The Research On The Innovation Of Financing Model Of Technology-based SME Clusters

Small and Medium-sized Enterprises clusters are an important economic phenomenon that has sprung up on a global scale.In our country small and medium-sized enterprise clusters have also made great progress.Technology-based SME clusters are playing a revolutionary role in supply side structural reforms.However,financing structure problem has been an bottleneck in development of technology-based SME clusters,affecting its survival and development seriously,which have lead to SME clusters faced with financing obstacles.In this paper,I start from the perspective of technology-based SME cluster financing,and cover on both sides boldly about “innovating the model of SME clusters financing” and “developing the technology-based SME clusters”.I will study the angle of view from the traditional single enterprise financing question to the technology-based SME cluster financing question.Meanwhile,I have improved and innovated the development model of technology-based SME cluster financing.Firstly,this paper is based on MM theory,pecking order theory,financial intermediation theory,signal transmission theory,life cycle theory and so on.I introduce the concept of SME cluster financing as an analytical tool for the financing model of SME cluster and define the connotation and extension of the concept.In my submission,the financing of SME cluster is a way that a number of small and medium-sized enterprises establish the clusters or alliances to cluster together through consultation or voluntarily,in order to reduce the risk of information asymmetry,to avoid moral hazard and adverse selection and to reduce the cost of financing.It is the process of raising funds from the financial institutions by credit as a medium and small enterprises cluster as a guarantee.At present,SME cluster financing mode of our country mainly include the SME collective bond mode,the mutual guarantee financing mode,the group lending model and the cash pool model.Secondly,technology-based SME cluster is the knowledge intensive economic entity which takes the technology-based SME as the main body.It has high technology content,high R & D investment,high innovation,high growth,high risk and other characteristics.But through the statistics we can find it is generally the existence of private placement of private equity funds to supplement working capital,through commercial banks to obtain liquidity loans,the company's stock by the transfer of the agreement to change the way to make the transfer mode and other phenomena.It indicates that technology-based SME are looking for new ways to avoid financial risks and ease the financing problems,and have been involved in various financing methods,but have not yet formed the scale effect.At the same time,in the traditional financing mode,the state-owned commercial banks credit crunch on them.The small and medium sized financial institutions do not give full play to their functions to provide financing services.Direct financing channels are not perfect and stable.It is difficult for the enterprise to obtain sufficient working capital from the capital market to support the development.This caused a single financing channels and a large funding gap financing difficulties.Therefore,the financing efficiency is not significantly improved.As an unique way of financing,the technology-based SME clusters financing has the advantages of financial deepening,external economy,self organization strengthening,scale effect and multiplier effect.It can reduce the financing cost,ease the financing risk and form the scale effect.Thirdly,on the basis of theoretical study,this paper puts forward some innovation suggestions on the financing model of the technology-based SME clusters.I put forward to perfect the credit system in order to alleviate the problem of credit rationing.I put forward to improve the cluster development planning and innovative financing to assess the subject matter.I put forward to use cyclical risk to grasp the best time and way.I put forward to innovative clusters of intellectual property pledge financing model.I put forward to improve the project financing mode in order to spread the risk of financing.I put forward to improve the project financing mode in order to spread the risk of financing.Lastly,I use the DEA-Malmquist index model to empirical analysis of theoretical research.I start with six indicators to establish the scale of the efficiency of cluster financing.I collected data from 2012 to 2015 annual Zhongguancun Technology Park in the NEEQ listing of 30 technology-based SME.Empirical results show that it is in the stage of increasing returns to scale,the capital gap is big,and the financing efficiency is significantly related to the scale of the cluster.Through theoretical research and empirical analysis,the main conclusions are as follows.Firstly,the new model can effectively improve the financing efficiency of SME,and has a huge rise space,which can further improve the efficiency of financing.Secondly,SME clusters financing should adopt the single free financing mode.It's not the only one,once and for all.It changes with the internal and external environment and the number of cluster enterprises.Thirdly,I want to build the system up,I not only need the local government's policy support and financial support,but also needs the guarantee from the national level.