High-tech Sme Financing Path Selection

In knowledge-based economy, the flourish and development of high-tech enterprises in the global economy will become a hot, and their great role in promoting the social productive forces and great contribution on economic development is out of doubt. But for a long time, financing problems have become a restriction for high-tech enterprises, especially for SMEs (the small and medium-sized enterprises). Therefore, it have important theoretical and practical significance to deal with the problems by choosing a reasonable path and broadening the financing space of high-tech SMEs.In this paper, high-tech SMEs' financing problems is discussed in the combination of the corporate life cycle theory and the corporate finance theory. Use normative analysis, comparative analysis, historical analysis and case analysis methods to compare the high-tech SMEs' financing policy and path in developed countries. Construct a financing method option model for high-tech SMEs, based on corporate growth life cycle theory, especially emphasis on the study of financing demand features in different stages in life cycle and choosing various financing path or path portfolio. Combined with the financing of SMEs high-tech successful stories in developed countries and domestic fact, improve our high-tech SMEs in the path through the establishment of "One Body Two Wings a two-tier" system of financing: dominated by direct multi-level capital market financing system and venture capital system, indirect banking financing system and governmental support system for the wings; in the multi-level capital market system, a main broad market and OTC market for the wings, to solve the high-tech SMEs' financing problems. Finally, take Suntech in Wuxi as an example to demonstrate that a wide range of financing path for high-tech SMEs is matching with life cycle.