Research On Financing Of Small And Medium-sized Enterprises In The Development Of Civil-Military Integration

As an important national strategy,civil-military integration is of great significance to Chinese national defense construction.Civil-military integration industry is a general term for the mutual transformation of military and civilian technologies and their application in relevant fields providing good and services.The enterprises engaged in conversion and trading of dual-use technology achievement are known as civil-military integration enterprise.The development of civil-military integration industry is of far-reaching significance for creating new drivers of economic development and construction of modern economic system.As an positive promoter of innovation in the filed of science and technology,small and medium-sized enterprises(SMEs)plays an important role in civil-military integration and has made tremendous contributions to civilian technology innovation?military conversion?integration of dual-use technology.However as in other files,SMEs ares facing the same capital shortage problems in various link from research and development of technology and production to transformation of achievements.Due to planed economy system during the early days of PRC's founding,the majority of military industry enterprises are state-owned.Most of the research of financing in civil-military integration industry focus on Joint-Stock Reform and listing financing of those large state-owned military industry enterprises,little attention has been paid to SMEs yet.Therefor this paper attempts combing the existing research to focus on the research on financing status of SMEs in civil-military integration industry.Firstly,base on the relevant theoretical research of civil-military integration industry and SMEs financing at home and abroad,this paper explores the characteristics and financing need of SMEs in civil-military integration,analyze and discuss various financing channels.Meanwhile it also draws lessons from the experience of civil-military integration industry in western developed countries in order to find out a suitable financing channel for SMEs in China.The conclusions for solving the financing difficulties of SMEs in civil-military integration,on one hand innovation enhancement of financial institutions and financial products,establishment of exclusive financial service institutions and innovative financial products which meed SMEs' s development characteristics and need;on the other side,with scale effect of existing large military industry enterprises and under the guidance of government,civil-military integration industry foundation should be set up helping SMEs,meanwhile government is supposed to play a guarantee role in terms of SMEs' s financing.Finally,a financial date link system should be established across industrial chain level and social organization chain level which provides more confidential and efficient financing service to SMEs in civil-military integration.