the opportunities to realize the rapid development of scale expansion.  From the financing point of view, an indirect financing, private technology enterprises, mostly small and medium enterprises, funding sources, relatively narrow channels of capital is relatively small scale.  At the same time, private technology enterprises also determines the nature of its investment projects, many with a relatively high technical risk and market risk, in the emphasis on safety, liquidity of commercial banks, loan guarantees, as well as lack of access to loans.  Direct financing, private technology enterprises because of asset size, efficiency indicators and other reasons it is difficult to achieve the domestic stock market listing requirements, foreign market opportunities are very slim.  The local equity market in the past to make joint-stock private financing of scientific and technological enterprises to partial remission, but in 1998 to guard against financial risks, without the People's Bank and approved by the SFC of the local equity market to be closed, even more so that private scientific and technological enterprises modes of financing is limited.

First, financing means a single, heavily dependent on internal accumulation and external financing a smaller percentage of the relevant data show that China's private enterprises financing ratio of endogenous financing ratio as high as 90.5%, while Guangdong private SMEs as the backbone of economic development in Guangdong Province , its share of internal financing reached 60%. Thus, a major private technology enterprise is funded by entrepreneurs in their own capital and corporate capital accumulation, rather than through the market process of capital concentration. Marxist political economics, principles of informed this article, capital is concentrated in a short time but can be brought together for a number of demand-side financing of social capital, and traditional capital accumulation, although the total capital of society to expand a major way, but this financing process is relatively slow , and private technology companies, Guangdong Province, the development momentum and the pace of development is not proportionate.

In addition, private technologies enterprises in Guangdong Province of endogenous are financing depend serious, and there is a long-term feature.  Operations under the age of 5 years, private enterprises, self-financing ratio of 92% or more of the level of business life for more than 10 years to appear more pronounced downward trend, it is clear that the development of enterprises in the private science and technology is incompatible with .  With China's accession to the WTO, the full liberalization of capital markets, private enterprise in the face of huge shocks are also faced with the financing of a wide space, and expand channels for capital financing, diversified financing structure for the development of private technology enterprises is essential.

Private technology enterprises in Guangdong Province in China the development of more than 20 years, the economy continued expanding production scale; the ability to manage changes in the market continues to increase, forming endogenous financing-oriented indirect financing, supplemented by financing features.  China's financing of private enterprises, whether start-up period or the period of development, are heavily dependent on self-financing channels, about 80% of the private enterprises that financing difficulties have seriously hampered their development.  According to the survey show that China's private economy start-up capital start-up time of more than 90% of funds mainly from the holder, the original partners and their families to solve, it also sources from the capital point of view explains why the Chinese private enterprises have a large part of the reason is the family business.

Second, contracts are incomplete assessment of lead investors to entrepreneurs is low equity financing to be restrained

Investors outside capital is the creation of private technology enterprises, survival and development of an indispensable prerequisite, when the investors will invest in a particular entrepreneurs, the capital, it will be the actual right to use their capital to the entrepreneurs transferring.  Entrepreneur entrepreneurial activity is full of uncertainty, it also means investors will have invested a capital of an uncertain outcome with activities, bear the risk of investment losses.  And outside investors in the enterprise's assets are mostly illiquid physical capital, its high degree of specific invested enterprises which its value is heavily dependent on the presence of the team and other team members act opportunistic behavior by team members, "ripped off" (hold-up) a higher risk, thus facing the possibility of ex post facto is stuck with large, medium and small investors to the entrepreneur makes the assessment of the low side.

 In addition, from the capital market point of view, with bank lending and bond issuance compared to the indirect financing, direct financing from the stock market is the enterprise cost-effective way to expand.  Equity financing costs are relatively low, for the social financing, financing a larger range of scale can be achieved.  Financing good continuity, business listing as long as the good business performance to meet the conditions of allotment, allotment may be implemented every year financing, can be the stock market continued funding support.

