1、本科毕业论文（设计）外文翻译原文HIGHTECHSMESONTHEIMPLEMENTATIONOFFINANCIALSTRATEGYSCIENTIFICANDTECHNOLOGICALDEVELOPMENTOFSMESASTHEMAINBODYOFHIGHTECHINDUSTRIESISNOTONLYAMODERNECONOMICSYSTEM,THEMOSTIMPORTANTPART,BUTALSONATIONALECONOMICGROWTHANDAMAJORSOURCEOFCOMPETITIVEADVANTAGECOMPAREDWITHORDINARYSMALLANDMEDIUMENTERP
2、RISES,SCIENCEANDTECHNOLOGYHIGHTECHSMALLANDMEDIUMENTERPRISES,ANDMOSTAREHIGHTECHASTHESUPPORTTODEVELOPITSOWNPRODUCTBASED,SETRESEARCHANDDEVELOPMENTANDPRODUCTIONOPERATIONSINONE,WITHHIGHGROWTH,HIGHRISK,HIGHYIELDCHARACTERISTICSINTHENEWECONOMICSITUATION,TECHNOLOGYBASEDSMESHOWTOADAPTTOTHEENVIRONMENT,MAINTAIN
3、ACOMPETITIVEADVANTAGE,NOTONLYTHENEEDTOSTRENGTHENTHEDAILYMANAGEMENTOFSCIENTIFICPRECISION,BUTALSOWITHSTRATEGICTHINKING,THROUGHTHEUSEANDIMPLEMENTATIONOFFINANCIALSTRATEGIESTOPROMOTELONGTERMDEVELOPMENTFIRST,THEFINANCIALCHARACTERISTICSOFHIGHTECHSMESASHORTAGEOFFUNDSCHINASSMESINTHEPROCESSOFITSPRODUCTIONANDO
4、PERATIONISTHEGREATESTCHALLENGEFACINGTHESHORTAGEOFFUNDS,TECHNOLOGYBASEDSMESARENOEXCEPTIONFROMTHEMICROPERSPECTIVE,THEHIGHTECHSMESOWNLIMITATIONSINHIBITTHEIRCAPITALFLOWSFIRSTOFALL,HITECHSMES,ASSMESBECAUSEOFTHEIRSMALLSIZE,ASSETLESS,LACKOFCOLLATERAL,OFTENDIFFICULTTOOBTAINLOANSDIRECTLYSECOND,MOSTTECHNOLOGY
5、BASEDSMESINTHESTARTUPSTAGE,OPERATINGTIMEISNOTLONG,BUSINESSESAREOFTENCONCERNEDABOUTTHESURVIVALANDDEVELOPMENTISSUES,IGNOREDTHEACCUMULATIONOFOPERATINGDATA,OFTENTHEREISNODETAILEDSEQUENCEOFOPERATIONSPERFORMANCERECORDS,INCLUDINGBANKS,LARGENUMBEROFINVESTORS,ITISDIFFICULTTOMEASUREITSOPERATINGPERFORMANCE,VER
6、YCAUTIOUSONTHEIRCAPITALINVESTEDFINALLY,THEHIGHTECHSMESASASCIENTIFICANDTECHNOLOGICALENTERPRISES,SCIENCEANDTECHNOLOGYINTENSIVE,INTANGIBLEASSETSANDMOREDIFFICULTTOOBTAINTHEVALUEOFINTANGIBLEASSETS,RECOGNITIONOFORDINARYINVESTORS,THEREBYTOGIVEPEOPLETHEIMPRESSIONTHATINVESTMENTRISKSAFFECTINGINVESTORSPUTTHEIR
7、MONEYFROMAMACROPOINTOFVIEW,THEECONOMICDOWNTURN,PEOPLESINVESTMENTBEHAVIOROFMORECAUTIOUS,SCIENTIFICANDTECHNOLOGICALACCESSTOFINANCEFORSMESINTHEECONOMICBOOMPERIODSOFSOCIALCAPITALINGENERALDEMAND,OFTENMORETHANTHEOVERALLSUPPLYOFCAPITAL,SCIENCEANDTECHNOLOGYACCESSTOFINANCEFORSMESISNOTEASYBOPERATINGRISKS1INNO
