Research On Financing Management Trategies Of Innovative SMEs

Innovative SMEs are an important force to promote scientific and technological innovation,which play an irreplaceable role in the process of producing scientific and technological achievements,optimizing industrial structure,transforming low-carbon economy and building an innovative country.However,similar to innovative activities,innovative SMEs have the characteristics of “high investment,high risk,long-term cycle” and so on,and require a continuous investment of large amounts of capital in the process of development.Once the supply of funds is insufficient,it is easy to cause a financing gap and restrict the growth of the company.In recent years,both governments and financial institutions have been working to solve financing problems,but financing difficulties have always been the bottleneck for inhibiting the development of innovative SMEs.In order to alleviate the financing difficulties of innovative SMEs,this paper first collated relevant literature at home and abroad,and systematically summarized the theoretical perspectives from the definition of innovative SMEs,financing structure,financing constraints,and financial growth cycle.By analyzing the potential logical relationships between these theories,the main characteristics and shortcomings of each theory are summarized,and the applicability of the financial growth cycle theory in this paper is summarized.Then,300 innovative SMEs in YQ Town are investigated by using questionnaires.This research combines the theory of financial growth cycle,using the one-way analysis of variance method,to explore the developments and financing strategies of innovative SMEs in YQ Town from the five stages of seed,start-up,growth,maturity,and recession respectively,and put forward some suggestions on their shortcomings.Secondly,taking the M enterprise in YQ Town as an example,this paper analyzes the main financing channels and financing strategies at each stage of its growth cycle,thus further confirming the importance of rational financing planning in financing management.Starting from the financial growth cycle,this paper discusses in the problems that innovative SMEs may have in the process of financing management by stages.It can provide a certain reference value for the enterprises to formulate feasible and reasonable financing management strategies.It has certain practical significance in terms of guaranteeing the capital operation requirements of enterprises and improving the core competitiveness of enterprises.