Research On Measures Forpromoting IPO Financing Of High-tech SMEs

With the development of knowledge economy, high-tech SMEs, which have innovation advantages, flexible operation mechanism and the capacity of high speed growth, have increasingly been the advocator of our technology innovation, and they have played very important and strategic role on our economic development. High-tech SMEs have been the most important part of our current national economy and they have been the major force in China's economic growth and technology innovation. However, the financing problems of high-tech SMEs did not match to their important position; this matter has been the biggest barrier to the rapid development of enterprises. Many policy and legislation have been made to solve the financing problems of high-tech SMEs, and our government has began to integrate a multi-level capital market to satisfy the demand of financing of the enterprises in different developing stages. But there are many problems in the process of improving the external financing environment and enhancing the financing capability of high-tech SMEs, so that it is very imperative to analyze these problems for list financing of China's high-tech SMEs, with the purpose of providing theoretical and empirical basis.Firstly, this thesis reviews the correlated literature and summarizes the situation of study on the list financing of high-tech SMEs, then it puts forward the research content and approach with combination of capital structure theory and financial life cycle theory. Secondly, this thesis analyzes the financing strategy of high-tech SMEs in every stage of life cycle, and this thesis argues that financing public financing is one of the most important financing channels to adapt to the rapid development of high-tech SMEs. Thirdly, according to the specific circumstance of China, this thesis analyzes the financial environment to point out the present situation and the main problems of SME Board and ChiNext. Then, this thesis summarizes the problems in the process of public financing of high-tech SMEs, with analyzing the reasons for public financing failure. After that, this thesis chooses ChiNext listed companies as the research object and constructs the index system evaluating the IPO financing capacity of high-tech SMEs to conclude the key factors based on factor analysis and multiple liner regression analysis. Finally, according to the analysis on financing environment and financing capacity of high-tech SMEs, this thesis makes several measures and suggestions for improving the listing finance of high-tech SMEs.