8、VATIONANDTHEUNCERTAINTYOFTHEIROWNGREATRISKTOTHEBUSINESSHIGHTECHSMESWITHTHECHARACTERISTICSOFSCIENCEANDTECHNOLOGYENTERPRISESASASCIENCEANDTECHNOLOGYENTERPRISE,ITSOVERALLDEVELOPMENTSTRATEGYOFONEOFTHEMOSTIMPORTANTASPECTISTHROUGHCONTINUOUSTECHNOLOGICALINNOVATIONACTIVITIESTOCREATEASUSTAINABLECOMPETITIVEADV
9、ANTAGEINTECHNOLOGYANDMARKETTHEREFORE,FROMTHISPOINTOFVIEWCANBESAIDTHATINNOVATIONISTHEESSENTIALCHARACTERISTICOFHIGHTECHSMESTHISALSODETERMINESTHEGROWTHANDDEVELOPMENTOFSMESINTHEPROCESSOFSCIENCEANDTECHNOLOGYTHATTHEREAREALOTOFUNCERTAINTYFIRST,THETECHNOLOGICALINNOVATIONITSELFISAHIGHRISKINTHETECHNOLOGICALIN
10、NOVATIONPROCESS,INNOVATIVETECHNOLOGIESTOTHESUCCESSOFTHEUNCERTAINTY,TECHNOLOGICALUNCERTAINTYOFTHEFUTURE,TECHNOLOGICALADVANCESUNCERTAINTY,UNCERTAINTYOFPRODUCTIONANDALTERNATIVENEWTECHNOLOGIESEMERGINGTHATHAVEMADESMALLANDMEDIUMTECHTECHNOLOGICALINNOVATIONOFENTERPRISESHISMOUTH,AVERYHIGHRISKOFPREGNANCYSECON
11、D,THEMARKETINNOVATIONTOTHEENTERPRISEENORMOUSMARKETRISKHIGHTECHPRODUCTLAUNCH,MARKETACCEPTANCE,ACCEPTINGTIMEANDINTENSITYOFCOMPETITIONINSUCHASPECTSASTHEREISAHUGEUNCERTAINTY,THISUNCERTAINTYMAKESTHEBUSINESSDIFFICULTTOACHIEVETHEEXPECTEDPROFITSFINALLY,THEHIGHTECHPRODUCTSWITHASHORTCYCLE,CHARACTERIZEDBYRAPID
12、TECHNOLOGICALUPGRADING,PRODUCTUPGRADINGTHESPEEDOFFURTHEREXACERBATEDTHERISKOFTHEFORMERTWO2OPERATEINADEQUATECAPACITY,POORMANAGEMENT,LEADINGTOOPERATIONALRISKSHIGHTECHSMESINCHINAAREMOSTLYFOUNDEDMAINLYSCIENTIFICANDTECHNICALPERSONNELENGAGEDINHIGHTECHPRODUCTSPROCESSES,SERVICESRESEARCH,DEVELOPMENTANDPRODUCT
13、IONOFSMALLANDMEDIUMSCALEENTERPRISESTHEMANAGERSOFTHETECHNICALADVANTAGES,BUTTHEMANAGEMENTISOFTENBACKWARDFIRST,THELACKOFCRITICALSCIENTIFICANDTECHNOLOGICALMANAGEMENTOFSMALLANDMEDIUMENTERPRISES,MANAGEMENTAWARENESSAPATHY,MANAGEMENT,BACKWARDTHINKINGONTHEONEHANDMOSTOFTHEENTERPRISESOPERATEDBYENTREPRENEURSTHE
14、MSELVES,THEYAREGENERALLYTECHNICALLYVERYSTRONG,BUTLACKTHENECESSARYMANAGEMENTEXPERIENCE,RISKIDENTIFICATIONANDTREATMENTISOFTENNONPROCEDURAL,RELYINGSOLELYONINDIVIDUALDECISIONMAKINGOPERATORSINTHEEVENTOFPOORDECISIONSLEADTODISASTROUSCONSEQUENCESONTHEOTHERHAND,ENTERPRISESINTHESTARTUPSTAGEBYTHESTRENGTHANDCRE
