TY - JOUR

T1 - Sources of high-tech business financing

T2 - Experience of empirical research

AU - Kravchenko, Nataliya A.

AU - Glinskiy, Vladimir V.

AU - Serga, Lyudmila K.

AU - Anokhin, Nikolay V.

PY - 2017/11/1

Y1 - 2017/11/1

N2 - The present paper studies the peculiarities of the structure of small and medium-sized high-tech and innovative companies' activities financing. The empirical base of the work was the survey data of small and medium-sized high-tech and innovative companies located in the city of Novosibirsk, the Russian Federation. The results of the survey of high-tech companies have shown that lack of financial resources is the main obstacle for the creation and development of high-tech and innovative small business, for developing business it is one of the main barriers to development. Although the main sources of financing are own funds of companies, it is necessary for the development of the increase in external funding. Attracting external financing, companies adhere to a certain hierarchy of sources of capital, the preferred sequence of which includes bank loans, partners' funds and state budget sources. Venture investment is still available to a small number of companies. Venture investment is still available to a small number of companies. Differences in the financial behaviour of high-tech companies that are associated with the stage of the company's life cycle are revealed. As the company matures, it uses a greater number of financing sources.

AB - The present paper studies the peculiarities of the structure of small and medium-sized high-tech and innovative companies' activities financing. The empirical base of the work was the survey data of small and medium-sized high-tech and innovative companies located in the city of Novosibirsk, the Russian Federation. The results of the survey of high-tech companies have shown that lack of financial resources is the main obstacle for the creation and development of high-tech and innovative small business, for developing business it is one of the main barriers to development. Although the main sources of financing are own funds of companies, it is necessary for the development of the increase in external funding. Attracting external financing, companies adhere to a certain hierarchy of sources of capital, the preferred sequence of which includes bank loans, partners' funds and state budget sources. Venture investment is still available to a small number of companies. Venture investment is still available to a small number of companies. Differences in the financial behaviour of high-tech companies that are associated with the stage of the company's life cycle are revealed. As the company matures, it uses a greater number of financing sources.

KW - Activities financing

KW - Capital structure

KW - Development barriers

KW - High-tech companies

UR - http://www.scopus.com/inward/record.url?scp=85040904644&partnerID=8YFLogxK

M3 - Article

AN - SCOPUS:85040904644

VL - 21

JO - Academy of Accounting and Financial Studies Journal

JF - Academy of Accounting and Financial Studies Journal

SN - 1096-3685

IS - 3

ER -