A Research On Strategic Framework Of Credit Financing For Hi-tech SMEs

Nowadays, in whatever country, Hi-tech SMEs are the headstream of technical innovation and the direct carrier of products transformation. Their development usually represents where the hi-tech industry is heading on, where the advanced industry is heading on, and even influences the direction of economic development. Thus since 1980s, the development of Hi-tech SMEs becomes what the government and the academe in the world focus on. However, the difficulty in credit financing always fetters Hi-tech SMEs'development. Why is this enterprise force, which accords with the request of economic development, in such an embarrassing station? How to break the bottleneck to improve its development? Those are important topics for the government, the academic and practical circle to research and solve.This thesis makes a multi-dimensional analysis for the reasons of credit financing problem Hi-tech SMEs are facing to. It's suggested that the problem in theory originates from credit rationing under the condition of asymmetric information, and in practice results from factors as follows: banks'worry based on cost-return and risk analyses, the scarce of the government's function and the deficiency of enterprise competition.The complexity of the problem decides that it's impossible to solve it with just some financing methods and Institutional arrangements. We have to suit the remedy to the case. Therefore author try hard to grasp the sticking points, outline a multi-dimensional strategic framework of credit financing for Hi-tech SMEs. In this creationary framework, systemically exertion of the government's function is its precondition and assurance, the foundation of banks & enterprises'effective credit relationship is the way to dredge financing channel, the development and regularization of fork loan is the way to expand that channel, the improvement of the SMEs credit guarantee system is its credit sustainment, the informatization of Hi-tech SMEs is its technique sustainment, and the symbiosis system based on the integration of supple...