| Summary: | 碩士 === 長榮管理學院 === 經營管理研究所 === 89 === Recently, the development of high tech industry is what government of Taiwan concerns. However, the development cannot reach the goal in one step, and should start with small firms. The role of the entrepreneurial enterprise as an engine of economic growth has garnered considerable public attention in the 1990s. Much of this focus stems form the belief that innovation – particularly in the high tech, information, and bio-technology areas – is vitally dependent on a flourishing entrepreneurial sector. The principle part of economics’ development of Taiwan is small and medium enterprises(SMEs), but the articles of research are seldom mention of the problems of SMEs in Taiwan, for instance, the resource of entrepreneurial capital and investment of research, the practicable evaluation of professional skills and market.
This article is researched by questionnaire’s survey to financial manager of small high tech firms, combine with the characters of SMEs and assistant measures of government. Moreover, this article is also discussed financial decision by Pecking order theory, the sources of SMEs’ finance which varies with age and the additional values of Venture capital company investing what high tech small firms want.
The analysis shows that the financial decision of high tech small firms doesn’t completely support the practice of pecking order theory, and the source of R&D expenditures doesn’t, either. At the same time, the additional values of Venture capital company investing what high tech small firms want are not only the value in finance, but also in marketing , organization and management.
Key word: Small high tech firms, Pecking order theory, Internal equity, External equity, The ratio of R&D expenditures, Venture capital company.
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