Research, Improve The Financing System For Smes In The High-tech Industries In China

Hi-tech and hi-tech industry has become to be the most important or critical factor for economic growth. In 21 century, the country who process the power of hi-tech industry will process the power of economic development and technology innovation. The SMEs in hi-tech industry have become the most attractive and efficient part in every country's innovation system, the same is true in our country. But the SMEs of our country have many problems, too many SMEs of our country in hi-tech industry can't get through "dead hole" in seed stage. Because SMEs face inequitable exterior environment, and the most important reason is that hi-tech SMEs are hard to get finance. It is meaningful to perfect the financial system for our country's hi-tech SMEs based on international experience.This text analyses the situation of our country's hi-tech SMEs refers to the international experience of SMEs' finance. Then it suggests the policies to perfect the financial system of our country's hi-tech SMEs based on the demonstration of Wuxi city of Jiangsu province. It gains the basic conclusions as follow:1. This text concludes the international experiences of financial system for SMEs(including hi-tech SMEs)in developed countries about capital market, VCs and so on, and it considers that developed countries have a mutual financial system for SMEs. So it has important meaning to learning the international experiences of financial system of SMEs to promote our country's hi-tech SMEs and hi-tech industry.2. This text analyses the financial characters for hi-tech SMEs of Wuxi city and finds that the financial channels for hi-tech SMEs are very narrow; the credit finance has constructional obstacle and can't become to be the main financial channel for hi-tech SMEs; the VCs work imperfectly; the fund supports from government are not entirely used in seed stage and early stage of hi-tech SMEs; the hi-tech SMEs are hard to get finance from capital market.3. Based on the former studies and international experience, this text gives the polices to perfect the financial system of our country's hi-tech SMEs. First, government should invest more funds to hi-tech SMEs. Second, make the folk finance more criterion. Third, perfect the indirect financial system. Fourth, build a capital market with many arrangements. Fifth, VCs should highly support hi-tech SMEs when they are in early stage and expansion stage.