The Research On Financing Pattern Of Chinese Technology-based Small And Micro Enterprises

The18th party’s report pointed out to support small and micro enterprises(SMEs), especially the development of technology-based SMEs which is an effective carrier to realize technological innovation and is the most dynamic and promising and important elements in national innovation system, They play an important role in raising the national comprehensive national strength and international competitiveness. However, under the background of post-financial crisis, the technology-based SMEs in our country is experiencing severe tests, they are facing many bottlenecks, such as the management burden, high-quality talent deficiency, lack of independent innovation ability, large funding gap, financing difficulties and so on, financing bottleneck is a looming problem. With the development of technology-based SMEs and the change of external environment, the original financing pattern has not adapted to, if they can not be timely adjusted, companies will find it hard to get rid of failure of bad luck. In this paper, through the traces the development of technology-based SMEs in our country, summarizes the existing financing pattern and the existing defects. Combined with the Corporate Life-cycles, the growth process of technology-based SMEs is divided into five stages:seed stage, initial stage, growth period, mature period, recession, this paper analyses the characteristics of enterprises in different growth stages and the internal and external financing environment. By studying the financing pattern of United States and Japan developed countries, learn from their successful experiences, combined with the actual situation in our country, put forward the construction of diversified financing, For technology-based SMEs in different life cycle stage has the characteristics of different financing risk and financing needs, each stage financing pattern should be different, the choice of combination of the financing way should be focused.This article hopes provide a beneficial reference to the burgeoning technology-based SMEs in the selection of financing pattern, SMEs can timely adjust the financing pattern according to the development stage and internal and external environment, break through the financing difficulties, in order to realize the long-term, stable, rapid and healthy development. China has carried out some policies and measures to support the development of technology-based SMEs, but many problems still exist, such as Weak financial support, lack of financial innovation of commercial bank, unsound mechanism of Venture Capital, slow development of capital market,the unsound guarantee system and so on. Therefore must perfect from all the aspects, and build multi-dimensional financing pattern including the government, banks, securities market, private capital, to ensure the financing needs of technology-based SMEs in different life cycle stage.