Study On The Capital Operation Characteristics And Identification Of High-growth And High-tech SMEs

High-tech SMEs had made outstanding contributions to technological progress,economic growth and job creation,and also made contributions in some other aspects.It had played an irreplaceable role in the transformation and upgrading of China's national economy and social development.For a long time,sustainable rapid growth has always been the goal pursued by SMEs' investors and operators.This paper aims to explore the capital operation characteristics of high-growth and high-tech SMEs,and identify the high-tech SMEs with great growth potential on the basis of the characteristics.Through this paper,it can provide decision makers an idea of high growth strategy from the enterprise financial level,but also provide investors a reference for the investment decisions.At first,this paper introduces the enterprise life cycle theory,the enterprise exogenous growth theory,and the enterprise endogenous growth theory,and defines the related concepts,such as small and medium-sized enterprises,high-tech enterprises,enterprise growth and high-growth enterprises.Chapter 3 analyzes and summarizes the internal and external factors influencing the growth of enterprises;Chapter 4 constructs an index system of enterprise capital operation from aspects of financing activities,investment activities and business activities,and uses the listed company of Shenzhen SME board as the sampling frame.The non-parametric test results show that there are significant differences between high-growth and high-tech SMEs and its comparison samples in 3 financial indicators.Chapter 5 establishes a binary logistic regression model with the capital operation characteristic indicators and other control variables that influence the growth of enterprises,and try to identify high-growth enterprises through this model.And the forecast results show better accuracy.