| On May,2016,in the National Conference of technological innovation,the Chinese President Xi Jinping pointed out that,we need to give priority to scientific and technological innovation.Science and technology innovation has become the driving force for economic development,innovative small and medium enterprises have become an important part of the national economy.However,compared to ordinary small and medium enterprises,innovative SMEs need more funds,their disclosure is not comprehensive and assets are intangible,which are their financing disadvantages.Enterprise's technological innovation and strong financial support are inseparable,so financing is critical to innovative SMEs.In the current studies on innovative financing,mostly focused on the theoretical analysis and discussion,but few studies use empirical method.In addition,current studies have observed the particularity of innovative SMEs,but few studies discuss whether innovative SME financing constraints are more serious than ordinary small business and a comparative analysis of their financing constraints factors through empirical methods.Based on this,this paper use the data of a private enterprise survey performed by the World Bank in China's 25 cities in 2012 to discuss these issues.First of all,according to China's current situation,we make comparative description of the status of SMEs financing between innovative and ordinary SMEs from the endogenous financing,exogenous financing and government subsidies.The analysis finds that,compared to ordinary SMEs,financing on innovative SMEs are even more serious.Then combined with the characteristics of innovative SMEs and external financing environment,we choose the appropriate variables,using Ordered Probit model to test this discovery and analyze the influence factors of financing constraints through empirical method.The final empirical results show that the financing constraint of the innovative SMEs is indeed more serious.The important factors influencing the financing constraint of innovative SMEs are the introduction of new products through internal R&D,belonging to a group,the market share of small and medium financial institutions and the development of the securities market.Introducing new products through in-house R&D can significantly reduce the financing constraint of innovative SMEs.The product of R&D is critical to innovative SMEs;the development of securities market can improve the financing constraint of innovative SMEs,and the innovation of the new small and medium-sized enterprises has more advantages in the market of the newly-developed and the gem,so the development of the securities market may be more favorable to the mitigation of the market share of an enterprise group,small and medium-sized financial institutions has a significant impact on the financing constraints of innovative SMEs,but the impact of the specific degree of difference.The mitigation effect of the SME financing constraint on the innovative SMEs is significantly higher than the average SMEs,and the increase of market share of small and medium-sized financial institutions is less effective than ordinary SMEs.Combining with the relevant theoretical analysis and empirical results,this study argues that the government should take effective measures to encourage innovation and build the system environment that supports innovation,so as to guarantee the foundation of long-term healthy development of innovative SMEs.In addition,we should further improve the new board market-maker system,actively explore the securitization of intellectual property rights,and find a more reasonable and efficient way of subsidies,small and medium-sized financial institutions should adhere to the purpose of serving SMEs,regulators need to urge their full excavation in the service area. |
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