Research On Financing Development And Risk Control Of Small And Medium - Sized Technological Enterprises In

Due to Chinese economy’s sustained and rapid development, Tianjin’s technology-based small and medium-sized enterprises also obtained a good momentum of development, both in enterprise scale, number and quality had made great breakthrough, and the number of technology-based small and medium-sized enterprises has reached 71.8 thousand till 2015, technology-based small and medium-sized enterprises has become an important power to drive the city’s economic development. But financing problems still exists for Tianjin’s technology-based small and medium-sized enterprises, especially under the background of national macroeconomic regulation and control policy, for many years macro financial continued tightening, which made Tianjin’s small and medium-sized enterprises’ financing channel constantly narrowing, and caused small and mid-sized enterprises’ capital chain ruptured, which is a direct threat to the survival and development for these enterprises. How to solve these problems and effectively control risk is a severe issue for all Tianjin’s technology-based small and medium-sized enterprises.In this paper the author used methods such as literature analysis, statistical analysis and empirical study, defined the main concept of technology-based small and medium-sized enterprises’ financing, discussed financing risk control, production combining with financing theory, financing modes of small and mid-sized enterprises’ and risk identification. Compared with large enterprises, the natural features of technology-based small and medium-sized enterprises has characteristics such as higher financing risk and weak risk resist ability, has high demand for fund but also with financing problems, small and medium-sized enterprises have capital demand but facing severe financing problems. Technological progress and regulating relax become one of the inner motive power for technology-based small and medium-sized enterprises combining with financing, the enterprises depend on production combining with financing to achieve scale economy and establish competition advantage in market, technology-based enterprises’ technological innovation ability provides a developing space for the integration of enterprise and financing. At present the ways that technology-based small and medium-sized enterprises commonly used including loan financing, public financing, innovation fund and venture capital funds, different financing model has different characteristics and risk points, which need to use scientific method to identify enterprises’ financing risks.According to the basic theory of corporate finance, this paper analyzed Tianjin’s technology-based small and medium-sized enterprises’ development and financing status, further discussed the problems that Tianjin’s technology-based small and medium-sized enterprises faced including relying too much on internal financing, external financing channel is relatively narrow, enterprises’ financing development cost is relatively high, enterprises’ financing and operation level is relatively low, etc. By establishing mathematical model, conducted empirical analysis on Tianjin’ technology-based small and medium-sized enterprises, and discussed the relationship between development and financial support; Regression analysis showed that the development and financial support has a long-term equilibrium relationship, and the degree of financial deepening is a granger cause for Tianjin’ technology-based small and medium-sized enterprises, while financial development efficiency is not the granger cause for the development of small and mid-sized enterprises. And used financial leverage coefficient method and fuzzy evaluation model, took Jinmo technology companies as example, identified the risks for small and mid-sized enterprises’ financing risks. Put forward ways such as by optimizing financing environment, promoting financing channel and optimizing financing risk control etc, to realize the sustainable development for Tianjin’s technology-based small and medium-sized enterprises.