Financing Problem And Countermeasures Of High-tech SMEs In China

Since the reform and opening up, high-tech SMEs in China have been developing very rapidly, has been important part of the national economy. meanwhile, It's the main driving force for our country efficient economic growth. High-tech SMEs have an important role for meeting people's diversified and personalized needs, achieving social and professional collaboration, scientific innovation, nurturing entrepreneurs, promoting national economy development and maintaining social stability. However, in our country, due to the impact of the traditional planned economy, China has always attached importance to the construction and development of large enterprises, inadequate investment in high-tech SMEs, therefore, financial difficulties have plagued the survival and development of high-tech SMEs. From the development process of high-tech SMEs, the need for capital of high-tech SMEs has been constantly increasing, while the capital was always in short supply. In addition, a late start of high-tech SMEs, not perfect market mechanism, a small share of GDP for the total value of the capital market, under developed venture capital, which have serious restrictions in financing of high-tech SMEs, the situation of high-tech SMEs is worse. Therefore, the application of modern corporate financing theory and combines with actual situation in China, having theoretical and innovative research of high-tech SMEs financing. It has important theoretical and practical significance for high-tech SMEs to solve financing problem, and then promote healthy development of high-tech SMEsHigh-tech SMEs financing problems have become the bottleneck of their survival and development therefore, having been concerned by the government, industry and academic circles. Although many studies about high-tech SMEs, It has great significance for alleviating the pressure of the high-tech SMEs financing ,still lack of systematic, deeply comprehensive research. This research bases on the results of the theory from home and abroad, combination of practice analysis and theory analysis,the macro analysis and micro analysis ,domestic and foreign corporate financing practice, focusing on Problems and responses of high-tech SMEs financing in China .Firstly a universally accepted definition of high-tech SMEs, and describes the characteristics of high-tech SMEs, then, introducing the high-tech SMEs financing content, as well as the classification according to different standards, and finally focuses on the theory of high-tech SMEs financing, including the excellent series of new theories, agency cost theory, credit rationing theory. The second part, deep and comprehensive analysis, on our high-tech SMEs financing problems, including Micro-level problem and Macro-level problem of high-tech SMEs financing then having thorough analysis of the financing difficulties of high- tech SMEs .The third part, presents the high-tech SMEs financing system and summarizes the current situation, Introduces the successful experience of the financing system of United States, Japan, Italy, summarizing the inspiration of high-tech SMEs financing problem. The fourth part, for the establishment of a sound financing system for high-tech SMEs, the author presents the countermeasures,which is the innovative point of this article.