Research On The Financing Mode Of China's Science And Technology Small And Medium Sized Enterprises

Under the new normal,Science and technology of small and mid-sized enterprise has made a great contribution to China's economic development.Science and technology of small and mid-sized enterprises as enterprise representatives of the most scientific and technological innovation ability,always walk in the forefront of The Times development.Facing the reality of domestic financing difficulties,national government supports and encourages the competent small and mid-sized enterprise "going out" and financing.More and more small and mid-sized enterprises go abroad,they go to overseas markets in order to solve the financing problem.How to choose the suitable financing model of "going out",so that science and technology of small and medium-sized enterprises have a smooth financing in the international market,achieve win-win situation,Finally make a bigger contribution to China and the world economy.This is the problem that this article needs to discuss.Firstly,this paper analyzes the present situation of financing and financing environment of the Chinese small and mid-sized enterprise "going out",Pointed out that the "going out" financing prospects of China's science and technology of small and medium-sized enterprises are optimistic.Secondly,the optional financing models of small and mid-sized enterprises "go out" are analyzed,based on the characteristics of small and mid-sized enterprise financing,a total of seven kinds of financing patterns were selected,from the financing difficulty level,financing risk and financing performance to analyze the seven kinds of modes of financing.Combined with the changes of the world economy and politics and China's basic national conditions.It is concluded that the two financing modes of science and technology project and overseas listing and financing of Chinese Science and technology of small and mid-sized enterprise "going out".Among them,science and technology small and medium-sized enterprise is suitable to choose the financing mode of science and technology project to developing countries with weak infrastructure,select the listed overseas financing mode to the mature capital market in developed countries (regions).And the advantage of science and technology project financing mode is analyzed in detail.Additionally,for overseas listing and financing mode,in the empirical part,the paper makes a dynamic comparative analysis of the financing efficiency of 90 Chinese Science and technology of small and mid-sized enterprises in the three major domestic and overseas markets by using the DEA-Malmquist index evaluation method.Empirical results show that,the overall financing efficiency of China's science and technology of small and medium-sized enterprises is not ideal in the domestic and overseas three market in 2015.The overall trend of the financing efficiency of science and technology of small and mid-sized enterprises in 2013-2015 in the new third board market and the Nasdaq stock market is better than its listed in the Hong Kong gem market.In terms of the average level of overall financing efficiency of business financing market in 2014 and 2015,Hong Kong gem market ranked first,the nasdaq is second,the new three board market was third.In addition,sample enterprises financing efficiency change after the inheritance,The trend of the overall financing efficiency of the major industries in the U.S.Nasdaq market is better than the new three board and the Hongkong gem market.Finally,based on the problems,the risks faced as well as the conclusions of empirical part of the "going out" financing of Chinese Science and technology of small and mid-sized enterprise,the corresponding policy recommendations are given in this paper.