Research On The Financial System Supporting Science And Technology-oriented Small And Medium-sized Enterprises

In modern society, science and technology is playing more and more important role in boosting economic development. Entering the era of knowledge economy, high-tech industry will be the first pillar of intellectual economy. The cycle of science and technology knowledge transforming into productive forces will become shorter and shorter. Developed countries and developing countries have regarded high-tech industry as the strategic focus of their development. The small and medium-sized enterprises(SMEs) as the most dynamic part of science and technology enterprises play a great role in promoting.Firstly, from the starting point that the importance of SMEs of science and technology under the background of new normal development of the national economy and the financial system constantly enriching the supply of financial resources to support SMEs of science and technology, this part elaborates the background and significance of this paper; summarizes the research methods, innovation points; and then sorts out the related theory of financial system supporting for science and technology SMEs’development and has carried on the summary. The related theory includes the basic theory framework on the combination of technology and finance, the research on the mechanism of finance supporting science and technology SMEs’development and the efficiency of financial support.The second chapter analyses the financial demands of science and technology SMEs based on the life cycle theory and credit rationing theory. The financial demands are divided into financial products demand, productivity demand and financial transformation and upgrading demand. Chapter three summarizes the supply of our country’s financial resources related to science and technology SMEs.The supply covers the government’s supply which is on behalf of public financial resources, the capital market representing the direct financial resources and the banking sector representing an indirect financial resources. They meet the science and technology SMEs’different financial demands respectively.The fourth chapter analyses the comprehensive efficiency between various financial resources investment and technology economic output by the data envelopment analysis model(DEA). And then a regression analysis is made to explore the relationship between financial input and technological output while comprehensive efficiency is considered as the control variable. Different regressions are made in two different situations which are considering comprehensive efficiency and without considering it. The results show that loans of financial institutions in two different situations have played an important role in supporting science and technology SMEs; the governmental funds are not significant in DEA cases in regression model and significant in the current financial efficiency, Innovation fund for technology based firms has negative influence in supporting science and technology SMEs. In the operational efficiency of the current financial system, the impact of enterprise capital to output is not significant, while in the DEA effective situation, it has a significant effect. The fifth chapter makes the suggestions respectively from four aspects. First, government should identify the location to meet the financial demands for products of science and technology SMEs. Second, commercial banks should pay attention to the characteristics of the business to broaden the financing channels. Third, the internet banking should be regulated to develop its flexibility under the premise of the controllable risk. And the fourth is to promote the new board transfer mechanism in order to revitalize the capital market of science and technology SMEs.