15、DIBILITYOFTHERESTRICTIONS,ITISDIFFICULTTOABSORBTHEVOCATIONALEDUCATIONANDWELLEXPERIENCEDPROFESSIONALMANAGEMENTTALENTTHEREFORE,THERESULTOFTHESHORTAGEOFTALENTMANAGEMENTLEVELOFENTERPRISESCANNOTKEEPUPTHESPEEDOFBUSINESSGROWTHSECOND,THEINTERNALMANAGEMENTOFHIGHTECHSMESAREVERYFLEXIBLE,INFORMATIONTECHNOLOGY,W
16、IDELYUSED,THEIRPERFORMANCEEVALUATION,INCENTIVESYSTEMISVERYDIFFERENTFROMTRADITIONALBUSINESSES,INTERNALMANAGEMENTOFENTERPRISESAREOFTENNOTINPLACE,THEINTERNALOVERSIGHTMECHANISMISNOTPERFECT,RESULTINGININTERNALCONFUSIONINMANAGEMENTTHIRD,THEENTERPRISESFINANCIALSYSTEMISUNREASONABLE,THEACCOUNTSOFCHAOS,THEREI
17、SNOEFFECTIVEMARKETINGPLAN,ITISDIFFICULTTOACHIEVETHEDESIREDPROFITTARGETS,REVENUEHASGREATUNCERTAINTY,INCREASEDRISKSOFANENTERPRISECSMALLANDWEAKINSTRENGTH,RISKAVERSEPOORINADDITIONTOINTERNALCONDITIONSOFUNCERTAINTYOUTSIDETHESOCIALENVIRONMENTOUTSIDETHEENTERPRISE,ANDPOLITICALCONDITIONSCHANGEANDNATURALDISAST
18、ERSALSOWOULDPOSEARISKTOTHEHIGHTECHSMESHIGHTECHSMESFOUNDERSPIRITOFADVENTUREANDACTIONINRELATIONTOSMALLANDMEDIUMSIZEDENTERPRISESANADVANTAGE,BUTALSOMAKEENTERPRISESMAYFACEGREATERRISKANDTHESMALLSCALEHIGHTECHSMESAREWEAKINSTRENGTHTORESISTTHERISKOFCHANGESINTHEEXTERNALENVIRONMENTSIGNIFICANTLYWEAKERTHANLARGEEN
19、TERPRISESCOMPAREDWITHLARGEENTERPRISES,SUBJECTTOTHECONSTRAINTSOFITSOWNSIZEANDSTRENGTH,SCIENTIFICANDTECHNOLOGICALCHANGESINTHEENVIRONMENTFORSMESAFFECTEDBYTHEDEGREEOFINFLUENCEGREATERCONTROLOFENVIRONMENTALFACTORSISWEAKER,COMPANIESFACEAHIGHPROBABILITYOFRISKOFLOSS,ENVIRONMENTALCHANGEISMORELIKELYTOPRODUCTIO
20、NANDBUSINESSACTIVITIESOFSMESPOSEATHREAT,OREVENTHEBANKRUPTCYOFTHEENTERPRISEDTHEENTERPRISEHASAHIGHGROWTH,HIGHRETURNNATUREHIGHTECHSMESDEVELOPMENTANDPRODUCTIONOFHITECHPRODUCTS,ANDITSADDEDVALUE,GOODECONOMICRETURNS,WITHAHIGHERRATEOFRETURNATTHESAMETIME,DUETOTECHNOLOGICALLEADERSHIP,INTELLECTUALPROPERTYPROTE
21、CTION,LICENSINGANDOTHERFACTORS,ENTERPRISESHAVEACLEARMARKETADVANTAGES,ANDACCESSTOTHEEXTRAORDINARYSPEEDGROWTHSECOND,TECHNOLOGYBASEDSMESINTHEIMPLEMENTATIONOFFINANCIALSTRATEGYHIGHTECHSMESBOTHTHECHARACTERISTICSOFSMESANDTHESCIENTIFICANDTECHNOLOGICALENTERPRISES,THEREFORE,OFSMEFINANCIALSTRATEGYMUSTBEINTEGRA
