非对称信息对高新技术企业融资的影响

Abstract

Abstract: In the course of transforming technology achievements,there is asymmetric information between high-tech firms and investors.Asymmetric information can lead up to adverse selection and moral hazard.The adverse selection and moral hazard make high-tech firms be confronted with financial obstacle.The paper has studied how asymmetric information influenced financing of high-tech firms in the course of the transforming technology achievements,and proved that institutional investors in private equity market would overcome asymmetric information,meet fund requirement of high-tech firms.

Key words: high-tech firm, transforming technology achievements, asymmetric information, financing, institutional investor

CLC Number:

F830

XIONG Bo, CHEN Liu. Study on Financing in Transforming Technology Achievements of High-Tech Firms and Institutional Investors under Asymmetric Information[J]. Chinese Journal of Management Science, 2007, 15(3): 136-141.

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Study on Financing in Transforming Technology Achievements of High-Tech Firms and Institutional Investors under Asymmetric Information

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