The Research About The Technology--based Smes’ Market--oriented Financing Model In USA And Its Experience For Reference

At present, China’s economy is in a period of rapid progress, with the merging of technology and finance, the technology-based SMEs are playing a more and more important role in the national economy. But in the development process,its access to financial support is still difficult, the difficulty of getting the support of external financing, the high cost and the internal conditions all restrict SMEs’ development.First of all, this article focuses on the US SMEs’ financing models. The United States has made the market as the primary means of effective competition and optimal allocation of resources, the developed capital market, venture capital market as well as a number of technology banks represented by Silicon Valley Bank form a set of screening and support mechanisms of the connection of technology industry, venture capital and capital markets, it has great significance to the development of science and technology in our country. The article analysis the technology SMEs’ financial system and financial market environment in US from the macroscopic Angle. After that, the article analyze several common mode of financing like the ABS, risk investment, capital market financing, loans for technology,and get the mechanism of the financial support to the technology-based SMEs,illustrating its applicability.Secondly, through the reference of American finance means, the article put forward policy suggestions related to the financial of science and technology in our country. Later,the article analsis our country present situation and problems of financial instruments from loan of science and technology, entrepreneurial venture investment, capital market,using the newer data and charts to support; Combining the theory of life cycle, it put forward staged financing strategy and the growth path, in order to improve the SMEs’ financing system, ensure the dominant role of market mechanism in the financing process. This paper put forward in terms of successful experience for reference, for the financing model dominated by the U.S. market, We should draw lessons from it and carry on innovations with distinct Chinese characteristics, making it better service to China.