Study On The Impact Of Financial Structure On The Growth Of Technology-based SMEs

In recent years, with the economic structural adjustment and the transformation and upgrading of industry, technology-based small and medium-sized enterprises(SMEs) rises rapidly and plays a pivotal role in the industrial upgrading, scientific and technological innovation, providing more employment opportunities and meeting the high level needs of residents and so on, becoming a powerful engine to promote the rapid economic development of China. However, it can not be ignored that technology-based SMEs has short service life and high mortality. Because technology-based SMEs has high risk, leading to financing more difficultly than other types of SMEs, and its financial structure is unreasonable, hindering its healthy growth. Enterprises’ financial structure can not only affect the financial cost, financial status, but also affect the governance structure of enterprises, then affect the growth of enterprises. Therefore, it has certain theoretical and practical significance to study the impact of financial structure on the growth of technology-based SMEs.First of all, this paper reviews the relevant theory and empirical study on the impact of financial structure on growth and related theories of financial structure, then selects 2012 to 2014 technology-based SMEs from small and medium plate for this study. On the analysis of the financial structure, this paper selects representative financial structure indicators to analyze the impact mechanism of financial structure on growth. Then, this paper constructs the growth evaluation index system and the model of the impact of financial structure on the growth about technology-based SMEs. Finally, this paper uses factor analysis to evaluate growth and tests the impact of financial structure on the growth of technology-based SMEs using the multiple regression analysis. The finally empirical research results show that: internal financing ratio, bank loan financing ratio and commercial financing ratio is respectively positively correlated with growth; equity financing ratio and current liabilities ratio has no significant correlation with growth respectively.