Research On Technology Start-up SME Finance From Venture Capital Syndicate Investment

Technology start-up small and medium-sized enterprise as the mainstay of improving national science and technology innovation ability,is an important force for the transformation of the national economy. Since the1990s, the SME has been drawn more and more attention from all over the world, which owns a lot to their unparalleled advantages compared with the other enterprise, especially in the aspects of its innovative mechanism and its effects.But the financing problem of Technology start-up small and medium-sized enterprise is still serious.Conducting exploration and research based on the SME financing needs, financing situation,existing problems, the risks and how to improve other aspects. Financing for SME to form a new mode that Venture Capital Syndicate Investment, which solve the financing problem, and create an healthy environment conducive to the development of SME.As one of the methods,syndication can be a very good tool to solve the financing problem of Technology start-up small and medium-sized enterprise because of its many advantages.On the base of the analysis of the correlative researches,the research analyses the form of Venture Capital Syndicate Investment and the purpose of Venture Capital Syndicate. It also analyses the characteristics of technology start-up SME,and the risk that venture capitalists will encounter,which produced by technology start-up SME.The research generally divides syndication into syndication of risk diversification-based and syndication of specialization-based. For both purposes, It first does in-depth theoretical study.The model demonstrates that the benefit under professional circumstances is more than the benefit under non-professional circumstances.At last, we conduct the comparison of the efficiency of syndication of risk diversification-based and syndication of specialization-based,and obtain the conclusion that the efficiency of syndication of specialization-based is higher than the efficiency of syndication of risk diversification-based as the improving of the innovation of project.