In addition, the equity financing to secure funding with non-repayment of character, under normal circumstances and investors can not withdraw sword funded, does not appear in the case of insolvency crisis, stock prices rise, indicating the company benefits steadily, making investors were holding shares of, or more of both; shares lower, a large number of short-term investors to buy, or have high prices have opportunistic holders of ordinary psychology, or more holders continue to hold in order to maintain a lower average cost.  But in China's stock market developed, the high price-earnings ratio of listed companies tradable shares has not been achieved, equity split markedly, resulting in the ownership structure of listed companies is extremely unreasonable, is not standardized.  This is mainly as follows: The shares of listed companies have been artificially separated for non-tradable shares and tradable shares of two parts, the shareholding ratio of non-tradable shares higher, at around 2 / 3, and usually in a holding position.  As a result, tradable shares and non-tradable shares with the shares of different weights, listed serious deficiencies in corporate governance structure, easy to produce due to the dominance, or even dominate the phenomenon of Yi Gu, so that the outstanding shares of shareholders, especially small and medium damage to legitimate rights and interests of shareholders, serious injury to small and medium investors eager to invest, allowing small investors to assess the lower right entrepreneur.  In addition, the investor redemption rights and restrictions on exercise of the right to withdraw, causing many investors to invest in the backlash, and because the private enterprise's own innovative technology structure and unclear property rights issue, investors in the sidelines.

The stock market is exogenous one of the main channel of financing.  Because China's lack of second board market and the OTC market, the vast majority of share capital transactions are concentrated in the Shanghai and Shenzhen exchanges, while private enterprises in this market faces strong resistance.  The end of 2001, 1175 in Shanghai and Shenzhen A-share listed companies, only 118 private enterprises, of which there are 65 listed shell; and the first half of 2005, more than 1,300 domestic listed companies, private enterprises, including backdoor listing the only just over 200.  Listed on the face of too high a threshold, many private enterprises take their initiative to the stock market out of its own outside financing channels.

Third, financing channels narrow, bond issuance and bank lending difficulties

At present, banks loans, and credit unions and other financial institutions lending is still the province of private technology enterprises long-term development of major external source of indirect financing channels.  According to the fourth Chinese Private Enterprise in 2000 survey data show that in borrowing from banks, there are 63.3% of businesses find it difficult and very difficult; when the trouble easily accounted for 22.1%; relatively easy to borrow and only 14.6% of the models , and private enterprises have difficulty in obtaining loans have always been private science and technology restricting the development of enterprises in our province.  Exogenous financing channels are not smooth; leading to private enterprises is highly dependent on endogenous financing.  At the same time, foreign-owned enterprises to bank credit-based financing, but the support for bank loans is not enough.  Bank loans to private enterprises to share the balance of the structure of corporate finance in the long run even if the proportion of the maximum is only hovering around 5%.

This paper argues that the reasons for the difficulties caused by loan financing, mainly from commercial banks in the ownership, business operating costs and transaction costs three considerations.

1.  Ownership in

(State-owned) commercial banks, statistical data show that, although the operation of the market, the main body of non-state-owned SME credit quality is often better than the state-owned SMEs, but its economic activities are bound by enterprise ownership by some of the credit should not be discriminated against.  The non-state proportion of SMEs in obtaining credit is not dominant, private technology enterprises lending figure is a drop in the bucket.  Bank of innovative enterprises to private ownership of discrimination, for three reasons: First, national development planning and policy bias of state-owned large and medium enterprises; Second, the ownership structure determines the quality of private technology enterprises themselves has been questioned, "loan-and-run" (loan andrun) of opportunistic behavior makes the banks are reluctant to venture capital investments in the innovation period; Third, private enterprises vulnerable to foreign prisoners as an indirect constraint and impact of foreign commercial banks tool.