22、TEDINTOITSOWNADVANTAGESANDDISADVANTAGESOFSMALLANDMEDIUMENTERPRISES,SCIENCEANDTECHNOLOGYENTERPRISESARECLOSELYLINKEDTOTHECHARACTERISTICSOFTHEFORMULATIONANDIMPLEMENTATION,INORDERTOENTERPRISESOVERALLDEVELOPMENTSTRATEGYTOPROVIDESUPPORTAFINANCINGSTRATEGYTOBROADENTHEFINANCINGCHANNELS,MODERATEDEBT,MAINTAINA
23、GOODCAPITALSTRUCTUREADEQUATESOURCESOFFUNDING,GOODWORKINGCAPITALISTHEFUNDAMENTALGUARANTEEFORTHEDEVELOPMENTOFENTERPRISES,FORHITECHSMES,INORDERTOMAINTAINTHEADVANCEDNATUREOFTECHNOLOGY,ASWELLASTHELEADINGMARKETPOSITION,MUSTMAINTAINASUSTAINED,SUBSTANTIALINVESTMENTINRESEARCHANDDEVELOPMENT,ASWELLASHIGHINTENS
24、ITYNEWPRODUCTMARKETDEVELOPMENTFUNDRAISINGSTRATEGYISTHEBUSINESSACCORDINGTOINTERNALANDEXTERNALENVIRONMENTALCONDITIONSANDTRENDSINTHEFINANCINGOFTHEOBJECTIVES,STRUCTURE,CHANNELSANDMETHODSANDSYSTEMSFORLONGTERMPLAN,AIMEDATTHEIMPLEMENTATIONOFBUSINESSSTRATEGYANDIMPROVELONGTERMCOMPETITIVENESSOFENTERPRISESTOPR
25、OVIDEARELIABLEGUARANTEEOFCAPITALHIGHTECHSMESISESSENTIALFORTHEFUNDRAISINGSTRATEGYCORPORATEFINANCINGSTRATEGIESTOMEETTHENEEDSOFENTERPRISEPRODUCTIONANDMANAGEMENT,TAKINGFULLACCOUNTOFRISK,RISKCONTROLINTHEAFFORDABLERANGEENTERPRISESAREFACEDWITHTHERISKOFMAINBUSINESSRISKSANDFINANCIALRISKSASMENTIONEDEARLIER,ON
26、THEONEHAND,SCIENCEANDTECHNOLOGYSMESBYSIZERESTRICTIONS,RISKTOLERANCECAPACITYISLOWONTHEOTHERHAND,HIGHTECHSMESOPERATINGRISK,FINANCIALRISKEFFECTSWOULDMAKETHEEXPANSIONOFBUSINESSTOBEARGREATERRISKSTHEREFORE,INORDERTOBALANCEANDCURBHIGHRISK,TECHNOLOGYBASEDSMES,THEFINANCIALRISKCONTROLSHOULDBEASMALLERRANGETHAT
27、THEENTERPRISESSHOULDMAINLYRELYONTHEOWNERRATHERTHANTHECREDITORTOPROVIDEFUNDING,PRIMARILYTHROUGHEQUITYFINANCINGTHEREFORE,BROADENINGFINANCINGCHANNELS,MODERATEDEBT,MAINTAINAGOODCAPITALSTRUCTUREISTHEFUNDAMENTALSCIENCEANDTECHNOLOGYSTRATEGIESFORSMEFINANCINGTHISSTAGE,THECONCRETECANTAKETHEFOLLOWINGMEASURES1S
28、TRENGTHENTHECREDITGUARANTEETOACHIEVEAMODESTLOANFINANCINGONTHEONEHAND,TECHNOLOGYBASEDSMALLANDMEDIUMENTERPRISESSHOULDSTRENGTHENTHEIRQUALITYCONSTRUCTIONANDFINANCINGTOIMPROVETHEIROWNCREDIBILITYINORDERTOOBTAINBANKLOANSCANALSOBECARRIEDOUTTHROUGHTHEESTABLISHMENTOFASTRATEGICALLIANCEFINANCINGALLIANCETOINCREA
29、SETHESIZEOFFINANCING,REDUCEFINANCINGCOSTSUNIONFUNDINGASFINANCIALINSTITUTIONSANDANUMBEROFSMALLBUSINESSESDONOTNEEDTODEALWITH,THEREBYREDUCINGCAPITALCOSTSOFSUPERVISIONOFFINANCIALINSTITUTIONS,BANKSWILLINGNESSTOENHANCECORPORATELOANSONTHEOTHERHAND,THEGOVERNMENTCANSETUPSMECREDITGUARANTEEFUND,THEESTABLISHMEN
