Research On Financing Methods Of High-tech SMEs Based On Gray Relational Analysis

In the background of the spreading international financial crisis, and the slowdown of Chinese high-tech industry, high-tech SMEs are still facing serious financial predicament, although the supporting financial system for high-tech SMEs is improving constantly. With the innovation of financial instruments, there are a great variety of financing methods for high-tech SMEs to select, but not all the methods are suitable well. This paper addresses the selection of financing methods of high-tech SMEs, for the purpose of providing a scientific and effective decision-making approach for high-tech SMEs to select its financing methods.Basing on the definition of high-tech SMEs and the related financing theories, this paper starts with the analysis of the current selecting situation of major financing methods for high-tech SMEs. Secondly, this paper makes a qualitative analysis about the influencing factors of high-tech SMEs in selecting the financing methods, and then it leverages the data of high-tech enterprises in SMEs board to make a positive analysis of the influencing factors of high-tech SMEs in selecting the financing methods based on gray relational analysis. The purpose of the empirical section is to make a sorting of the factors, and then analyze its economic implications. Finally, based on the result of empirical research, this paper builds a two-stage decision-making model for high-tech SMEs to select its financing methods, applying for the theory of dynamic planning. And then this paper takes the case of a high-tech small-and-medium enterprise in Zhongguancun to introduce the application of the decision-making model.The analysis of the influencing factors of high-tech SMEs in selecting its financing methods based on gray relational analysis, and the decision-making model providing in this paper, will be benefit for high-tech SMEs to ease its financial predicament and to increase the probability of success of its financing. That will promote the growth of high-tech SMEs and the development of our national economy.