2.  Business costs 

Relative to large corporate lending is not only large-scale capital, and the risk is relatively small, compared guaranteed repayment, income is relatively high, private technology enterprises, especially in its start-up phase, loans, small scale, although the potential benefits can be significant, but the great The existence of sunk costs, increasing the risk of bank loans.  At the same time, due to China's interest rate is strictly controlled, small-scale differences in the cost of credit also can not receive compensation for the adjustment of interest rate differentials, it determines the angle from economies of scale of private innovation and enterprise access to commercial bank loans difficult.

 3.  Transaction costs

① information costs, monitoring costs.  Required prior to the issuance of bank loans to the enterprises applying for loans to credit review, in the case of asymmetric information, banking information for businesses there is a disadvantage in terms of availability, ensuring access to accurate and comprehensive information on the cost of considerable.  Meanwhile, the "adverse selection" also enabled the banks to lend the ultimate level of quality can not be optimal.  In addition, loans are granted loans after the bank would like to carry out supervision on the use of funds, and major decisions of enterprises to intervene in order to ensure the recovery of loan principal and interest.  Enterprise access to credit, however, after the "moral hazard" also makes the existence of banks in the access to information at a serious disadvantage, in the information disclosure system of listed companies are not bound by circumstances, the bank was almost lost to private innovation and the right to effective supervision of corporate loans.

② default (bankruptcy) costs.  Compared with the national financial support for state-owned enterprises and a large number of fixed assets can be secured for the medium-sized enterprises, private innovative enterprises that can be without good collateral assets as security.  According to Industrial and Commercial Bank of China released statistics for first half of 2002, the Guangdong region of the deposit balance of 408.64 billion Yuan, while the balance of the loan 276.324 billion Yuan, it seems that there are still many lending space.  However, our "Bank Law" stipulates that the loan is if they cannot provide sufficient collateral, pledge or guarantee is not acceptable.  In launching the low lending bank is only recognized by the collateral of land and real estate property.  As for the private hi-tech start-ups, their own assets are mainly intangible assets such as intellectual property and technology, it is difficult to provide bank loan guarantees approved.  This means that once the failure of private technology companies pioneering the bank will assume all risks of their venture.  Risk transfer credit guarantee system is incomplete, and inadequate protection of patents and intellectual property rights under the premise for the patent and research and development technology, banks cannot rest a claim to recover investment costs.

4, private loan market, supplementing the function of restricted

With the formal financial markets compared to non-governmental financing is private technology enterprises more efficient sources of funds: First, the low financing costs, although the private loan interest rates generally higher than that of commercial banks, but due to private financial markets, borrowers of loans to business and information the relative symmetry, for example, the operation of enterprises for loans, the lender's credit situation, income status and repayment ability, etc., than the banks have a better understanding of credit, reduced credit rating, mortgage assets, the transaction costs.  Second, the financing, high efficiency, in the formal financial market, application, approval, and other complicated, and commercial banks from the point of view of economies of scale are often reluctant to engage in private technology companies for small loans.  In terms of private financial markets, as information symmetry, lending decisions are fast, efficient and timely manner to meet the financial needs of such private enterprises.  Third, the transaction is flexible, private hi-tech enterprises, especially in the innovation phase of private technology enterprises with much-needed financing requirements, high-frequency, small features, private financing for its loans, term and interest rates, are available through lending bilateral consultation, flexible, fast solution to corporate financing requirements.  So the co-existence with the formal financial markets, private financial markets, formal financial markets due to the closed and rigid, and private banking practice for private enterprises, especially SMEs provide an alternative financing channels.  However, the combination of the special circumstances of private science and technology enterprises, new start-ups to grow private small and medium enterprises than the manufacturing industry in general entrepreneurial activities, in addition to market demand and market uncertainty of revenues, the technologies and products to bring uncertainty a greater investment risk.  Coupled with the property rights system is not standardized, as well as the process of investment in information asymmetries and incomplete contracts, a common result of private scientific and technological innovative enterprises cannot alienate a certain degree of residual claims control over the availability of financing, investors in the failed investment projects cannot be successfully through the residual claim to restore the investment.