30、TOFMUTUALGUARANTEEFUNDFORSMESTOESTABLISHAPERFECTASSESSMENTOFSMECREDITRATINGSYSTEMANDGUIDEITSNORMATIVEBEHAVIORWITHINTHEENTERPRISEFINANCIALMANAGEMENTANDOPERATIONALDECISIONMAKINGBEHAVIOR,TOIMPROVETHEIROWNCREDIBILITYANDACHIEVEAMODESTLOANFINANCING2ABROADABSORPTIONOFVENTURECAPITALINVESTMENTVENTURECAPITALI
31、SAHIGHINPUT,HIGHRISKEQUITYCAPITALINVESTMENT,WHICHISMAINLYINVESTEDINYOUNGINNOVATIVEENTERPRISESWITHTHECONTINUOUSDEVELOPMENTOFINVESTMENTS,ITWILLTHECORRESPONDINGCONTINUOUSADDITIONALINVESTMENT,ANDTHEAMOUNTOFVERYLARGE,ITSMAINPURPOSEISTHEDEVELOPMENTPROSPECTSOFINVESTMENTSANDASSETSOFVALUEADDED,GENERALLYDONOT
32、CHARGEUNTILTHEWITHDRAWALOFINVESTMENTDIVIDENDSONTHEOTHERHAND,VENTURECAPITALISAHIGHRISKINVESTMENTS,MAINLYFROMINVESTMENTSINHIGHRISKNATUREOFTHEDECISION,THESTATISTICSSHOWTHAT20OFTHEINVESTMENTWILLBEACOMPLETEFAILURE,AND30WILLLOSEPARTOFTHE30OFTHEPROFITANDLOSSBALANCE,ONLY20WILLBESUCCESSFULINVIEWOFTHECHARACTE
33、RISTICSOFVENTURECAPITAL,VENTURECAPITALISTSHAVEAFULLUNDERSTANDINGOFTHERISKSTHEYWEREWILLINGTOTAKEHIGHRISK,INORDERTOPURSUEHIGHGROWTHOFINVESTMENTTARGETS,INORDERTOOBTAINHIGHYIELD,WHILETHESCIENCEANDTECHNOLOGYFITSWELLWITHTHECHARACTERISTICSOFSMALLANDMEDIUMENTERPRISESASMENTIONEDEARLIER,DUETOTECHNOLOGYBASEDSM
34、ESINTHENEWTECHNOLOGYTOTRANSFORMTHEPROCESSOFINDUSTRIALIZATION,THEREISAHUGERISK,ANDTHEREFORETHEINVESTMENTRISKSOFSCIENCEANDTECHNOLOGYFORSMESISHIGHHOWEVER,THEHIGHRISKMEANSHIGHRETURNS,HIGHTECHPRODUCTS,ONCESUCCESSFULLYDEVELOPED,ITSVALUEWILLBECOMESEVERALTIMES,SEVERALTIMES,OREVENAHUNDREDFOLDINCREASE,ASWELLA
35、SLEADINGTHEFOREFRONTOFTECHNOLOGICALDEVELOPMENTBROUGHTABOUTBYEXCESSPROFITSAFTERTHESUCCESSOFTECHNOLOGYBASEDSMESTOATTRACTVENTURECAPITALISTHECHARMLIESINADDITION,THESMALLANDMEDIUMENTERPRISESARESMALL,THEGREATERSCOPEFORITSDEVELOPMENT,THESAMEAMOUNTOFINVESTMENTISLIKELYTOGETMOREBENEFITSSOMEVENTURECAPITALISTSA
36、LSOCANBEDONEBYASMALLCOMPANYINTOANINTERNATIONALBIGCOMPANIESTOREALIZETHEIRIDEALSRISKINVESTMENTSUCHHIGHINPUT,HIGHRISK,JUSTTHENATUREOFTHEPURSUITOFHIGHRETURNSFORHIGHGROWTH,HIGHRISKTECHNOLOGYBASEDSMES,THEURGENTNEEDFORFUNDS,THUSALLOWINGTHEHEALTHYDEVELOPMENTOFTECHNOLOGYBASEDSMES,PROVIDINGCONTINUOUSFINANCIAL
