High-tech Small And Mid-sized Enterprise Credit Financing Innovation Path Research

Since China's reform and opening up, the high-tech Small and Medium-sized Enterprises(high-tech SMEs) obtained a rapid development and enhanced the vitality of the national economic growth. High-tech SMEs create lots of jobs, nurture many self-employed creative talents and make a great contribution to the social stability and economic development. But shortage of funds is always the bottleneck that restricts its further development .At present, compared with the developed countries, our financial system is still far from perfect and the development of Venture Capital and GEM(growth enterprise market) is still at the beginning stage .Credit financing still plays a dominant role in high-tech SMEs financing share. Bank credit financing will always be the high-tech SMEs's mainly financing channel in the near future.Based on analysis of the high-tech SMEs capital demand in China and commercial banks capital supply to the high-tech SMEs, the thesis argues that the reasons that lead to the high-tech SMEs credit financing insufficient is that the insufficiency of bank credit business innovation, the high-tech SMEs defects of its own, the lack of perfect social security system and so on. After summarizing the SMEs financing experience of The United States, Japan, South Korea and other countries, this thesis discusses the innovation path of credit financing for the high-tech SMEs in China and puts forward three models to solve China's high-tech SMEs financing shortage problem:supply chain finance for high-tech SMEs, intellectual property pledge financing, financing lease for high-tech SMEs.