Research On The Financing Capacity Of Small And Medium-sized Technology-based Enterprises In New And High-tech Zones Of Tianjin

The development of the economic in country is growing rapidly at present stage, technology-based small and medium-sized enterprises play a positive role in promoting innovation and guaranteeing the stability of rapid economic growth, they have become an more and more important in economic development. At the same time, SMEs are troubled with financing problems. They can’t fundamentally solve the problem relying on their own endogenous financing, because they don’t have the mortgaged property and collateral, so financing from the bank is more difficult. The high-growth, high-yield and high-risk characteristics of SMEs have high fit with the innovative and flexible idea of investment institutions. It raise the concern of investment institutions to focus on the financing issue of SMEs, there are a number of investment institutions have taken part in the specific financing activities. How to build the financing ability evaluation system of SMEs based on perspective of investment institutions and discriminate enterprise’s financing ability become the key problem for investment institutions to participate in the SMEs financing.The article make a search of the related literature, then combine related theory of SMEs with the enterprise financing theory to analyze characteristics and existing financing channels of SMEs. From the perspective of investment institutions, put forward an evaluation that we should build an evaluation system in growth and financing capacity of SMEs. Constructed on the theory and method of growth, we establish a two-dimensional judgment model of small and mid-sized enterprise growth. On the basis of the financing theory and method, we analyze the factors that influence the SMEs’financing ability, found an evaluation index system of financing capacity, put forward grey relational analysis method. We select 30 SMEs in the high tech zone of Tianjin as a sample, collecting relevant data for 3 years, and carry on the empirical research of growth and financing ability of SMEs to get relevant conclusions.Result shows that a SME who has a strong financing ability is operational in risk control and has a strong profitability, and its core competitiveness also has a very good performance. On this basis, the article puts forward that investment institutions should pay attention on those factors in the process of evaluating small and mid-sized sci-tech enterprises. To improve financing ability, SMEs should strengthen their capital management, strengthen the technical research and R&D investment, and clear the target market.