Research On The Investment And Financing System For High-tech Smes

High-tech SMEs are the combination of small and medium enterprises and high -tech enterprises, with phenomenal growth rate, expansion capability and characters of being intelligence-intensive and knowledge-intensive and involving high investm -ent and high risk. It plays an important role in national economy in China due to its cluster development, rapid technological development and high industrial growth. However, at present many high-tech SMEs are generally hampered because of insuffi -cient financing. Financing has been the bottleneck for those enterprises to grow. The primary cause of this problem is that the investment and financing system for them is not perfect. Therefore, improving the high-tech SME financing system has been an important issue which affects their sustainable development in the future.This paper, first of all, introduces the present situation of domestic and foreign financing systems for high-tech SMEs and the solutions to tackle the existing financial difficulty for those enterprises in China. Secondly, it carries out a study on general rules of high-tech SME development, briefly analyzing the content, features and operational rules of those enterprises and their investment and financing system. Thirdly, taking the example of Tianjin Economic-Technological Development Area (TEDA hereinafter), it focuses on the bottleneck for high-tech SME growth in TEDA, giving in-depth analysis of the causes to the problems based on thorough investigation. The paper then concludes that the growth of high-tech SMEs is the foundation for the perfection of the investment and financing system, revealing the interrelations between the two. At last, it comes to the suggestions that the investment and financing system for high-tech SMEs should be ultimately improved via a series of measures including increasing government support, fostering and improving major capital market systems, accelerating the development of VCs, establishing enterprise credit evaluation index system, increasing support from the banks, promoting informal financing agencies, improving guarantee systems, and setting up regional platforms for investment and financing services, etc. and hope to provide theoretical and practical references for domestic studies on improvement of high-tech SMEs financing,...