Research On Financing Difficulties And Outlet Of Small And Medium - Sized Technological Enterprises In China

All along, small and medium-sized enterprises plays an important role in promoting economic development, relieving employment pressure, and promoting the readjustment of the economic structure. And the small and medium-sized enterprises of science and technology are the most dynamic, innovative, and promising groups among all enterprises. They have important significances in improving our country’s capability of independent innovation, and building an innovation-originated nation. However, the development of the small and medium-sized enterprises of science and technology has been a hindrance to the problem of financing. The financing problem has increasingly become main reason for restricting the development of small and medium-sized enterprises of science and technology in China. What’s more, it has caused a negative influence on China’s economic and social development.Currently, one urgent problem for the government to solve is to create good environment for the science and technology-oriented SMEs(small and medium-sized enterprises), solve their financing difficulties, and thereby promote the economic development. In recent years, the financing problems of science and technology-based SMEs have been eased. However, compared with enterprises’ actual needs, there are still many aspects for the government, financial institutions, and science and technology-oriented small and medium-sized enterprises to improve.At present, many domestic experts and scholars have studied the financing problem of science and technology-based small and medium-sized enterprises, and made varieties of expositions about financing present situation, existing problems and improvement measures. In this paper, we first introduce the concepts of small and medium-sized enterprises of science and technology-oriented and the theory of financing. And then discusses the financing channel selection for small and medium-sized enterprises of science and technology, which includes intellectual property rights pledge financing, raise public equity and venture capital financing pawn financing, financing status and problems analysis. The paper analyzes the SME financing problems mainly from the aspects of themselves, government’s policy, capital market system and guarantee system. Afterwards, this thesis illustrates the western developed countries in science and technology type small and medium-sized enterprises’ financing experiences to enlighten our country. At last, the paper discusses the suggestions and countermeasures to improve China’s SME financing system, including small and medium-sized enterprises of science and technology themselves, capital market, innovative financing methods, and government policies on financing.