5, the lack of technology and private enterprise development, small and medium financial institutions to match

The insufficient number of medium and small financial institutions, as well as its development is faced with some difficulties and problems for small and medium private technology enterprises in financial support also appears to go far enough.  In addition, small and medium financial institutions, risk prevention system is not perfect, the same faces business risks resulting from asymmetric information, as well as venture capital for technology-based SMEs, the lower the credit rating problem.  Meanwhile, the new start-ups to grow larger and the uncertainty of incomplete contracts has also led to small and medium financial institutions to entrepreneurs for the assessment of the low side.  In addition, small and medium financial institutions have failed to establish and maintain a good business reputation, hinder the rapid development of small and medium financial institutions, weakened financial institutions for small and medium private technology enterprises in financial support for efforts.

To sum up, the existing private technology enterprises in the start at the beginning, when faced with financial means of a single, narrow channel, sources of funding problems.  At the same time, due to Guangdong, as China's economic development in frontier areas, the private scientific and technological innovation is inherently uncertain, business growth and financial market information asymmetries and incomplete contracts to bring commercial banks and other financial institutions, the private scientific and technological innovation for the assessment of corporate bias low, leading to private entrepreneurs in Guangdong Province is still more dependent on personal and family finance, in the development process are even more businesses rely on retained earnings and depreciation of endogenous financing.  1999 International Finance Corporation (World Bank Group to support private enterprise development branch) to Beijing, Wenzhou, Chengdu, Shunde, and a survey conducted by private enterprises, 80% of the private enterprises that lack of financing channels for their development to become a serious constraint, More than 90% of the initial capital from the major owners, partners and develops the people and their families.  After the follow-up in the enterprise business development and investment, 62% of the funds come from the main owner or its retained earnings.  Therefore, how to arrange the financing of Guangdong private technology enterprise structure to investors the prospects for the development of an effective science and technology enterprises, as well as how to finance contracts for the design, utility maximization, while entrepreneurs to attract more outside investors participation, as this private technology enterprises in Guangdong Province to open up the financing channels for an effective way to diversify financing methods.

References: 

[1] Chu Xiaoping. Professional managers and family business growth [J].  Management of the world, 2002, (04).

[2] Ge, Zhong-jun, MEI Shu-e. Mode of growth of private technology enterprises and environmental analysis [J]. China Soft Science, 2004, (03).

[3] Myoung-Ho Shin. Private technology enterprise financing contract and business models [J]. The private economy and the growth of Chinese family businesses [M]. Beijing: Economic Science Press, 2006. 

[4] Wang Lijun with. Private entrepreneurship and innovation in scientific and technological enterprises [M]. Beijing: China Economic Publishing House, 2004.

民营科技企业的主要融资方式主要分为内源融资与外源融资。内源融资是指某一特定企业或经济单位所需投资是通过该企业内部积累（留存收益和折旧基金等）提供资金的融资方式。外源融资是指企业或经济单位通过外部金融市场获得投资的资金来源的融资方式。外源型融资主要包括企业直接融资（债权股权融资等）、间接融资（银行借贷等）以及其他融资方式。

　　从企业发展的阶段来看，创业初期的民营科技企业缺乏风险投资扶持，小型企业借贷缺乏有效的担保机制；处于成长期的企业由于缺少新的资本金注入，往往无法抓住快速发展的机遇实现规模的扩张。从融资方式来看，间接融资方面，民营科技企业多为中小企业，资金来源渠道比较狭窄，资本规模也相对较小。同时，民营科技企业的性质也决定了其投资项目多具有相对较高的技术风险和市场风险，在讲求安全性、流动性的商业银行难以获得贷款担保以及贷款支持。直接融资方面，民营科技企业由于资产规模、效益指标等方面的原因很难达到国内证券市场的上市要求，国外上市机会亦十分渺茫。以往的地方性股权交易市场使股份制民营科技企业的融资问题得以部分缓解， 但是1998 年为防范金融风险，对未经人民银行和证监会批准的地方性股权交易市场加以关闭，更使民营科技企业的融资方式受到限制。

