The Research On The Impact Of Financing Structure And High-Tech SME's Growth

Financing is to guarantee the operation and development of the high-tech SME, an important way to maintain its daily cash flowing. Financing effectiveness have very important influence to the promotion of enterprise growth. The development of SME of our country national economy development, the optimization of industrial structure, the improvement of people's living standards and the improvement of enterprise competitiveness played a important role. However there is an important problem of the current SME, its financing structure needs to be improved, which has been severely hampered the growth. Therefore, in order to promote the sustainable development of SME, as well as to enrich the research of the financing structure and improve the growth of the financing structure, it is necessary to study the relationship of SME's financing structure and business growth.In this paper, theoretical research and empirical research method of are combined. In the first part, based on the foreign literature and the information of the SME financing structure as well as aspects related to the information of the business growth. Describing the current financing structure and the research status at home and abroad of the SME growth, an objective evaluation was made. The second part, the meaning of SME financing structure and business growth, then the structure of financing and papers related to MM theory, trade-off theory, pecking order theory, agency cost theory, signaling theory and other theories business growth and a detailed description of the theory were described. The foundation of the later research was putted. The third part, analyzing the current research and the relationship between financial structure and corporate the growth of SME, this could be a good way to study the characteristics of the industry, respectively, from the overall financing structure, debt financing structure, ownership and financing structure of the three aspects of the relationship between financial structure and corporate growth of the theoretical analysis, the study hypothesis of this paper, build regression model, and the definition of relevant variables. The fourth part, selecting the panel data of the SME 2010-2014 year as the studying sample. In addition, established the 13 indicators of solvency, development capacity, profitability, operating capabilities in four areas selected the growth of the index evaluation system, comprehensive factor obtained by principal component analysis, as the dependent variable herein growth potential. The fifth part, through the above summary and interpretation of research findings, put forward concrete proposals to optimize the structure of SME financing. Not only the theory of strategic management of SME was enriched, but also the recognize to the SME and the strengths and weaknesses of their own development were promoted, the healthy of the SME and the sustainable development were promoted effectively.