Study On Financing Problems Of High-tech SMEs

The thesis is based on the theoretic study and combined the theoretic study and practical study. It discusses the financing status of high-tech SMEs and studies the effectiveness of the financing channels in solving those difficulties; finally it brings forward some suggestion on solving the construction of financing channels. On the basis of SME and High-tech definition, the thesis gives the definition of high-tech SME which is adapt to the level of our economy's development. Besides this, it also describes the characters and life circle high-tech SMEs and the financing difficulties that SMEs are facing. It says that the inadequacy of relevant law and ministry, limited financing channels, shortage of venture capital, inefficiency of direct financing channel, shortage of political capital and high cost caused by other financing channels are mains reasons why high-tech SMEs have difficulties in financing, and financing channels are of core importance to high-tech SMEs. Only efficient channels can solve their problems effectively. In the process of discussing efficiency of each channel, it finds that because high-tech SMEs has the character of high-invest, long term to withdraw the invest and high-risk, traditional direct and indirect channels have difficulty in meeting their financing need, only venture capital and second board are best channel for them. But only develop these two channels can't meet their need fully, we need to improve existing channels while develop new channels to solve this problem efficiently. For long term, we should develop venture capital emphatically and establish second board - the exit of venture capital to speed up the development of venture capital. It can provide help in the 'seed period' when SMEs are in great shortage of capital. We could also consummate the indirect financing system of high-tech SMEs, develop guarantee system to form a efficient financing channels of high-tech SMEs, establish a beneficial environment to accelerate the development of high-tech SMEs.