Research On The Policy-Oriented Financial Assistance To The Innovation Of Technology Based Small And Medium-Sized Enterprises

Technology-based small and medium-sized enterprises(SMEs)play a key role in promoting national scientific progress and technological innovation,due to their flexible operating mechanism and pioneering spirit of innovation.However,the technological innovation of technology-based SMEs has the potential risk of future earnings uncertainty,which leads to the failure of its financial market.In recent years,domestic scholars have conducted a useful discussion from multi-angle for the financing bottlenecks in this area,the government also carried out to establish a practice of science and technology banks in high-tech industrial areas,but its effect is not ideal,financing is still difficult to plague China's technology-based SMEs.Policy-oriented finance is the governmental institutional design and strategy choice for market intervention,born with guiding,leading and supporting functions.These functions have an inherent logical relationship with cracking current technology-based SMEs' financing bottleneck.Therefore,this paper carries on the research of policy-oriented financial assistance to the innovation of technology-based SMEs,its research result includes the following several aspects:First of all,in view of summarizing the relationship between domestic and foreign scholars on different fund sources of innovation and output efficiency of enterprises,this paper conducts the conclusion in-depth analysis combined with the characteristic of technology-based SMEs:policy-oriented financial funds have complemented,guided and leveraged other funds invested in R&D,thus improved the efficiency and benefit of enterprise innovation.Secondly,under the guidance of innovation theory,it analyzes the innovation risk of technology-based SMEs,and discusses the economic and social problems of China's technology-based SMEs in financing difficulty,financing cost and financing slowness.Thirdly,it studies the role of policy-oriented finance in the innovation of technology-based SMEs,and analyzes the role absent of policy-oriented finance in this field.Finally,on the basis of studying and drawing lessons from the practice and experience of developed countries,it puts forward some policy recommendations on how to develop policy-oriented finance to help the innovation of technology-based SMEs in China.