　　一、融资手段单一，严重依赖于内部积累，外部融资比例较小有关数据显示，中国的民营企业融资比例中内源性融资比例高达90.5％，而广东民营中小企业作为广东省经济发展的中坚力量，其内部融资的比重也达到60％。由此可见，民营科技企业的主要资金来源于企业家自有资本以及企业的资本积累，而不是通过市场的资本集中过程。马克思主义政治经济学原理告诉本文，资本集中却可以在短时间为资金需求方汇聚众多社会资本，而传统的资本积累虽然是使社会总资本扩大的主要方式，但这种融资过程是相对缓慢的，与广东省民营科技企业的发展势头和发展速度是不相称的。

　　另外，广东省民营科技企业内源性融资依赖严重，并且存在着长期性的特点。经营年限在5 年之下的民营企业，自我融资比例达到92％以上的水平， 经营年限超过10 年才出现较明显的下降趋势，很明显，这于民营科技型企业的发展是不相适应的。随着中国加入世贸，资本市场的全面开放，民营企业在面临着巨大冲击的同时也面临着广阔的融资空间，因此，拓展资本融通渠道，多元化融资结构对于民营科技企业的发展至关重要。

　　我国广东省民营科技企业发展20 多年来， 经济生产规模不断的壮大，驾驭市场的变化的能力在不断的提高，形成了以内源性融资为主导，间接融资为辅的融资特点。我国民营企业融资无论是初创期还是发展时期， 都严重依赖自我融资渠道，80％左右的民营企业认为，融资困难已经严重阻碍了他们的发展。据调查显示，我国民营经济初创时的启动资金有90％以上主要来自于资金持有者，当初的合伙人以及他们的家庭来解决，这也就从资本来源角度解释了为什么我国民营企业有很大一部分是家族企业的原因。

　　二、契约不完备导致投资者对创业者评估偏低，股权融资受到抑制

　　投资者的外部资本是民营科技企业创立、生存和发展的一个不可或缺的前提条件， 当投资者将资本投向特定的企业家时，就将其资本的实际使用权让渡给了企业家。企业家的创业活动充满着不确定性，这也意味着投资者将资本投入了一项结果不确定的活动中，承担着投资遭受损失的风险。而且外部投资者投入企业的资产多为流动性差的物质资本，其专用性程度较高，投入企业后其价值严重依赖于团队的存在和其他团队成员的行为，受团队成员机会主义行为“敲竹杠”（hold-up）的风险较高，因而面临着事后被套牢的可能性较大，使得中小投资者对创业者评估偏低。

　　另外，从资本市场来看，与银行借贷和发行债券的间接融资相比，从证券市场直接融资是企业低成本扩张的有效途径。股权融资成本相对较低，面向社会融资，融资规模可以达到较大范围。融资连续性好，企业上市后只要经营业绩较好，满足配股条件，每年均有可能实施配股融资， 可以得到股票市场的持续资金支持。

　　此外，证券市场融资所获得资金具有非偿还性特点，一般情况下投资者不能回抽出资，在未出现破产风波情况下，股价升高，说明公司效益稳步前进， 使得投资者自动持有股份或者更多的持有；股价走低，短期投资者大量买入，或者已高价持有者常抱有机会主义心理，继续持有或者更多的持有以保持较低均值成本。但是在我国股票市场不发达，市盈率高，上市公司股票尚未实现全流通，股权分置现象明显，造成上市公司的股权结构极不合理、不规范。这主要表现为：上市公司股权被人为地割裂为非流通股和流通股两部分，非流通股股东持股比例较高，约为2 ／ 3，并且通常处于控股地位。其结果是，流通股与非流通股同股不同权，上市公司治理结构存在严重缺陷，容易产生一股独大、甚至一股独霸现象，使流通股股东特别是中小股东的合法权益遭受损害，严重伤害中小股民投资热情，使得中小投资者对创业者评估偏低。另外，投资者的赎回权和退出权的行使受到限制，致使投资者投入资金时顾虑颇多， 又由于民营创新科技企业的自身结构和产权不清问题，投资者多采取观望态度。

