在逆全球化浪潮下，推动硬科技发展对于国家具有战略意义，风险资本可以将资金与科技高效衔接起来，从而推动行业发展。然而，高科技企业技术壁垒越高，投资者与创业者之间的信息不对称也就越高，同时伴随着更高的投资风险。本文对高技术壁垒企业融资过程中是否拥有更高的融资谈判能力展开研究。本文以技术壁垒的相关理论为出发点，了解技术壁垒对于企业发展的核心价值。并通过融资合约理论切入影响谈判双方核心利益的关键要点，找到双方谈判争夺的权利主战场。本文通过A公司产品的市场价值、竞争格局、技术独特性及客户资源分析了A公司的技术壁垒；通过A公司的融资过程以及融资条款分析A公司在融资过程中体现的谈判能力。研究发现A公司尽管在客观条件上存在多重不利因素，包括创始人为首次兼职创业、出资额少、夫妻共同创业、缺乏融资谈判经验等，但由于其掌握着核心技术、并且其技术具备稀缺性、壁垒高、潜力大的特点，依然在整个融资过程中处于优势的谈判地位，体现出投资人争相竞争、融资节奏快、金额大、估值增速高的特点。通过对案例公司每轮融资合约的分析，发现A公司的融资合约的回购条款责任主体为公司而非创始人，创始人始终掌握着董事会权利与投票权，投资人没有重大事项权利及一票否决权。研究表明高技术壁垒的科技公司具有更高的融资谈判能力。最后，本文根据研究结论给投资人和创业公司提出了相关建议，以促进风险资本与高科技资产更有效的资源配置。
In the tide of anti-globalization, promoting the development of hard technology is strategically significant for countries. Venture capital can efficiently connect funds with technology to drive industry development. However, the higher the technological barriers of high-tech companies, the higher the information asymmetry between investors and entrepreneurs, and the higher the investment risk. This article explores whether high-tech companies with strong technological barriers have higher negotiating power in the financing process.Starting from the relevant theories of technological barriers, this article understands the core value of asset uniqueness for enterprise development. By using the financing contract theory to identify the key points that affect the core interests of both negotiating parties, we find the main battlefield for the right to negotiate. This article analyzes the technological barriers of Company A through market value, competitive landscape, technological uniqueness, and customer resources of Company A‘s products. It also analyzes Company A‘s negotiating ability demonstrated in the financing process and financing terms.The research found that although Company A objectively faced multiple disadvantages, including the founder‘s first-time part-time entrepreneurship, low investment amount, joint venture by husband and wife, and lack of financing negotiation experience, it still held an advantageous negotiating position in the entire financing process due to its core technology, technological scarcity, high barriers, and great potential. The characteristics of investor competition, fast financing pace, large amount, and high valuation growth were also reflected. Through the analysis of each round of financing contracts of the case company, it was found that the repurchase clause responsibility of Company A‘s financing contract was the company rather than the founder. The founder always held the rights of the board of directors and voting rights, and investors had no major event rights and veto power. The research shows that high-tech companies with strong technological barriers have higher negotiating power in financing.Finally, based on the research conclusion, this article proposes relevant suggestions for investors and startup companies to promote more effective resource allocation between venture capital and high-tech assets.
