Game Analysis On Financing Problems Of Science & Technology SMEs

The independent innovative ability of science and technology enterprises decide national competitiveness.For China’s science and technology enterprises, the independent innovation ability is very lack. It has seriously restricted the economic and social development of our country. Therefore, it is imminent for us to improve the independent innovation ability of science and technology enterprises and accelerate the development of science and technology enterprises. In reality, the question in the combination of science and technology with finance has severely restricted the development of Chinese science and technology enterprises. The financing difficulty is still a major bottleneck of inhibiting the development of science and technology enterprise. Information asymmetry theory and stakeholder theory provides a new way for the research of small and mid-sized enterprise financing problem.Information asymmetry is an important adverse factors of science & technology SMEs financing.This paper firstly discusses the science & technology SMEs financing channels and financing present situation.Then this paper sees the stakeholders involved in the process of small and mid-sized enterprise financing as the research object, and analyzes the main body of each participating interest demands and conflicts of interest from microscopic point of view The mathematical model is established by using the method of game theory to study science and technology of small and medium-sized enterprises in venture and credit financing risk due to information asymmetry the information asymmetry problem facing.By simplifying conditions, this paper reveals the game process to solve the equilibrium. The results showed that under the condition of information asymmetry, science & technology SMEs financing efficiency is low,and it cannot achieve the pareto optimal state. So the paper respectively introduce the signal transmission model and third-party guarantee into the optimization analysis of the two kinds of financing mode, to correct the information asymmetry on the financing market and improve the financing efficiency and conflicts of interest between participants, and promote the realization of investment and financing both sides trading behavior, to enhance capital allocation efficiency.Finally, based on the analysis of the results of equilibrium of the optimized model based on the paper puts forward a series of countermeasures and Suggestions about building and improving science & technology SMEs financing system,and provide decision references to all stakeholders, to dissolve the small and mid-sized enterprise financing constraints and promote its continued growth.