Research On Financing Capability Index System Of Science And Technology Small And Medium-sized Enterprise

Science and Technology Small and Medium-sized Enterprise(S&T SMEs) is the mainstay of technological innovation, and it is an important part of the national economy. One of the more remarkable characteristics of the S&T SMEs is high input of the capital. Each stage of a new product from research to industrialization needs a lot of money. Financing capability is the ability of enterprise selecting particular financing way to raise money. At present our country S&T SMEs mostly in the expanding size, enterprises financing ability is not very strong. But research to improve the enterprise financing ability can make the enterprise more independent control financing activities, and solve enterprise capital problems with multi-channel and low cost.Based on reviewing the enterprise competence theory and financing structure theory, and then summarizes the relevant research results. The article states the mechanism of the financing ability and believes that the essence impact of the financing ability is enterprise's factors. Based on analysis the enterprise financing ability factors theory, combined with the characteristics of S&T SMEs, reference scholars on the establishment of financing ability index system, setting up S&T SMEs financing capability index system from the innovation ability, growth ability, profitability, management ability and the ability to safeguard.The paper selects 65 PRE-IPO S&T SMEs as the empirical study sample, analyzing the sample data by using principal component analysis. Working out that growth ability and the innovation ability are the two most important factors of the S&T SMEs, followed by security ability, profitability and management ability. After determining the index weight, and then correcting the financing ability index system of the S&T SMEs, and proving this index system through the expert scoring method.Finally by the theoretical analysis and empirical research and on the basis of enterprises face to fair effective from market environment and the complex one, put forward to enhance the ability of the enterprise financing advice.