创业企业生命周期与多阶段融资方式分析

创业企业的发展过程中，创业资金需求的规模、融资时机和方式有所不同。在创业企业生命周期的不同阶段，存在不同的融资特点。投资为减少投资风险，采取多阶段的投资方式，相应地，创业的融资决策为采取多阶段的融资方式。

The Analysis on the Life Cycle of Venture Capital and Multi-stage Financing Style

During the development of venture enterprises, the capital scale, financing time and the financing style are required by entrepreneurs differ. On the various stage of the life cycle of enterprises, it is characterized by different financing feature. To reduce investment risks, investors always invest in multi-stage, consequently the entrepreneurs take advantage of multi-stage financing style.