Studuy On The Financing Of Small And Medium-size High-techenterprises In The Capital Market In China

The high technology and new technology has become a major growth point in China’seconomic development. In party’s17reports proposed that：to promote high technologyand new technology industry, Development of the information, biology, new materials, andaerospace, marine, and other industries. In the last few years, rapid development of small andmedium-sized high-tech enterprises, that in driving technological innovation, promotingscientific research in China transformation, and promoting national economic developmenthave made much contributions. Small and medium-sized high-tech enterprises in theirdevelopment requires a lot of money, but because of its own development process in high risk,high investment, high return of "three high" feature, lack of government policies supporting,lack of perfect capital markets, domestic medium and small high-tech enterprises in theprocess of financing faces those problems about fewer technical revamping of Governmentsupport funds and direct financing channel of small and credit rationing in indirect financing，Lack of direct financing system and direct financing channels. The lack of perfect of theindirect financing system as well as the enterprise itself financing ability insufficiently and soon the reasons become the serious bottleneck which restrict the small high technology andnew technology enterprise development. Therefore, to research financing strategies of smalland medium-sized high-tech enterprises is of great practical significance.This article analyses the characteristics of small and medium-sized high-tech enterprises,Reasonably meet the financing requirements of high-tech enterprises in the process ofdevelopment starting, learn from the experience of developed countries about small andmedium-sized high-tech enterprises of advanced financing system on the basis of ourcountermeasures support the financing of small and medium-sized high-tech enterprises in thecapital markets. In order to solve the financing problems of small and medium-sized high-techenterprises in China, we must take the following countermeasures: First the perfection of capital market structure and establish a second board market; the second venture; third set upover-the-counter.