Research On Financial Support For Non-state Owned High-tech SMEs In Guangdong

Non-state owed high-tech SMEs have become the most active groups to promoteinnovation and development in Guangdong Province, but still face severe financing difficulties.Within the moral hazard and adverse selection, frequently, credit rationing happens in the banks.The current financial supplies of Guangdong don’t adapt to the financial needs in high-techSMEs, forming the prevalence of the "Macmillan Gap" reality. Financial constraints impede theinnovation and development of high-tech SMEs in Guangdong. Therefore，it is seriouslytheoretical and practical in significance of researching the Guangdong Non-state owedhigh-tech SMEs in financial support by the theoretical and empirical way，and then explore theunderlying causes of financing difficulties and solutions in Guangdong Non-state owedhigh-tech SMEs, which promotes the development of high-tech industries and achieves thetransformation and upgrading of the Guangdong economy.Base on the high-tech enterprise growth life cycle theory, finance theory and related papers,this paper studies the growth characteristics and financing needs of Non-state owed high-techSMEs in different stages of development by the method of inductive reasoning and normativeanalysis, thus builds non-state owed high-tech SMEs financial supply and demand adaptionmodel, to analyze the current situation，financing environment and stages and development ofGuangdong non-state owed high-tech SMEs. In order to find out the insufficient and inherentlaw of Guangdong non-state owed high-tech SMEs, the paper investigate the match missing andconstraints of the Guangdong financial supply in non-state owed high-tech SMEs’ needs. Onthe other hand, by using methods of empirical, qualitative and quantitative, the efficiency offinancial support, this paper measured the efficiency of financial support in non-state owedhigh-tech SMEs in Guangdong Province, and analyzed regional differences in the process offinancial support. Finally, it claimed the optimization financial support recommendations ofGuangdong non-state owed high-tech SMEs.The research was supported by the following conclusions and possible innovations:(1)Guangdong non-state owed high-tech SMEs financing plight caused by the mismatch of thefinancial support in different stages. We should match the risk and financing needs of thecharacteristics of the current growth stage non-state owed high-tech SMEs in Guangdong with different periods’ financial support. Than we should develop vigorously the financing channelssuch as venture capital funds, establishing a multi-level, flexible system of financial support.(2)The Guangdong financial system supplied a low efficiency financing support on the non-stateowed high-tech SMEs, generally the stock market now didn’t provide strong short-term supporteffects, and inefficient use of venture capital caused invalid support.(3) The financial supportefficiency of Guangdong non-state owed high-tech SMEs showed significant regionaldifferences. Policy measures should be optimized to promote balanced development of regionalfinancial.