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The Comparative Study On Financial Structure Of High-tech SMEs Among America, Japan And China

Posted on:2013-06-09Degree:DoctorType:Dissertation
Country:ChinaCandidate:T FeiFull Text:PDF
GTID:1229330395971102Subject:World economy
Abstract/Summary:PDF Full Text Request
Since the1990s, more and more high-tech SMEs get the attention of thecountries all over the world. High-tech SMEs have the characteristics ofhigh-risk,high-investment,high pullulating and high profit, and they can quickly meetthe needs of the market diversity,especially in the field of innovation mechanism andefficiency which enterprises of other types have the incomparable advantage.High-tech SMEs are an effective carrier of technological innovation, the mostdynamic and important element of the development prospects of the nationalinnovation system, the important force to improve the comprehensive national srengthand international competitveness, and the important foundation that guaranteeshealthy development of economy. But financial structure has plagued Chinesehigh-tech SMEs’ growth. Research on financial structure can effectively help Chinesehigh-tech SMEs to response fiancial constraint.This paper chooses two countries which have typical chatacteristics of financialstructure of high-tech SMEs, namely America and Japan, and selects high-tech SMEsas sample data, then is devoted to explore Chinese problems of financial structure ofhigh-tech SMEs through a comparative study on financal structure among America,Japan and China, in order to provide reference for Chinese problems of finacialstructure of high-tech SMEs. This paper mainly includes the following several parts:firstly, this paper introduces the background and significance, and defines relatedconcepts that the paper involves. Secondly,from financial structure of generalcharacteristics of high-tech SMEs, a comparative analysis of financial structure ismade among America,Japan and China,based on financial structure status of Chinesehigh-tech SMEs, and found that financial system is not perfect, that is the financingchannels of Chinese high-tech SMEs is comparatively wide, but capital from thesechannels is limited. Indirect finance is shortage and risk investment is comparativelyslow development. Thirdly, an empirical analysis is made from long and short termsbased on the macro and micro levels among America,Japan and China, and the resultis that the change of ratio between the outside financing and the inside financing isnot sensitive, that financial structure of Chinese high-tech SMEs is one-way causalitywith economic fluctuations, inflation level and the development of securities market,that in the micro influence factors, enterprise scale and fixed assets value is negativelyassociated with financial structure, and has significant short-term effects. Finally, based on the comparative and empirical analysis of high-tech SMEs among America,Japan and China, this paper puts forward some proposals for reference to optimizefinancial structure of Chinese high-tech SMEs for responsing financing constraints ofChinese high-tech SMEs. The analysis and conclusions of this paper for constuctingfinancial system of SMEs, especially for constucting financial system of Chinesehigh-tech SMEs have very important policy significance, and can help Chinesehigh-tech SMEs to constucture reasonable financial structure.
Keywords/Search Tags:High-tech SMEs, Financial structure, Influencing factors, Comparativestudy
PDF Full Text Request
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