Research On The Financing Problem Of Innovative SMEs

Innovative enterprises, as the important carrier of technological innovation, play an important role in promoting the commercialization of technological results, optimizing industrial structure, and building low-carbon economy and innovative country. Since 2006, the Chinese government has started to undertake pilot work on innovative enterprises by vigorously developing and supporting innovative enterprises. In recent years, innovative companies have made certain achievements, but there are still many problems in their growth period, especially for SMEs. Because of their demands for "high input, high-risk, high-efficiency", innovative SMEs would need a lot of investment during its development. Therefore, the current inadequate supply of financing would pose the biggest challenge that may inhibit its development.This study was conducted with a view to proposing some effective countermeasures to alleviate the financing difficulties of innovative SMEs. In order to achieve the above purpose, this thesis carefully reviewed relevant literatures on the financing issues of innovative enterpr ises at home and abroad, defined innovative SMEs, and analyzed the financing supply and demand situation of SMEs in their various life stages. It finally concluded that SMEs were plagued by a financing gap and summarized the financing experience of innovative SMEs in the United States, Japan and Beijing Zhongguancun. Then, with the innovative SMEs in Qingdao as the main study objects, this study surveyed 120 such innovative SMEs through questionnaire and stated the financing status quo of these enterprises with the help of the research results. It was observed from the results that SMEs in Qingdao were troubled with an imbalance of financing supply and demand and were faced with a financing predicament. On the basis of empirical analysis, this thesis presented a detailed analysis of the reasons for the financing difficulties of these SMEs in terms of enterprise, government, banking system, capital market, financing service system and private finance. Besides, it also proposed many measures to construct a financing support system for SMEs, including improving corporate financing capability, strengthening government support, expediting the construction of banking system, developing multi-layered capital market, enhancing financing service system, and regulating private finance.