| In this paper, a systematic study is made on the financing issue running through the entire cycle of life for the enterprises by means of dynamic study combined with static analysis and with the theory of enterprise finance growth cycle, combined with the theory of capital structure, as the theoretical frame for the study. An evaluation system is established on the growth of technological small- and medium-sized enterprises ("SMEs"hereinafter). It is pointed that the establishment of scientific evaluation system for the growth of technological for SMEs is the basis for evaluating and supporting technological SMEs and establishing innovative financing system that adapts to different phases of growth. And it is more important that the evaluation system to the technological SMEs can exercise a function to control the sense-reversing problem resulted from asymmetry of information so that investors can, on the whole, judge whether or not a technological SME is valuable for investment. The factors influencing the financing of technological SMEs are divided into microscopic ones including business opportunity, enterprise resources and enterprise system as well as macroscopic ones including economic environment, governmental policy environment, financial environment, social legal environment, credit cultural environment and technological environment, etc. A study is conduct on each factor's influences exerting on financing. A study is made, by means of methods of system theory, on the interaction and regular patterns of microscopic and macroscopic factors to the technological SMEs, and a comprehensive analysis is made on the influences of the foresaid functions and regular patterns. By means of DEMATEL analysis model, studies are done on the strength and weakness of those influencing factors so as to find out key influencing ones. And, by means of gray model of association-degree analysis, the financing capability of technological SMEs are evaluated and studied...
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