　　股票市场是企业外源型融资的一个主要渠道。由于我国缺乏二板市场和场外交易市场，因此绝大多数股票资本交易都集中在沪深两市，而民营企业在这个市场上阻力重重。2001 年末，沪深两市1175 家A 股上市公司中只有118 家民营企业，其中买壳上市的就有65 家； 而到2005 年上半年，1300 多家国内上市公司中，民营企业包括借壳上市的才刚刚超过200 家。面对过高的上市门槛，很多民营企业主动将股票市场排除在自己的融资渠道之外。

　　三、融资渠道狭窄，债券的发行和银行借贷面临困难

　　目前银行贷款以及信用社等金融机构贷款仍是我省民营科技企业获得长期发展主要的间接性外源融资渠道。据2000 年中国第四次私营企业抽样调查数据显示，在向银行借款时，有63.3％的企业感到困难和很困难；时难时易的占22.1％；比较容易贷到款的只占14.6％，并且民营企业贷款难问题一直以来都制约着我省民营科技型企业的发展。外源融资渠道不通畅，导致民营企业高度依赖内源融资。同时，民营企业的外源融资方式以银行信贷为主，但银行贷款的支持力度是不够的。银行向民营企业发放贷款余额所占企业融资结构比重即使从长期来看最高也只是在5％左右徘徊。

　　本文认为造成贷款融资困难的原因，主要来自于商业银行对于所有制、业务经营成本以及交易费用等3 方面的考虑。

　　1．所有制方面

　　（国有）商业银行统计数据表明，虽然作为市场的运作主体的非国有中小企业信贷质量往往优于国有中小企业，但其在经济活动中却受到企业所有制的约束，受到不应有的信贷歧视。非国有中小企业在获得贷款比例上不占优势，民营科技企业贷款比例更是杯水车薪。银行对民营创新企业的所有制歧视原因有三：其一，国家发展规划和对国有大中型企业的政策倾斜；其二，所有制结构决定民营科技企业自身素质遭到置疑，“贷了就跑”（loan andrun） 的机会主义行为使得银行不愿在创新期投入风险资本；其三，民营企业容易被外资俘虏，成为外资间接约束和影响商业银行的工具。

　　2．业务经营成本方面

　　相对于大型企业贷款不仅资金规模大， 而且风险相对较小，还款比较有保证，收益相对较高，民营科技企业尤其是在其创业阶段，贷款规模小，虽然潜在收益可能很大，但是巨大沉没成本的存在，增加了银行的贷款风险。同时，由于我国利率受到严格管制，小规模信贷造成的成本差异又无法通过利率差的调整获得补偿，因此从规模经济角度决定了民营创新企业获得商业银行的贷款困难重重。

　　3．交易成本方面

　　①信息成本、监督成本方面。银行在发放贷款前需要对申请贷款的企业进行资信审查，在信息不对称的情况下，银行对于企业信息的可获得性方面存在劣势，保证获得准确和全面的信息的成本相当大。同时，“逆向选择”也使银行最终放贷质量无法达到最优水平。此外，发放贷款后银行要对所贷放的资金运用情况进行监督，并且对企业的重大决策进行干预，以确保贷款本息的回收。然而企业获得贷款后的“道德风险”的存在也使得银行在获取信息方面处于严重劣势，在未上市公司信息披露制度受约束的情况下，银行几乎丧失了对民营创新企业贷款的有效监督权。

