| This thesis has got the present thesis subject "The research of high-tech SMEs’ Financing Channel expanding based on innovative financial instruments aspect" of Tianjin Science and Technology Development Strategy Research Program funding in 2013.High-tech SMEs are important carriers of innovation of science and technology, and their leading role on the road of China’s building an innovation-oriented country in the 21 st Century should not be underestimated. Whereas, at every stage of scientific and technological activities, high-tech SMEs need to seek financial support, since a strong financial support system is essential for enterprises to obtain high spending on research and development. Recently, according to the 18 th Communist Party’s proposals, the market should develop financial innovation to solve SME financing difficulties. Furthmore, the financial instrument innovation is the microscopic meaning of finance innovation, and both domestic and foreign scholars have suggested that the financial instruments and derivative financial instruments as of SME financing methods. However, under the background of high-tech SMEs still "difficult in financing", various financial instruments’ financing function are clearly not truly effective. In view of the various financial instruments are effective means of optimizing the allocation of economic and social resources, flexibly using financial tools to build a rational and effective path of financing, and designing possible innovative financial instruments will be very necessary. These methods are of great significance to meet the personalized financing needs of high-tech SMEs, and to widen the financing channels.The technology-based firms are special groups of SMEs. In order to ensure the certainty of the object of this study, firstly, the concept and characteristics of high-tech SMEs are precisely defined and described. Due to the high-tech SMEs’ "difficult in financing" problems is penetrating through the enterprises’ development cycle, the financial life cycle theory shall be a supporting theory in the follow-up study in this paper. Subsequently, I arrange for the third chapter to describe the present situation of the science and technology SME financing. Moreover, the status quo and methods of analysis regarding financing means, financing risks, financing guarantees are different from previous literature. In order to more deeply analyze the influencing factors of the problem, based on the situation analysis, I quantify the financial instruments for the first time, through the creation of multiple linear regression models, empirically research on the existing financial instruments impact on the scientific output. Results show that the fiscal investment in science and technology, banking technology credits, technology capital market and entrepreneurship and venture capital play a significant role in promoting the output efficiency. However, differences between financial instruments in financial support for SME technological innovation effects are not clear, even the venture capital financial support is the worst.After comprehensive analysis of the current situation and deep research on the influencing factors, the path of hi-tech SMEs financing expanding study to improve the value of this research. This is the first time to integrate the bio-engineering in the DNA replication, recombination and all the life cycle of enterprise financing, to establish a financing path of high-tech SMEs based on the financial instruments, and create risk-sharing financing model, and IP Fund financing model, two new innovative financial instruments, finally propose the Government promotion, mechanism synergy and improvement and construction of laws and regulations to create high-tech SMEs’ green financing environment. |
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