Study On Credit Financing Of Technology-based Small And Micro Enterprises Of Hefei

Technology-based small and micro enterprise is the key to enhance our capacity for independent innovation and is an important supplement of the socialist market economy. According to statistics, more than75%of the technical innovations and more than65%of the inventions as well as more than80%of the new products are created by technology-based small and micro businesses. As an essential power to build the innovative country, technology-based small and micro enterprises play an important role in promoting technological progress, improving the market economic system and cultivating emerging industries.Hefei, as the unique "National Science and Technology Innovation Pilot City", technology-based small and micro enterprise is an important foundation for its economic development. Compared with other small and micro enterprises, technology-based small and micro enterprises have such features as high risk, high investment and low assets, which also make the process of financing being more difficult. As the main supplier of funds, commercial banks are facing the reality of homogeneous competition, the marketization of interest rate and the rise of new financial leadings(such as the internet financial), which makes the situation of commercial banks become less optimistic. Therefore, accelerating the development of technology-based finance is an important measure for the transformation of commercial banks and the innovation of finance. This paper designed the questionnaire to "Technology oriented small and micro enterprises’ present financing situation ", and according to the survey data obtained to make an empirical analysis of technology-based small and micro enterprises’ credit financing constraint factors of Hefei, and then according to the empirical results to come to the conclusions. Finally, referring to the domestic and foreign commercial banks operating mode, from the traditional point of view of small and micro enterprises’ financing difficulties and the service perspective of commercial banks, some suggestions on how to accelerate the financial development of science and technology are put forward.The main contents are as follows: 1. In accordance with the logic of the causes-solutions, this paper makes a detailed combing of related literatures at home and abroad, summarizes their main points and makes a comparative analysis. The conclusions we draw are as follows:(1) Bank credit is the most practical way to solve the financing difficulties for technology-based small and micro enterprises.(2) The characteristics of technology-based small and micro enterprises themselves and the traditional credit mechanism of commercial banks are the main causes of their financing difficulties.(3) Commercial banks have certain advantages in providing services to technology-based small and micro enterprises, which is also an inevitable choice and has huge space for their own development.2. Based on the field survey data obtained, the analysis of basic situation and financing status of technology-based small and micro enterprises in Hefei are made. The financing characteristics of technology-based small and micro enterprises in Hefei are as follows:(1)The amount of funding requirement is relatively small,, but is very urgent.(2) The financing periods are mainly short-terms.(3) Financing is mainly used to solve the research and development of new products and new market.(4) Bank credit is still the first choice for technology-based small and micro enterprises’ financing, but65%of the enterprises think that there are difficulties through bank credit financing.3. According to the survey data obtained, an empirical research to explore the credit constraint factors of technology-based small and micro enterprises in Hefei is made. The credit constraint factors that technology-based small and micro enterprises faced mainly include macro factors, bank factors and their own factors. In the external environment factors, the insufficiency of credit policy support, the tight monetary policy of central bank, the complexity of bank credit’s procedure and the shortage of specialized technology-based banks and products are obvious constraint factors for technology-based small and micro enterprises’ financing. For enterprises themselves, the ratio of their intangible assets, the financial standard degree, the duration time and the profitability status all have important influences on obtaining bank credit.4. Through the analysis of financing status and the empirical research of financing constraint factors of technology-based small and micro enterprises in Hefei, and refer to the experiences of the USA Silicon Valley bank as well as the Bank of "Suzhou mode", some suggestions for commercial banks to develop technology-based finance are put forward.