Research On The Relationship Between Financial Resource Mismatch And Financing Constraints Of Technology-based SMES

As an important micro-subject of the national innovation activity system,science and technology small and medium-sized enterprises provide a steady stream of vitality for the implementation of economic development and innovation strategies.What does not match its contribution is the financial support of SMEs.The credit demand of SMEs is difficult to obtain effective supply from financial institutions,and they are generally faced with financing constraints.This paper studies the status quo of financing and financial resource allocation of technology-based SMES,and concludes that the contribution of technology-based SMES to the economy is not matched with the financing they have obtained.The financing of technology-based SMES generally has the characteristics of small scale,few channels and high cost.In addition,the scale,structure,departments and regions of financial resources are mismatched to varying degrees,which directly aggravates the financing constraints of technology-based SMES.The part of mechanism analysis focuses on exploring the financial resource mismatch caused by micro and macro factors that aggravate the financing constraints of enterprises.Firstly,the uncertainty and non-exclusivity of their own output,the asymmetry of bank-enterprise information and the small scale of physical assets lead to the reluctance of Banks and other financial institutions to lend to SMES,which aggravates the financing constraints of SMES.Secondly,the "soft budget constraint" formed by government policies,financial ecological environment,legal system and so on causes the bank and other financial institutions to favor the credit of state-owned enterprises and large enterprises,which intensifies the financing constraint of small and medium-sized technological enterprises.The empirical analysis selected 295 enterprises of small and medium-sized board listed companies in China from 2010 to 2017 as the research object,applied the investment model of Euler equation,incorporated the financial resource mismatch index into the model,and used the dynamic panel GMM estimation method to test the impact of financial resource mismatch on enterprise financing constraints.Through the above research,the following conclusions are drawn:(1)theoretically,the financial resource mismatch caused by the micro-characteristics of enterprises and external financial ecological environment factors aggravates the financing constraint of enterprises through "resource mismatch effect","rent-seeking effect" and "crowding out effect”.(2)the empirical results of Euler equation model show that SMES generally have financing constraints,and the mismatch of financial resources aggravates the overall enterprise financing constraints;From the regional perspective,the degree of financing constraint in the eastern region is significantly lower than that in the central and western regions.In addition,the misallocation of financial resources aggravates the financing constraint in the central and western regions and alleviates the financing constraint in the eastern region.From the perspective of industry,the degree of financing constraint faced by high-tech service industry is significantly higher than that of other industries.In addition,the mismatch of financial resources aggravates the financing constraint of technology-heavy and asset-light industries such as high-tech service industry,and has no obvious alleviating effect on the financing constraint of asset-heavy industries such as opto-electromechanical integration.From the perspective of property rights,the degree of financing constraint of non-state-owned enterprises is significantly higher than that of state-owned enterprises,and the mismatch of financial resources aggravates the financing constraint of non-state-owned enterprises and alleviates the financing constraint of state-owned enterprises.