Study On The Problem Of Financing System Of Science-technology SMEs

The Science-technology SMEs are important power in our national economy development, a new increasing point in the market economy, and takes up the most portion in the quantity of enterprises all over the country. It plays an indispensible important role in the social life which increases jobs and improves lives level of people. Science-technology SMEs'increasingly booming pours incomparable energy, what's more inherent power of technological innovation into the market economy. It provides new products and service, further pushes forward the institutions and the mechanism innovating in a way. In the march of constructing the market economy of socialism with Chinese characteristics, as a pioneer it takes on the duty of exploring the marching road, promoting industrial structure and technology upgrading and enhancing our enterprises'self-innovation capability. It propels rapidly sustainably national economy, fit into increasing by its'own good development.It is necessary to motivate Science-technology SMEs to develop because of Science-technology SMEs'important role. However, in the practical production and operation, they have a high magnitude but a low survival percentage. Many firms end up in the crucial issue that they can't gain the persistent flow of capital. Capital is the blood of the enterprise. If the capital ran out, the enterprise will end up. The financing issues are the chief problem which Science-technology SME must face. How to defuse the bottleneck of financing, seek a road fit for Science-technology SMEs development, construct a dimensional and synthetic financing system, is the researching setting and discussing object in this article.Science-technology SMEs have some properties: high growing up, high return on investment, high investment and high risk. These characteristics are their advantage, in the same time the disadvantage causing their financing difficulty. To resolve this problem, firstly this article analyses Science-technology SMEs'financing status, locates the problems and probes into the reasons in our country, on the base of studying document literatures domestic and overseas and directing at Science-technology SMEs'characteristics. Secondly, this article combines life cycle theory, financing theory, game theory, symbiosis theory, tries to seek parties that is government, financial institutions, relative enterprises and their governance structure with the intimate relation of Science-technology SMEs'in the living environment, abstract three symbiosis relationships which outstandingly influence the financing part, that is financing institutions vs SME, government vs SME, SME vs NOT-SME. And then it analyses all relations'symbiosis unite, symbiosis pattern, symbiosis environment in the phase of the SME life cycle, puts game theory to analyse the functioning mechanism, further find factors affecting financing efficiency in the symbiosis relations, providing studying materials and theory basis. Thirdly , on the basis of factors and relations from the theory analysis, it establishes the indicator system, design relative variables and model, screens 20 listed companies with 2005-2010 data in the SME plate of Shenzhen stock market, constructs panel data model and empirical research, analyses the relativity and the degree. Finally, on the basis of theory and empirical analysis, it gives the proposal of constructing the financing system fit for Science-technology SMEs.