A Study On Financial Management Problems Of Hi-tech SMEs' Each Growth Stage

Now days, with economic globalization and in formation, hi-tech SMEs have play importance role in economic growth and science and technological progress. Financial management is an important problem on influencing the survival and development of hi-tech SMEs. So, study on financial problem of hi-tech SMEs become more and more important. Hi-tech SMEs' Every growth stage has its character. It is essential to study on hi-tech SMEs' financial management on the basis of the character of hi-tech SMEs' every growth stage.At first, the essay gives us a clear definition of hi-tech SMEs and analyzes characters of hi-tech SMEs. The difference of every stage will decide the characters of hi-tech SMEs' financial management in every growth stage. The difference will focus on the financial target of hi-tech SMEs. We divide the growth progress as seeds stage, set up stage, growth stage and maternal stage. Then we divide the goal of hi-tech SMEs' financial management as two levels, general level and specific level. The character of every development stage decides the specific level goal of hi-tech SMEs' financial management. The maximization of corporate value is decided as the general level goal of financial management. According to the characters of every stage, the specific goal of financial management can be set as finance amount maximization, cost profit ratio maximization and economic value addedmaximization.Then, guided by the specific goal of financial management and according to the characters of every growth stage, we discuss the investment management, dividend allocation management and finance management of hi-tech SMEs' every growth stage. Dividend allocation management is a part of inside financing channel of hi-tech SMEs. We mainly discuss the investment management and finance management of hi-tech SMEs. Because the evaluating standard of SMEs' financial ratio is different from other kind enterprise, we also discuss the evaluating standardof SMEs' financial ratio that fit to evaluate hi-tech SMEs financial conditions.