Research On The Finance Gene Of Small And Medium-sized Enterprises Growth

No matter in developed countries or in the emerging market countries, the SMEs are more and more important, which known as the "new development phenomenon". The SMEs in our country make a significant contribution to economic and social development which occupying a great percentages of enterprises. Economic development pattern transformation and urbanization is two themes of the present stage of economic and social development in our country, the success of the economic development pattern transformation needs constant and technological innovation, urbanization is need to create a large number of jobs which all depend on the SMEs to achieve sustained and rapid growth. However, during to the restrict by internal and external factors, the SMEs growth in China is not optimistic, presenting a "short life span, high death probability " phenomenon. Effectively promoting lasting survival and continued growth of the SMEs to promote economic and social development become a focus that the macro policy makers and managers pay attention to. Given the extreme importance of financial in the SMEs growth, exploring the decisive key factors to the SMEs financial activities and financial performance known as the financial gene, analyzing the mechanism for the SMEs growth to promote the growth of the SMEs is very necessary.With the importance of SMEs and the overall growth of the SMEs as the realistic background, with the rapid development of corporate gene theory as theoretical background, on the basis of the research on the SMEs finance and growth, propose the research theme "the finance gene of SMEs growth", set up "the introduction of the SMEs’ finance gene——the construction of the SMEs’ finance gene model finance gene’s role in the mechanism analysis of SMEs growth. In accordance with above logic thinking, the main content of this paper can be summarized as the following four aspects:Firstly, the introduction of the finance gene of SMEs and the definition of its connotation. On the basis of revealing the characteristics of the SMEs, expounds the importance of finance in the SMEs growth, and further clarify the study of finance gene of the SMEs is an effective way of promoting SMEs growth. From the perspective of enterprise bionics, this paper definds the concept, structure and element of SMEs’ finance gene.Sencondly, The screening of element and the building of structure of SMEs’ finance gene. Analysis the fators which effect the financial activities and financial performance of SMEs, and theirs measure indexes by imitating the mechanism and strcture of beings’ blood system. On this base, this paper builds the variable system, which is used to screen the element of SMEs’ finance gene by using fator analysis, variance analysis, analytic hierarchy process and entropy method.Thirdly, the theoretical analysis of mechanism of finance gene effects SMEs growth.. The concept of SMEs’ finance gene is proposed, because we focus the financial factors of SMEs growth,which need to analysis how finance gene effects on the growth of SMEs. This paper proposes the Mechanism model of finance gene effects SMEs growth as the result of theoretical analysis of SMEs’finance gene mechanismFourthly, the empirical test of mechanism of finance gene effects SMEs growth. Testing the mechanism of finance gene effects SMEs growth by using multiple regression analysis, the data which be used in the testing come from small and medium sized companies from china which have be listedBased on the above study, three main conclusions obtained are as follows:In the first, the connotation of SMEs finance gene. SMEs have many characteristics of life, is a special kind of living organism from the perspective of enterprise bionics. So, the research of SMEs’ finance gene has a realistic foundation. On this basis, the paper proposes the concept of SMEs’ finance gene. SMEs’ finance gene is the factor that decides the financial activities and financial performance of SMEs, is made up by many kinds of element and have a certain structure. SMEs’ finance gene decides SMEs’ financial characterization by the mechanism, finally it and other genes determine the condition of SMEs development and growth.In the second, the variable system, screening program and result of screening the constituent element of SMEs’ finance gene. This paper constructes the variable system including thirty variables and designs a specialized empirical screening program. On this base, this paper extracted four kind constituent elements of SMEs’finance gene: resource base; finance idea; profitability; corporate governance.In the third, the mechanism model of finance gene effects SMEs growth and the result of the empirical testing. This paper analysises the way by which finance gene effects SMEs growth and buildes the mechanism model of finance gene effects SMEs growth. Finanlly the mechanism model was tested by using multiple regression analysis.Accordingly, there have three aspects in the innovation about the paper followed:In the first place, the paper defined the concept of SMEs’ finance gene fristly. Through literature research, there have no article about SMEs’ finance gene. This paper fills this gap, analysises key factors which influences financial activities and financial performance of SEMs and their measure. The constituent elements of SMEs’ finance gene is extracted using the method of factor analysis and variance analysis. Finally the complete bionic model of SMEs’ finance gene is constructed.In the second place, a new reasurch path of SMEs growth is proposed. Finance occupies the central position in the development and growth process of SMEs, financial performance was high consistency with the growth condition of SMEs. In this paper, finance gene is researched as the breakthrough point to study SMEs growth.In the third place, the paper reveales the mechanism of finance gene effects SMEs growth. The path and logical way of finance gene effects SMEs growth is analyzed firstly. On the base, the research hypothesises was put forward and the mechanism model of finance gene effects SMEs growth are established. On the base of objectively appraiseing the performance for the growth of SMEs, the mechanism model is empirically tested.