The Research Of Financing System For Innovative SMEs

2011 is the first year of China's 12th Five-Year Plan period. The 17th National Congress of the Communist Party of China (CPC) emphasis that we will enhance the country's science-tech innovative capacity, and combine scientific and technological innovation with national economic for China's building of an innovative country and adjustment to its economic growth mode. The innovative Small and medium-sized enterprises (SMEs) are a dynamic force for sustained economic growth. They are the key of nurturing high-tech businesses of independent intellectual property rights, and they also can serve as the engine of constructing an innovation-oriented country. They are the powerful driving force for speeding up the transformation, and score more comprehensive, coordinated and sustainable growth to seek sound and fast economic and social development. The effect on domestic demand, maintain balanced economic growth is increasingly prominent.The innovative SMEs have an irreplaceable role in the economic development, however, they also facing the common problem of difficulties in obtaining financing. There are many innovative SMEs cannot find the financing they need, then their brilliant ideas may fall by the wayside and this represents a loss in potential growth for the economy. During the Eleventh Five-year period, China has explored many possible solutions in promoting innovative SMEs financing and make some success. But it's only the beginning. In May 2011,《Guiding Opinions of the Ministry of Science and Technology on further promote the development of science SMEs innovation》has been pressed by Ministry of Science and Technology of China. The guideline enhanced that"Expanding the financing channels of innovative SMEs, and launching pilot projects of depth combination of technology and finance".①therefore, research and improve the financing system for innovative SMEs have important practical significance.This paper discusses the following four chapters:Chapter1: Overview of innovative SMEs. It primarily focuses on the definition of innovative SMEs, and then summed up its characteristics and position and role of economic.Chapter2: Describes the current situation of financing system for innovative SMEs. Firstly, describing the features and major financing channels for innovative SMEs. Secondly, describing current related financing system.Chapter3: Introduction of the main financing channels and related systems for innovative SMEs in United States and Japan then summed up reference and inspiration on the financing system for innovative SMEs in China.Chapter4: Through the introduction of implementation of the technology and financial integration pilot project in National Innovation Demonstration Zone, recommended some suggestion on the financing system for innovative SMEs.At present, there are numbers of studies of the financing system for SMEs; however, the studies of innovative SMEs are less in contrast. The innovation of this paper is the research were based on the actual situation of the innovative SMEs, and combines the actual work experience of the author, who is the member of legal office of Administration Commission of Shanghai Hi-Tech Industrial Development Zone. This paper took the implementation of the technology and financial integration pilot project in National Innovation Demonstration Zone as the entry point, thus proposed the proposals of building a sound financing system for innovative SMEs.