Research On The Capital Market Financing Of Guangdong's Technology Based SMEs Under The CEPA

With the sustained and rapid economic growth, the continuous development of capital market and venture capital, China fosters a large number of Technology based SMEs (Small and Mid-sized Enterprises) , Guangdong Technology based SMEs have also experienced rapid development momentum. Since Guangdong's venture capital development relatively lags behind Beijing, Shanghai, Zhejiang, and other places;Shenzhen SME board performances unsatisfactory, and not really guide Technology based SMEs, venture capital and second board to interactive development;Mainland second board is still in construction;There are also some problems in Hong Kong second board market;and with the feature of high-risk, high-input, Guangdong's Technology based SMEs face the developing bottleneck in financial aspect.After the experience of the Asian financial crisis, Hong Kong's economy grew slowly, the status as an international financial center and capital market faces the challenge from the neighboring countries. In support of Hong Kong's rapid economic development, Mainland and Hong Kong signed "CEPA" (Closer Economic Partnership Arrangement between Hongkong and the Chinese mainland) to create an economic circle, and promote the common economical development of Hong Kong and the Mainland. Signing CEPA is of great significance for Hong Kong's economic revitalization;At the same time, the inherent economic and geographic advantages of Guangdong Province, to take full advantage of the advanced services, venture capital, and the role as an international financial center and capital market, which finally bring Guangdong' Technology based SMEs with more opportunities.In this context, this article, after making the related research about Technology based SMEs, venture capital and second board market, on the basis of analyzing the financing condition of Technology based SMEs and the effectiveness of CEPA, suggests the financing system for Technology based SMEs to solve their development bottleneck.The article firstly makes research on the basic theory of Technology based SMEs, venture capital and second board market, and the internationalexperience, as well as the use of reference to China.Then constructs the interaction model among them. Secondly, the paper analyzes the financing condition and cause of Guangdong Technology based SMEs, and then assesses the financing environment of them. In the face of the entire venturecapital trends in the re-run, as well as the transition opportunity of the SME board in Shenzhen, the fast and effective way is to accelerate the development of venture capital and second board market which will forms the interactive development among them and be the final settlement of Guangdong Technology based SMEs' financing problems. Finally, in the analysis of the impact imposed by the CEPA, combined with the related financing theory of the Technology based SMEs, this article proposes the way to solve the financing problems of Guangdong Technology based SMEs. In the framework of CEPA, referring to the international experience, the use of Hong Kong as an international financial center and capital market position, the relevant departments jointly developes the plan of growth roadmap for Guangdong Technology based SMEs to build a multi-level capital market financing system.