37、SUPPORTTHEREFORE,VENTURECAPITALFINANCINGFORSMESTOADDRESSTHESCIENTIFICANDTECHNOLOGICALPROBLEMSPROVIDESAEFFECTIVEWAY3TOCREATECONDITIONSFORRAISINGFUNDSFROMTHECOMMUNITYRAISEFUNDSBYOFFERINGTOTHECOMMUNITY,NOTONLYSCIENCEANDTECHNOLOGYCANENHANCETHEDEVELOPMENTPOTENTIALOFSMES,REDUCINGTHEPRESSUREOFCOMPETITION,B
38、UTALSOTHEINTERESTSOFTHEORIGINALSTRUCTURECANBEBROKEN,BREAKINGTHROUGHFAMILYMANAGEMENTCONSTRAINTS,ENHANCEPUBLICUNDERSTANDINGANDIMPROVEVISIBILITYATPRESENT,THECHINASECURITIESREGULATORYCOMMISSIONONCHINASSECURITIESMARKETHASUNDERGONEMAJORREFORMS,WITHCONSIDERABLESIZEANDSTRENGTHOFJOINTSTOCKSMALLANDMEDIUMENTER
39、PRISESCANBECONSIDEREDTHECREATIONOFCONDITIONSFORTHEISSUEINTHEMOTHERBOARDMARKET,EQUITYFINANCINGINADDITION,THEHIGHTECHSMESCANALSOENTERTHEBUSINESSVERSIONOFTHEWAYTHEFINANCINGINADDITION,THETECHNOLOGYBASEDSMESCANALSOALLOWINVESTORSTOPLANT,MACHINERYEQUIPMENT,MATERIALS,SUPPLIES,INTANGIBLEASSETSANDOTHERWAYSTOI
40、NVESTEMPLOYEESCANALSORAISEFUNDSTOEXPANDTHESCALEOFFUNDSINTERNALSTAFFFUNDRAISINGENTERPRISEINTHEDEVELOPMENTPROCESSNOTONLYTOEXPANDTHESCALEOFCAPITALPROVIDESANEWWAY,BUTALSOCLOSERTHERELATIONSHIPBETWEENWORKERSANDENTERPRISES,ENHANCECOHESIVENESS4MAKEFULLUSEOFRETAINEDEARNINGSHIGHTECHSMESTOTAKEFULLADVANTAGEOFRE
41、TAINEDEARNINGSASANENTERPRISEISANIMPORTANTSOURCEOFFUNDSHIGHTECHSMESSHOULDFOCUSONLONGTERMDEVELOPMENT,ASMUCHASPOSSIBLETOEXTRACTFROMTHEPROFITSOFANAPPROPRIATEPROPORTIONOFRETAINEDEARNINGSASADEVELOPMENTFUNDINORDERTOENSURETHESTABLEDEVELOPMENTOFENTERPRISESBTHEINVESTMENTSTRATEGYWITHTECHNOLOGYASSETS,MARKETDEVE
42、LOPMENT,ASWELLASINVESTMENTINHUMANRESOURCESANDSTRATEGICFOCUSONINNOVATIONANDINVESTMENTSTRATEGYHIGHTECHSMESTOACHIEVELONGTERMSUCCESSISTHEKEYTOTHECONTINUEDSTRATEGICINVESTMENTANDINNOVATIONCLOSELYTHUS,SCIENCEANDTECHNOLOGYINVESTMENTSTRATEGYFORSMESSHOULDBEBASEDONTECHNOLOGYASSETS,MARKETDEVELOPMENT,ASWELLASINV
43、ESTMENTINHUMANRESOURCESANDSTRATEGICFOCUSONINNOVATIONANDINVESTMENTSTRATEGYFIRST,SMESNEEDTOSTRENGTHENSCIENCEANDTECHNOLOGYINVESTMENTINTECHNOLOGYASSETSTECHNOLOGICALINNOVATIONISTHELIFEOFTHEHOSTTECHSMESTHERAPIDLYCHANGINGEXTERNALENVIRONMENTMAKESTHENEWPRODUCTLIFECYCLESBECOMESHORTER,THEENTERPRISESTECHNOLOGIC
