Research On The Financing Problems Of High-tech SMEs In Anhui

With the rapid development of social and economic in Anhui Province, the high-tech SMEs have played an important role in alleviating the pressure of Anhui, driving private investment, optimizing the economic structure, promoting market competition, making the realization of scientific innovation and transformation, serving and facilitating the life of peope, and promoting regional economic in a coordinated state. However, because of the "high input, high-risk" characteristics, the high-tech SMEs have faced serious financing difficulties in the financial markets. The global financial crisis bursting out in 2007, which was triggered by the U.S. subprime mortgage crisis, has been making many large international banking institutions such as Lehman go bankrupt. In the financial markets, the asset shrinked and the risk has increased.In the first half of 2008, the number of high-tech SMEs which has become insolvent was 67,000, in the second half of the year, most high-tech SMEs have experienced all kinds of difficulties. Coupled with the rise of domestic labor and raw material, the appreciation of RMB, many large enterprises diverted to the survival of the high-tech SMEs.This graduation thesis based on the statistical results of the questionnaire about the high-tech SMEs in Anhui Province tries to reveal the financing problems of the high-tech SMEs, analyze the reasons for their financing constraints, and explore a financing support system for the high-tech SMEs in Anhui Province.ChapterⅠof this graduation thesis is introduction. ChapterⅡreviews the domestic and international research on the status of the financing problems of the high-tech SMEs, summarizes the achievements and the shortcomings that appear in the domestic and international research, describes the necessary for further study. Based on survey results, ChapterⅢreveals the characteristics and present situation of the high-tech SMEs in Anhui Province. The majority of the high-tech SMEs in Anhui Province are privately managed, and mainly in the fields of optical and electrical machinery, new materials, bio-medicine, electronic information, new energy and energy-efficient. They are small and the sources are homogeneous. In the development process there is a shortage of funds and the pattern of funds mainly is short-term funds; Chapter IV analyze the reasons of the financing difficulties form the high-tech SMEs their own shortcomings, the Government's financial support mechanism is not perfect, bank credit and other indirect financing have obstacles, the capital markets and venture capital of Anhui province have a slow development. Finally, according to the reasons of financing difficulties of the high-tech SMEs, Chapter V proposes solutions to resolve the difficulties in financing, tries to improve the financing ability of the high-tech SMEs, build the financial support system of government, build the indirect financing support system of banks, build the direct financing support system of multi-level capital markets.The major work and the innovative results of this graduation thesis are as follows:1. This graduation thesis analyzes the domestic and international issues and solutions on the high-tech SMEs financing and finds that most of the current research is standardized study, mainly research from the perspective of a particular aspect or problem of the high-tech SMEs financing.Although great achievements have been made, it still lacks systematic research. This graduation thesis tries to improve the financing ability of the high-tech SMEs, build the financial support system of government, build the indirect financing support system of banks, build the direct financing support system of multi-level capital markets, in order to build a complete system of financing framework.2. Currently, the research is scattered. This graduation thesis uses empirical research method, will the high-tech SMEs in Anhui Province as samples, through the questionnaire survey way to research. I have issued 120 copies of questionnaires and received 94 copies of questionnaires, deduct 31 copies of questionnaires which have mistakes or incomplete. Finally, I get 63 available copies of questionnaires. (13 copies from Hefei tax hall,11 copies from my classmates working in the high-tech SMEs,39 copies from a enterprise association and three chambers of commerce.) 3. At present there are some research find that the difficulties of the high-tech SMEs is the result of internal and external factors, but these studies mainly focus on the external factors such as the structure adjustment of financial institutions structure adjustment, ignoring their own problems of the high-tech SMEs. It proves that the structure adjustment of financial institutions can not improve the level of the high-tech SMEs credit, their financing disadvantage on the market has not improved. This graduation thesis will analyzes their own financing difficulties in deep and build self-financing capacity of the high-tech SMEs.