The Optimization Research Of Financing Model Of Small And Medium-sized S&T Enterprise

Small and Medium-Sized Technology-based Enterprises play important roles in theeconomical development of China. In recent years, Small and Medium-Sized Technology-basedEnterprises are confronting with some difficulties in the financial side. If Small andMedium-Sized Technology-based Enterprises can solve the problem, the enterprise’s corecompetitiveness will promote to a great degree.So,it is very important to research how tomeasure the enterprise’s financial difficulty level and the enterprise’s financial capacity.At present,it is the most extensive approach to measure enterprise’s financial difficultieslevel using financial Indicators. The year before2004, when we measure financial difficultieslevel,most researcher will focus on investment-cash flow sensitivities, but,the more and moreresearcher demonstrate that the investment-cash flow sensitivities only be consistent with amodel with no financing frictions.,on this occasion,cash flow sensitivity of cash was propose toovercome the shortcoming, in this paper we will use it. In order to measure Small andMedium-Sized Technology-based Enterprise’s financial difficulties level more efficient, in thispaper we improve the model of cash flow sensitivity of cashOn the other hand, in this paper we measure the Small and Medium-SizedTechnology-based Enterprise’s financial capacity base on evidence theory, we supposeenterprise’s financial capacity have three influencing factors. Every influencing factor haverespective comprehensive evaluation method, then in this paper,we use Evidential reasoningarithmetic to evaluate the Small and Medium-Sized Technology-based Enterprise’s financialcapacity. In this way, it will work more efficient than analytic hierarchy process and fuzzycomprehensive evaluation.In this paper,we found that the cash flow sensitivity of cash of Small and Medium-SizedTechnology-based Enterprises is about0.633, by contrast,large enterprises is0.385. As forfinancial capacity large enterprise is0.7822and Small and Medium-Sized Technology-basedEnterprises is0.616. The choice of the financing way can influent financial capacity, such as in awrong way, the Small and Medium-Sized Technology-based Enterprise’s financial will reducedto0.5109. when financial market situation and enterprise oneself circumstance are greatlyimproved，Small and Medium-Sized Technology-based Enterprise’s financial capacity will havea large promotion,from0,616to0,6745, more than that， the Small and Medium-SizedTechnology-based Enterprises will have more choice when they decide to finance in financialmarket.