The Research On The Financing System Of Our Country's High-tech Small And Medium-sized Enterprise

The competition of the states based on economy leading by high technology. The high-tech enterprise, especially the high-tech small and medium-sized enterprise are important power for the development of economy, as well as promotion of industrial structure .China's small and medium-sized high-tech enterprises are confronted with the grave financing gap ,a large number of small and medium-sized high-tech enterprises can not overcome death traps, high-tech industries on the development of bitter combat. Therefore, in building an innovation-oriented country to become China's basic strategy today, in order to develop our country's high-tech small and medium-sized enterprise, we must perfect our high-tech small and medium-sized enterprise's financing system.Based on financial growth cycle theory as the building ideology, from reasonable to meet high-tech enterprises in the development of the financing requirements of the small and medium-sized high-tech enterprises from developed countries advanced financing system on the basis of the experience, to improve our country Support the development of small and medium-sized high-tech enterprises financing system response. The full text of the following four components:Based on financial growth cycle theory, the high-tech small and medium-sized enterprise can become a long range mark phase for seed starts an undertaking phase , maturity expects four stages in period theory. Be hit by the high-tech small and medium-sized enterprise demand for fund and risk having no equal to in every life cycle stage characteristic , be been that the earlier stage the enterprise demand for fund is small in the life cycle but risk is big , the later stage demand for fund is big but risk is small. Every stage demand for fund and the risk characteristic reach union enterprise being suitable to every stage financing way, the financing reaching the high-tech small and medium-sized enterprise. then according to every stage financing way supports system. The financing system being hit by the high-tech small and medium-sized enterprise supports system including that the government supporting system, the indirect financing supporting system and direct financing.Take bond market as dominant USA and take the government as a little bit common characteristic of dominant Japanese financing system: Problem difficult to finance with the high-tech small and medium-sized enterprise in every country is a systematic process; own the comparatively perfect government support system; own perfect capital market system; Build the indirect financing coming to promote enterprise small and medium banking institution.China's small and medium-sized high-tech enterprises in the process of financing faced with the financial support of technological transformation of less direct financing channels for small and indirect financing in the credit rationing difficult problem to the financing of enterprises, the financing of these problems is the main reason for China's complete lack of direct Financing system, the lack of effective channels of direct financing and indirect financing system is not perfect and there by their own lack of financing capacity and other reasons.In order to solve the high-tech small and medium-sized enterprise's financing problem, we must adopt at present in our country as follows countermeasure: The first need to found the government who takes perfect laws and statutes as basis supporting system; Second builds the direct financing system taking the multiple echelons capital market as basis; Come third to develop indirect financing system ;fourth high-tech small and medium-sized enterprises should actively strive to raise their own financing capacity.