| The firm’s growth is a dynamic manifestation of the sustained, rapid and healthy development of enterprises. Through on the research of growth, internal management who can accordingly full thorough to understanding enterprise itself of production operating status and financing situation, accordingly perfect related of Enterprise behavior, optimization enterprise of performance, development grow Enterprise; for external investors, through analysis Enterprise future of development space and growth prospects, can accordingly select himself of investment object, measure investment risk, improve investment paid rate; for national,, Improve the growth of enterprises to promote sustained, rapid and sound development of the national economy is of great historical significance, laid the economic foundation of comprehensive national strength. In recent years, science and promoting the rapid development of high-tech SMEs, not only soar in number, also occupy an increasingly heavier weight on the economy, science and technology contribution shows a rapidly rising trend. Science and technology enterprise is high-tech personnel as the main body, to turn technology into social commodities with high added value as the core of the business organization. In an era of technology combined with the economic, science and technology enterprise is undoubtedly the bridge to reality social productive forces of science and technology, in particular high-tech SMEs. In view of the high-tech SMEs in the promotion of more and more important role in the development of the national economy, many scholars view gradually shifted from large public companies to high-tech SMEs, the growth of high-tech SMEs is a focus of research. Technology-based firms in their own development issues have been in the process of systematic is exposed, the related financial support system is not perfect, banks and other financial institutions reluctant to offer unsecured loans itself could not provide collateral items, windInsurance, small scale factors are limiting its sources of financing, funding problems became the key issues faced by high-tech SMEs in the growth. Chengdu private economy developed, formed a pattern of the development of medium and small enterprises. Based on the Chengdu high-tech SMEs for study to investigate the effect of financing structure on business growth and concluded that relatively more accurate results and a more targeted, as well as for high-tech SMEs are not listed with real operational significance.Paper respectively from debt level, and debt term and debt sources three a aspects on both at home and abroad related literature for recalled, in accurate defined technology type SMEs and innovation type SMEs, and enterprise growth, related concept and combs predecessors research theory results of based on, qualitative analysis technology type SMEs of financing features and status, then in on Chengdu city technology type SMEs for questionnaire survey of based on for empirical analysis research financing structure on growth of effects, Finally, qualitative and quantitative analysis of results come up with strategies and advice. Empirical part, selected 103 Chengdu high-tech SMEs 2010-2014 empirical study of the Panel data for 5 consecutive years. First building enterprise growth of evaluation indicators system, used main components analysis of method on enterprise of growth obtained integrated scored g, then according to 5 years panel data respectively established debt level, debt term and debt sources three a explained variable and was explained variable enterprise growth of three a linear return model and financing structure(debt level, and debt term, and debt sources) and enterprise growth of return model. According to sample data, research findings, and uncorrelated with growth rates of assets and liabilities and long-term debt as well as the proportion of commercial credits to SME growth plays a significant role in promoting. Finally, according to the research results, development of high-tech SMEs external and internal building countermeasures and suggestions on two aspects, with a view to optimizing the structure of SME financing, and their sustained and healthy development. |
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