Technology Innovation, Financing Ability And Enterprise Performance Of Technology-Based SMEs

Along with the development of knowledge economy and the progress of science and technology, technical innovation ability and flexible mechanism make technology-based SMEs have become important strengths of transformation of the mode of economic growth, adjusting the structure of the national economy, and promoting the economic development in China. For technology-based SMEs, technology innovation, financing ability are the two important pillar of supporting their sustainable development. Among them, technology innovation is the survival and development of the power and source of technology-based SMEs, however, constant innovation cannot leave cash flow, which the enterprise financing activities generates. Which also means that technical innovation activities can obtain sufficient funds safeguard or not, depends on financing ability of technology-based SMEs. In turn, technology innovation ability to financing ability of enterprises, especially for technology-based SMEs also has the important influence. Corporate finance activities, technology innovation activities, can influence each other and promote each other, there is interaction between which influence the development and performance of enterprise. Based on these, the paper focuses on the relationship between technological innovation and technology-based SMEs’performance, the regulating effect of the financing ability, analyze of the differences of the influence degree of technology innovation, the regulating effect of financing ability on corporate performance in between different enterprises.Papers makes the gem listing of small and medium-sized plate of small and mid-sized enterprises from 2011 to 2013 as samples, to analyze impact of technology innovation, financing ability’s adjusting action to the performance of technology-based SMEs, with the method of comprehensive utilization methods of factor analysis, multiple regression empirical research. First, papers make a literature review on the relevant researches. And then, to analyze the impact of technology innovation, financing ability’s adjusting action to the performance of technology-based SMEs, based on the technological innovation theory, information asymmetry theory, finance theory and related theory of bionics technology innovation, and then put forward the research hypothesis; Secondly to select relevant variables and their measurement, at the same time establish multiple regression model according to research hypotheses; Then, to use the SPSS 17.0 to hierarchical regression empirical model, and analyze the empirical test results.The empirical results show that:firstly, the technology innovation of three performance factors of technology-based SMEs to 1% significance level, has a positive effect on technology-based SMEs’performance; But its contribution degrees, have bigger difference, and the contribution to the growth capacity to the maximum.Secondly, the adjusting action of financing ability to technology innovation is significant. Among them, the basic dimensions of financing on the relationship between technological innovation and enterprise performance factor is enhanced, at the same time pay by coefficient is positive, that small and mid-sized enterprise financing based on a significant positive regulatory role; Technology innovation and financing guarantee has weakened the influence on enterprise performance factors, but pay by coefficient is positive, it also suggests that pure regulation have significant positive effect on corporate performance; Whether the sample or samples regression, the regulation of financing structure on technological innovation does not exist significant role; Financing strategy below average for grouping samples can strengthen the relation between technology innovation and enterprise performance factor, and a significant pay by coefficient is positive, there are significant positive adjustment, but the whole sample, above average sample of hierarchical regression R changes all pass the test.Thirdly, the relationship between financing ability and technology-based SMEs’ performance is significant. Small and mid-sized enterprise financing basis, financing guarantee and operating ability, profit ability, growth ability, and the role of belongs to pure regulatory role of technological innovation; Financing structure of small and mid-sized enterprise performance has a direct and significant positive influence; Financing strategy of enterprises in the whole sample, above average sample performance factors have a direct and significant positive influence; But below average in samples, the financing strategy influence on operation ability, growth ability factor belongs to pure adjust action, and impact on the profit ability factor, including direct action and adjustment. Finally the papers pointed out the deficiency and prospect.