　　②违约（破产）成本方面。相对于具有国家财政支持的国有企业以及有大量可抵押固定资产的大中型企业来说，民营创新企业没有良好的可抵押资产作为担保。根据工商银行公布的2002 年上半年统计数据， 广东地区的各项存款余额为4086.40 亿元，而各项贷款的余额为2763.24 亿元，似乎尚有许多贷款空间。但是，我国《银行法》规定，在贷款是如不能提供足够的抵押、质押或担保是不行的。而在进行低压借贷是，银行所承认的抵押品只有土地、房产等不动产。而对于民营科技型创业企业，自身的资产主要是知识产权和技术等无形资产， 难以提供银行认可的贷款担保。这就意味着民营科技企业创业一旦失败，银行将承担其风险投资的全部风险。风险转移的信用担保体制不完善，并且在专利和知识产权保护不完备的前提下，对于专利以及研发技术，银行亦无法通过剩余要求权来回收投资成本。

　　四、民间借贷市场的补充功能受到限制

　　与正规的金融市场融资相比，民间融资是民营科技企业更有效的资金来源：一是融资成本低，虽然民间借款的利息一般比商业银行高，但是由于民间金融市场的贷款企业与借款人信息相对对称，例如对贷款企业的经营情况，贷款人的信用情况，收入状况以及还款能力等等都较银行信贷有更充分了解， 减少了信用评估、抵押资产等的交易成本。二是融资效率高，在正规的金融市场上，申请、审批等手续繁琐，商业银行从规模经济的角度出发往往不愿意从事对民营科技企业的小额贷款。而在民间金融市场上，由于信息对称，贷款决策的速度快，效率高，及时地满足该类民营企业的资金需要。三是交易方式灵活，民营科技型企业，特别是处于创新阶段的民营科技企业的融资要求具有急需、高频、小额的特点，民间融资就其贷款方式、期限与利率方面，都可以通过借贷双方协商，灵活快捷地解决企业的融资要求。因此这种与正规金融市场并存民间金融市场， 由于正规金融市场的封闭与僵化，民间金融实际上为民营企业、尤其是中小企业提供了一种替代性的融资渠道。然而，结合民营科技型企业的特殊情况，新创业企业成长较制造业等一般民营中小企业的创业活动，除了具有市场需求和市场收益的不确定性之外，技术和产品的不确定性带来了更大的投资风险。加之产权制度的不规范，以及投资过程中由于信息不对称和契约不完备，共同导致民营科技型创新企业无法通过让渡一定的剩余索取权控制权获得融资，投资者在投资项目失败时无法顺利通过剩余索取权挽回投资。

　　五、缺少与民营科技企业发展相匹配的中小金融机构

　　中小金融机构的数量不足，以及本身的发展面临着一些困难和问题，对中小型民营科技企业的金融支持也显得力度不够。另外，中小金融机构的风险防范制度不健全，同样面临着信息不对称导致的经营风险以及对科技型中小企业创业投资的信用评估较低的问题。同时，新创业企业成长的不确定性较大和契约的不完备也导致中小金融机构对创业者评估偏低。此外，中小金融机构本身未能建立和维护良好的商业信誉，阻碍了中小金融机构的快速发展， 减弱了中小金融机构对民营科技企业的资金支持力度。

　　综上，现有民营科技企业在创业之初时，面临着融资手段单一，资金来源渠道狭窄等方面的问题。同时，由于广东作为中国经济发展的前沿地带，其民营科技创新企业成长本身的不确定性以及金融市场的信息不对称和契约不完备带来的商业银行等金融机构对于民营科技创新企业的评估偏低，导致广东省的民营企业家更多地还是依赖于个人和家族的融资，在发展过程中则更多靠企业留存收益和折旧等内源性融资。1999 年国际金融公司（世界银行集团中支持民营企业发展的分支机构）对北京、温州、顺德和成都的民营企业进行的调查显示，80％的民营企业认为缺乏融资渠道成为其发展的严重制约，90％以上的初始资本来源于主要所有者、合伙发展人及其家庭。在企业创业后的后续发展投资中，62％的资金来源于主要所有者或其留存收益。因此，如何安排广东民营科技企业的融资结构，向投资者传递科技企业发展前景的有效信息，以及如何通过对融资契约的设计，在企业家获得效用最大化的同时吸引更多外部投资者的投资参与，成为本文开拓广东省民营科技企业融资渠道，多元化融资方式的有效途径。

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