The Investigate Of The Financing Channels About S&T Based SMEs

Science and Technology Based Small and Medium-sized Enterprises (S&T Based SMEs) play an important role at our national economy, but due to limited financing sources, they have been facing problems on raising money for a long time. Therefore, how to perfect our financial market to satisfy S&T Based SMEs' financing demands will be a prominent problem that needs to be solved presently.Combining the actuality and existing problems of our capital market, the thesis analyses main causes which lead to S&T Based SMEs' financing difficulties and investigate 112 of Zhejiang S&T Based SMEs, China's single capital market prevent the market process of capital market, do damage to allocations of financial resources, fail to meet the demands on financing of S&T Based SMEs, and point out that constructing multi-level capital market is just the right way to solve the problem. In order to use the successful international experience for reference, I study the typical American multi-level capital market and then make the great efforts to analyze the key features of its market system setting, level orientation and link mechanism. On this basis, the thesis further puts forward policy enlightenments to our government, suggesting we enlarge disparity about the market entering standards of different levels, Chinese ideal multi-level capital market should be the systems of national market combined with regional market and trade market supplemented by over-the-counter market, including main board, second board, regional capital market, over-the-counter market and informal equity market.