Research On Technological Innovation Financing Of Domestic SMEs

Financing problem is always one of the main problems which restrict the development of domestic SMEs. Compared with big enterprises, domestic SMEs have a non-smooth financing channel, without a long-term, stable and sufficient financing source, and the methods of financing are very humdrum. Financing requirement of SMEs for technological innovation has special characters, such as the demand for capital is a big number, the financing risk and the revenue are very high. Those characters make the financing problem especially extrusive. The financing methods of SMEs can be divided into direct financing methods and indirect financing methods. Direct financing methods include stock financing, bond financing, commercial-credit financing and venture capital. Indirect financing methods include banking financing and fiscal financing. On the basis of research on 91 SMEs of Tongji University National University Science Park, this thesis makes a systematical research about the financing actuality of SMEs, and makes a further research about the main bottle-necks and sticking point on the SMEs financing for technological innovation.In view of financing actuality of SMEs, this thesis uses the advanced financing theories all over the world for reference, and puts forward a choice model of financing methods based on the process of technological innovation. And then this thesis makes some innovation and improvement on present financing methods, such as setting up Technological Innovation Bank, consummating Investment Guarantee, publishing Bundled Bond, and setting up Venture-Compensated Fund. At last, this thesis put forward some suggestions, aiming at the bottle-neck of SMES financing for technological innovation. The suggestions include including consummating the supporting system of technological innovation, inducting the growth of informal financing services organizations, developing second-board market and expediting the development of venture capital.