An Empirical Study On The Influential Factors And Development Capacity Of Chinese High-Tech SMES

The high-tech SMEs are becoming more and more important in national economy. The theoretical and practical areas have paid more attention to their development sustainability. This paper builds up a system analysis framework based on empirical experience and selects 435 data from 1,1,2011 to 9,30,2014 of high-tech SMEs. Chooses modern mainstream econometric and statistical research tools to analyze the factors affecting these enterprises, such as principal component analysis, panel model, the multiple regression model. This paper comes to some conclusions under macroscopic and microcosmic analysis, overall to individual study logic. These conclusions can promote the sustainable development of these micro, small and medium enterprises of science and technology.The research content is divided into the following four aspects:(1) Compares the classification of high-tech SMEs with that of advanced countries,and sorts out some theories of enterprises development,which provides the theoretical basis of the empirical study.(2)The comprehensive evaluation of sustainable development. This paper refers to extensive significant researches both at home and abroad, then the definition of micro, small and medium enterprises sustainable development is scientifically defined. Combine with the modern comprehensive financial management theory, builds up a comprehensive evaluation index system including solvency, profitability, operation, and growth.(3)The empirical study of internal factors. Considering the availability of the listed company data and the research target, make the sustainable development comprehensive evaluation value of the micro, small and medium enterprises as dependent variables. Panel data model is used to analyze the connection of debt payment ability,profit ability, operation ability and growth ability with the development capacity of SMEs. Then the sample is broken up to analyze the differences among internal factors in industry management ability.(4) The empirical research on the external policy factors. The policy environment is a very important aspect on affecting the development of SMEs among the external environment. Selects some data of GEM listed by companies and establishes a multivariate regression model to explore the actual effect of financing guarantee, fiscal and tax, public services, innovation and development policy to SMEs.The main innovation points of this paper are as follows:(1) It introduces the panel modelofeconomics to the study of internal management factors. According to the characteristics of GEM ListingSMEs data, conducts an empirical research to assess the influence of internal management factors using panel data model. Makes the study more scientific and meaningful. (2) Builds an index system todetermine SMEs development capacity in the framework of modern financial analysis. Selects 14 indicators from four dimensions of debt, profitability, operations, growth to measure the development of SMEs using principal component analysis. Particularly, provides a new way to evaluate enterprises development. (3) Evaluates the effects of policy for the High-tech SMEs development.lt sorts out the intensive and dispersed policy from the angles of financing, taxation, innovation, serviceas a policy variable direction.Then constructs a multiple regression model to explore an apposite method to evaluate the policy effects.