Study On The Financial Support Of High-Tech SMEs' Independent Innovation In China

Promoting independent innovation and building an innovative country is one of the major strategic decisions in China to carry out the scientific development perspective. At present, China is in a special period of the new normal, and also in a period full of opportunities. In order to adapt the new normal time, our country should be transformed the driven power of development from elements and investments to innovation. Nowadays, high-tech small and mid-sized enterprises(high-tech SMEs) have become the important carriers of the transformation of the scientific and technological achievements, and the realization of the independent innovation. In our country, hi-tech SMEs are not only the important power to promote the sustainable development of national economy, but also one of the vital forces to promote the development of the market economy. Sound financial support system is the guarantee of the hi-tech SMEs' health and sustainable development. However, the currently, the financing problem of high-tech SMEs is still very prominent, and there are still many SMEs “die young” because of “blood”. Based on it, this paper studies the financial support for the independent innovation of high-tech SMEs.First of all, this paper introduces briefly the high-tech small and mid-sized enterprises, independent innovation and financial support, analyses high-tech SMEs with independent innovation, technology and finance, and compares the difference of financing between high-tech SMEs and other enterprise, which reflects the difficulty for high-tech SMEs to raise money. Then, this paper further analyses the status quo of finance support, the financing difficulties, the reasons. The results show that the financial support for high-tech SMEs has a great improvement. But now, high-tech SMEs still face all kinds of difficulties in raising fund, the main reason is the information asymmetry is very serious in high-tech SMEs. Later, Using the DEA method, this paper analyses the static efficiency and dynamic efficiency respectively, which show that the efficiency has not reach the best state yet, but it has improved a lot. Next, this paper analyses the relationship between high-tech SMEs' independent innovation and financial support by building multiple regression model. The results indicate that the technology capital input, financial efficiency, financial size and the development of stock market have positive impact on the independent innovation of high-tech SMEs. Last, on the basis of the all those results, this paper puts forward some suggests, such as expanding the financing channels to alleviate the capital pressure, using of funds as ear-marked to improve the utilization efficiency of technology funds, improving the intermediary institutions to reduce the information asymmetry and optimizing the financial system to provide sound macro environment, to perfect the financial support for the independent innovation of high-tech SMEs, so to improve their innovation ability.