Research On The Slow Release Effect Of The Development Of Science And Technology Finance On The Financing Constraint Of Small And Medium-sized Enterprises

According to the relevant data of the National Bureau of Statistics,as of the end of2018,the number of SMEs in China has exceeded 30 million,which plays a vital role in China's economic and social development.However,due to the influence of traditional financial development,it has high-risk and high-cost credit characteristics,and funding has always been the bottleneck for its development and growth.As a common product of the financial industry and the technology industry,science and technology finance,through continuous innovation and development,to ensure that financially excluded objects can obtain the relevant services needed Improving access to finance for SMEs,vigorously developing technology finance has become an effective measure to solve this dilemma.In order to effectively improve the development of science and technology finance,in recent years,the government has successively put forward corresponding suggestions and issued relevant policies to jointly promote the development of science and technology finance.At the same time,the provinces and cities are also committed to the practical activities of the development of science and technology finance.However,the development of science and technology finance still has many deficiencies in the research on the behavior of SMEs.Based on this,this article attempts to provide relevant empirical basis and theoretical support for financial institutions and SMEs to make more scientific decisions,which has certain theoretical and practical significance.This article defines the core concepts related to financing constraints and the development of technology finance on the basis of combing relevant domestic and foreign literature.Then analyze the theories related to financing constraints and the development of technology finance,and put forward the hypothesis of the relationship between the development of science and technology finance and financing constraints with the support of relevant theories.On this basis,we select data related to the development of Chinese GEM companies and technology finance from 2009 to 2016,and use the cash flow-cash sensitivity model to empirically test the effect of technology finance development on the financing constraints of SMEs.And further conduct empirical tests on the legal system environment and economic development level of the regions where SMEs are located.The main conclusions of this paper are as follows:First,the development of science and technology finance can effectively alleviate the financing constraints of small and medium-sized enterprises;Second,when the level of economic development is high,the development of technology financing can greatlyreduce the financing constraints of SMEs;Third,in the legal system When the environment is better,the development of technology financing can greatly reduce the financing constraints of SMEs.Finally,based on the empirical analysis of the relevant conclusions,I put forward relevant suggestions to alleviate the financing constraints faced by current SMEs.