Research On The Factors Influencing The Financing Of Technological Small And Medium Sized Enterprises During The Period Of Growth

Since the reform and opening up, the small and medium enterprises become an integral part of our country’s economic. They provide many jobs for employees, and the value of their products and services has accounted for more than half of the gross domestic product. Moreover, the small and medium sized enterprises play an important role in the “research and development investment- transformation- economic output” process through research and development activities. However, the small and medium sized enterprises have lots of financing difficulties which will seriously restrain the development of enterprises in the development process. At the same time, these enterprises have been at different development stages, the characteristics and financial difficulties of each stage are different. So this paper is to focus on dealing with the financing problems from the small and medium enterprises in the growth stage. By the empirical research on the factors affecting small and medium sized enterprises financing in the growth state through theoretical analysis, this paper finds out the factors which affects external financing of the technological small and medium sized enterprises for putting forward suggestions for them.This paper firstly expounds the related financing theories and explains the related definitions. Then, according to the existing research results, this paper summarizes the factors that affect the financing of technological small and medium-sized enterprises. And combining with the relevant theoretical analysis, this paper finds out the indicators that can quantify these factors for empirical research.In empirical research, this paper selects the Yangtze River Delta city group as the main research object, takes the companies from Shenzhen Stock Exchange GEM as samples, takes the enterprise financial report in 2014 as the data source and with debt financing rate as a measure of financing capacity of small and medium sized enterprises of the index. The explanatory variables in this paper include the following eight indexes:The natural logarithm of total assets, the weighted average net assets income rate, total assets turnover rate, enterprise asset collateral value, undistributed profits accounted for the proportion of total assets, income of the main business growth rate, quick ratio, R & D personnel accounted for the proportion of employees. By the above variables, choosing the samples, though the SPSS statistics software and on the base of multi-line regression analysis, it makes a conclusion.Finally, this article puts forward relevant policy recommendations from three aspects which include the promotion of their qualities in small and medium sized technological enterprise, the improvement and development of banks and other financial institutions as well as strengthening the role of government.