Research On The Financing Strategy Of High-tech Small And Medium Enterprises

With the rapid development of science and technology, small and medium-sized technology-based enterprises in our country have become the main force of the future to drive the market economy. They are indispensable important components in national economy,not only in the field of new technology development and application of efficacy, but also create a large number of employment opportunities which can directly promote the development of a country’s economic growth. But the development of small and medium-sized enterprises are facing with many problems, especially the financial problem.Information asymmetry, high cost of financing, the narrow financing channel and other factors exist in every stage of existence and development of small and medium technology-based enterpriseswhich seriously restrict their survival and development.Therefore, it is always a very worthy study of how to break through small and mid-sized enterprises’ financial "bottleneck", to improve the current development predicament,thereby promoting theri healthy and rapid development.Financing problem is a worldwide difficult problem so that the scholars do a lot of research from many different angles. The direct financing channel which is the lack of capital market in China has become the main reason of resulting in small and mid-sized enterprises’ financing bottleneck. At the same time, our country’s small and mid-sized enterprises don’t have enough knowledge about financing through the capital market and choice of the capital market. Thus this article decides to study the financing strategy of small and mid-sized enterprises from a new perspective of the capital market financing method. It willanalysis small and mid-sized enterprises’ financing strategy choice with actual cases. It also provides references to choose suitable financing strategies for their own according to the characteristics and development of enterprises in different stages of the development cycle of funding problems.In this paper, with the basis of the predecessors, small and mid-sized enterprises’ financing modes will be studied through these angles which are the analysis of financing of small and medium-sized enterprises, borrowing from the bank, risk(angels) investment,capital market and policy support. Then it will also analysis and study the present situation and the difficulties of financing of small and mid-sized enterprises in our country. With the experience of western development and the specific situation in our country, there must be using the power of the capital market to solve the small and mid-sized enterprises’ financing predicament. At the same time, according to the present situation of technology-based small and medium-sized enterprises in the capital market, we will choose to focus on some deep study which is suitable for small and mid-sized enterprise through the comparative analysis of each section of our capital market financing mode. Small and mid-sized enterprise life cycle theory of the characteristics of the capital market financing will be established combined with their own factors and external ones.It selects two most representative enterprises as a sample in this section, they are IPO and Xinsanban, which will give a detailed analysis of the history study and business growth cycle of the two enterprises. Through theoretical analysis, there are many factors impact small and mid-sized enterprises’ financing modes strategy, but through case studies, the root cause of the problem is all stages of the corporate life cycle affecting small and mid-sized enterprises’ financing modes. On this basis, this paper puts forward some suggestions to small and mid-sized enterprises, also some policies, the very important point is: at the beginning of the foundation of the high-tech small and medium enterprises, it should be based on the development path which location life-cycle in a clear strategic height, planning earlier in order to step into capital markets.