44、ALADVANTAGEISDIFFICULTTOMAINTAINALONGTERM,INTHISCASE,THEHIGHTECHSMESMUSTINCREASEINVESTMENTINTECHNOLOGYASSETS,THROUGHTHESUSTAINED,HIGHINTENSITYRTHEOTHERHAND,EFFECTIVEMARKETDEVELOPMENTANDPROMOTIONALSODEPENDONTHEBUSINESSOFMARKETINGHIGHQUALITYTALENTTHEREFORE,HIGHTECHENTERPRISESMUSTBETHEGROWTHANDDEVELOPM
45、ENTOFHUMANRESOURCESTOPROVIDEAGOODWORKINGENVIRONMENTANDCONDITIONS,SUCHASTOPROVIDEGOODWAGESANDBENEFITS,PROVIDECOMPREHENSIVEEMPLOYEETRAINING,THEIMPLEMENTATIONOFEMPLOYEEPARTICIPATIONINBENEFITSPLANS,ETC,ASFORBUSINESSESTOATTRACTANDTOSTAYLIVEINHIGHQUALITY,HIGHLEVELPERSONNELCTHEINCOMEDISTRIBUTIONSTRATEGYSTE
46、ADYMODERATELOWINCOMEDISTRIBUTIONSTRATEGIESFORTHEHITECHSMES,INCOMEDISTRIBUTIONSTRATEGYNOTONLYTOMAKETHERATIONALALLOCATIONOFCORPORATERESOURCESCANBE,BUTALSOTOALARGEEXTENTTOMEETTHEREQUIREMENTSOFSTAKEHOLDERS,INPARTICULARTHENEEDSOFSHAREHOLDERSANDEMPLOYEES,WHICHREQUIRESCOMPANIESMUSTDEALWITHTWORELATIONSHIPST
47、HERELATIONSHIPBETWEENDIVIDENDSANDRETAINEDEARNINGS,CORPORATEINCOMEANDEMPLOYEEBENEFITSFIRSTOFALL,PROPERLYHANDLETHESHAREHOLDERSOFTHERELATIONSHIPBETWEENDIVIDENDSANDRETAINEDEARNINGSHIGHTECHSMESTOINVESTINTHEENTERPRISESSHAREHOLDERS,ISTAKINGAGREATRISKTHEREASONTHEYAREWILLINGTOTAKEHIGHERRISKSINORDERTOOBTAINHI
48、GHYIELDSTHEREFORE,ENTERPRISESINTHEDISTRIBUTIONOFPROFITSMUSTTAKEFULLACCOUNTOFTHENEEDSOFINVESTORS,THEREBYATTRACTINGMOREINVESTORS,THEFINALDEVELOPMENTANDEXPANSIONOFBUSINESSESONTHEOTHERHAND,THEEXTERNALENVIRONMENTOFRAPIDCHANGE,ASWELLASTHENATUREOFBUSINESSINNOVATIONDETERMINESITSNEEDFORCONTINUOUSHIGHINTENSIT
49、YTECHNOLOGICALINNOVATIONANDMARKETDEVELOPMENTACTIVITIES,WHICHREQUIREENTERPRISESTOEXPANDINTERNALACCUMULATIONANDACHIEVESUSTAINABLEDEVELOPMENTINTHISCASE,THEHIGHTECHSMESSHOULDTAKEAPRUDENTMODESTLOWINCOMEDISTRIBUTIONPOLICYMODERATEMODERATELOWINCOMEDISTRIBUTIONSTRATEGYREQUIRESCOMPANIESSHOULDBEMINIMAL,ACASHDIVIDENDPOLICY,ANDTHEMAINUSEOFSTOCKDIVIDENDS,STOCKREPURCHASEORACOMPLETEWAYOFRETAINEDEARNINGS,SOTHATHITECHSMESTHROUGHTHECASHFLOWNEEDEDTORETAINACCESSTOTHEDEVELOPMENTFUNDS,INVESTORSZEYITHEWAYCAPITALGAINSACHIEVEDHIGHGAINSSECOND,PROPERLYHANDLETHEBUSINESSBENEFITSANDEMPLOYEEINTERESTSFORTHEHITECHSMES,
