Abstract: In this paper, we make an empirical study on the short-term financing strategy of 1233 high-technology companies in Taiwan. The results indicate that: high-technology enterprises with higher liquidity, credit rating and profitability and lower issuance cost, company size and liabilities level tend to radical short-term financing strategy. High-technology enterprises with higher issuance cost and lower liquidity, credit rating and profitability tend to moderate short-term financing strategy. Listed high-technology companies with lower liquidity tend to conservative short-term financing strategy. We studied the antecedents of short-term capital market and choice of financing strategy in short-term fund market as well as their match. These conclusions have some management enlightenment and reference for the development of short-term capital market to high-technology companies in China mainland.

摘要： 本文对1233家台湾高科技企业的短期融资战略进行实证研究，结果表明：高科技企业的流动性、信用评级、获利能力对采用激进型短期融资策略有正向影响，而发行成本、公司规模和负债水平对采用激进型策略有负向影响。发行成本对高科技企业采用稳健型策略有正向影响，而流动性、信用评级、获利能力负向影响高科技公司采用稳健型策略。流动性低的上市高科技公司更倾向于采用保守型策略。在此基础上，本文就短期资金市场的前置因素与企业短期资金市场的融资战略选择及其匹配进行了研究，阐述了在不同条件下企业的短期融资组合战略及其规律，以期对中国大陆高科技企业提供借鉴。