A Study On The Impact Of Public Financing On The Research Capacity Of High-tech SMEs

With the advent of the era of knowledge economy,high-tech has become a important support to a country to raise the level of economic development and enhance the comprehensive national strength.As we all know,high-tech SMEs are an important part of high-tech enterprises.In China,with the development of market economy,high-tech SMEs have become the backbone of scientific and technological innovation.Improving high-tech SMEs research capacity,promoting the rapid development of high-tech SMEs have become an important factor in improving the overall level of development in our country.In the development process of high-tech SMEs,the adequate supply of funds is an important driving force,but due to the "three high":feature high risk,high-growth,high-yield of high-tech SMEs,the problem of financing is particularly prominent.When traditional financing methods cannot meet its capital requirements,public financing become a appropriate financing option to high-tech SMEs to take.However,public financing is a "double-edged sword".When providing business development opportunities to high-tech SMEs,it also increases the uncertainty.In order to better promote the development of high-tech SMEs,it is necessary to investigate and analysis the high-tech SMEs research capacity during public financing in order to determine under the current system,whether public financing will help improve the research capacity of high-tech SMEs or not,is it necessary to promote public financing of high-tech SMEs.Therefore,this study aims to answer two questions:Is the research capacity of high-tech SMEs improved after the listing?Which factors will affect the research capacity of high-tech SMEs when listing?Around these problems,this study firstly describes the business development status quo of GEM and SME broad high-tech SMEs in Yangtze River Delta area and then selects the appropriate sample companies.On this basis,building research capacity comprehensive index system,doing factor analysis to the research capacity of listing high-tech SMEs and analyzing the changes of the high-tech SMEs research capacity before and after the listing.Finally,using multiple regressions to empirical analysis the factors of high-tech SMEs research capability.This study has reached the following conclusions:(1)Public financing has a positive impact on the research capacity of high-tech SMEs.Research capacity factor composed by three factors:research investment factor,research investment intensity factor and research output factor;the research capability of High-tech SMEs in the SME board listed is stronger than in the GEM Listed;but in the GEM-listed High-tech SMEs research capacity increased even more sharply,so it is suitable for the weak research capacity High-tech SMEs to public financing;small number of High-tech SMEs will be reduced the research capacity after listing(2)Multiple factors restrict the research capacity of High-tech SMEs.Enterprise-scale has the largest impact on research capacity,the larger companies often have stronger research capability;the financing capacity influence GEM and SME board listed High-tech SMEs research capacity,compared to the SME board listed High-tech SMEs,its impact on the GEM listed High-tech SMEs research capacity is more important;operational capacity,profitability affects only SME board listed High-tech SMEs research capacity,growth capability even more important for the GEM listed High-tech SMEs research capacity and the industry distribution,corporate life,geographical distribution,the board distribution has no significant effect on the research capabilities.Based on these conclusions,the listing for the promotion of SME financing,this paper presents the following policy recommendations based on the perspectives from enterprise and government:In the aspect of the enterprise,(1)actively seeking public financing;(2)to improve enterprise management level;(3)accurating positioning yourself,selecting the appropriate board to List;In the aspect of government,(1)the local government to promote the listing of SME actively;(2)reduce the access threshold for GEM.