Research On The Reasons And Mitigation Countermeasures Of High-tech SME Financing Constraints

High technology small and medium enterprise(High-tech SME)is the main force of national science and technology innovation,is the driving force for the implementation of innovation-driven development strategy.High-tech SME is an important engine of optimizing the economic structure and transforming the pattern of economic development,it has become an important force to promote economic development and build a socialist harmonious society.However,the problem of financing constraints has been restricting the development of high-tech SME in China.Therefore,it is of great practical significance to study the reasons and effective mitigation countermeasures of high-tech SME financing constraints.By collecting and analyzing relevant data,we describe the current situation of high-tech SME financing constraints,and analyze the reasons of financing constraints from both internal and external aspects.This paper argues that the financial system and the credit service system are insufficient for the service of high-tech SME,which are the main external causes of financing constraints.The cash flow sensitivity of cash model is used to test the main external factors of high-tech SME financing constraints.We find that the scale of Chinese financial system and the financial structure of market and intermediary are not the significant determinants of high-tech SME financing constraints,well the financial intermediary(banking)structure is the significant factor of high-tech SME financing constraints.The development of small and medium banks can be very effective in alleviating high-tech SME financing constraints.At the same time,we find that the service ability and the development level of the credit service system is the significant influencing factor of high-tech SME financing constraints.The development and perfection of the credit service system can also effectively alleviate the financing constraints.This paper puts forward some countermeasures to mitigate the financing constraints of high-tech SME,it includes the suggestions of improving high-tech SME self-improvement awareness;optimizing the structure of financial system and promoting the development of small and medium banks;establishing and perfecting credit service system for high-tech SME;increasing government policy support for high-tech SME;promoting the development of venture capital;improving the high-tech SME related laws and regulations.We hope this study can effectively solve the problem of high-tech SME financing constraints,and make modest contribution to the healthy development of high-tech SME,even to the healthy and sustainable development of the national economy.