The Research On The Venture Capital Financing Model Of Sme Cluster

Since the reform and opening up, many places in China, especially in Zhejiang Province, have formed a large number of private economy small-and-medium-size enterprises, which have become the backbone of the local economy and technological development. Theory has proved that enterprise cluster have a distinctive advantage in financing and technical innovation, but in fact, SMEs still have a serious gap in financing, and upgrading and transforming of enterprise cluster still face difficulty. But this is not the fallacy of theory, but that lack of mechanisms that make SMEs transform cluster financing advantages into real ones and of cluster financing basis to support them to innovate matters.The venture capital incubator is an important part of promoting national or regional innovation system. According to reports concerning one hundred incubators in China, the current revenue structure in general is still based on rent, leaving behind in investment and financing services, besides, the nature of these incubators is government institution orientated, which on the other hand lack marketing operation mechanisms. These severely limit the sustained development of the incubators, and also to some extent, restrict the development of China’s high-tech know-how.Based on this, this thesis from the angle of intersection between SME cluster and venture capital, makes a initial exploration on the of venture capital financing mode of SMEs cluster. This mode is a new one that smoothes the communication between SMEs and venture capital, promotes theoretical advantages into real ones and improve venture capital incubator into a high-level development. As the venture capital invests mainly in high-risk and high-yield corporations, this mode mainly applies to the cluster of high-tech SMEs. This thesis, based on cluster theory, SMEs financing theory and venture capital theory, refers to a large number of domestic and foreign materials, uses logical reasoning method and chart analysis and designs the SME cluster venture capital financing mode. This thesis, in accordance with the background, urgency, conditions, basic framework of the mode, mode specific morphology, mode operation mechanism, mode risk assessment and policy recommendations, expand on these above. Besides, this thesis mainly focuses on building two specific forms, namely "direct investment mode" and "joint investment mode". This paper argues that the successful construction and operation of SME cluster model of venture capital financing can achieve the cluster’s "quasi-endogenous" financing,but also to achieve efficient "quasi-exogenous" financing of SME cluster.In the mode, financial companies as incubators are the organization carriers of implementing the SME cluster venture capital financing mode. It originates from cluster and serves cluster and has multiple advantages that are better than any external financial institutions. This kind of mode, on the one hand, is able to promote internal flow of cluster funding and full use and improve availability of cluster external funding, on the other hand, it can lower the financing threshold of SMEs cluster, enhance risk-control ability of venture investors, improve the guiding effect of government on venture investment and promote the transformation and upgrading of SME cluster.The mode is another effective way to solve the financing problems of SMEs, and is worthy of promotion and structuring.