Research On The Financing Mode Of The Technological Innovation Of The Small And Medium-sized Enterprises In The Central Underdeveloped Region Of China

On the March 5th of 2004, in the Second Session of the 10th National People's Congress, Premier Wen Jiabao, for the first time, delivered to energize the central region of China. On March 5th of 2005, in the Third Session of the 10th National People's Congress, he emphasized again to work out plans and measures promptly to energize the central region. With the development of the society, small and medium-sized enterprises play more and more important roles in our country's economic development. So they are also playing very crucial roles to achieve the goal of energizing the central region of China. At the same time, small and medium-sized enterprises can't develop well without technological innovation, and they can adapt to the needs of the development of the market only through the technological innovation, and then can subsist and become stronger in the intense competition of the market. But because of the complicacy and sensitivity in small and medium-sized enterprises' business operation, the risk of the technological innovation, insufficient support from the government, incomplete capital market, low credit and difficulties to apply loan etc. , financing enough capital to meet the enterprise' needs, is a big problem to support the development of the technological innovation of small and medium sized enterprises.Under this background, in order to respond to the appeal of the Communist Party of China (CPC), and to achieve the grow-up of the central region by taking advantage of this area effectively, in the paper, we choose the central region of china as the studying object, the financing of the small and medium-sized enterprises' technological innovation in the underdeveloped region, and describes the present financing situation of the technological innovation in this area, and compares the central region with the east region, the west region of China and the average level of the whole country, and then take JiangXi province as the example to analyze tentatively; from the investigation, some obstacles of the financing are found at this area. According to the result of the investigation, the risk characters of the technological innovation financing are analyzed, and an ANP model based on the interdependence between the risk factors and financing methods, and the inner dependence within themselves, is built. And then a zero and one integral goal programming, considering the goals of controlling risk and improving financing efficiency, and the different flexibility of the different financing methods, is built to findout the suitable financing mode of the technological innovation of the small and medium-enterprises in the central region of the china. Based on the 0-1 integral goal programming model, the mode of combining the four methods is acquired, which is" its own capital + government support fund + venture capital + bank credit", which means to take its own capital as the base, try to get enough government fund, take the venture capital as impetus, and keep the traditional financing method—bank credit. At the end, the mode consisting of the four financing methods is discussed, and through the comparison of the financing policies of foreign countries and those of China, some suggestions are presented in the paper.