Research On Financing Mode Of Small And Medium-sized Technology Enterprises

The importance of small and medium-sized technology companies in the national economy is self-evident,and they play an irreplaceable role in promoting economic development,increasing employment rates,increasing fiscal revenue,and promoting innovation.However,due to their own operational risks,imperfect information disclosure,and lack of collateral,small and medium-sized technology companies have formed a serious mismatch between their financing resources and their status in my country's economic development.Even though the state attaches great importance to this phenomenon and has issued many relevant laws,regulations and policies to support the development of SMEs,it has not solved the problem of financing difficulties for SMEs from the fundamental and source.The chain breaks and R&D fails,and the difficulty of financing seriously hinders the development of China's small and medium-sized technology companies.Therefore,research on the difficulty of financing small and medium-sized technology companies has always been the focus of attention of scholars at home and abroad.This article firstly refers to the literature and data to classify the standards and characteristics of small and medium-sized enterprises and small and medium-sized technology enterprises,the concept of enterprise life cycle,financing,financing methods and financing models,related theories of financing,factors influencing the financing of small and medium-sized science and technology enterprises,The development and evolution of financing,the choice of financing model based on the enterprise life cycle theory,and the evolution of life cycle judgment methods are detailed and systematically sorted out.Secondly,on this basis,the quantitative and qualitative methods are combined to sum up the judgment standards of the life cycle of small and medium-sized technology enterprises,and the characteristics andinfluencing factors of small and medium-sized technology enterprises in each life cycle are studied.Small technology enterprises should adopt the mode of “domestic financing as the main source and actively seek external financing” in the initial stage,that is,relying on internal financing,angel investment,policy funds,and bank loans to obtain financing;Financing-based,actively seeking venture capital " model,that is,relying on internal financing,venture capital,bank loans,intellectual property pledge and equity financing(listed on the New Third Board);mature period should mainly adopt " external financing mainly,actively prepare The “listing” model relies on internal financing,equity financing(listed on the Growth Enterprise Market),bank loans,and convertible bond financing;the “merger and reorganization financing”model should be adopted during the recession period.Once again applying the above research conclusions to XZ's financing,it is found through analysis that XZ's financing has internal financing that is difficult to meet financing needs,external financing channels are single,lack of innovation,financing period is unreasonably allocated,and lack of strategic financing Four questions about mode.Judging the life cycle of XZ company,it is in the growth period.Based on the discovery of XZ company's financing problems,this article starts from the actual situation of XZ company itself and analyzes from the perspective of feasibility."Debt financing is the main way,actively seek risk investment" mode,and proposes to choose intellectual property pledge financing,seek risk investment,long-term loan financing through financial institutions such as banks,establish a professional financing team,and establish a scientific and professional financing operation process These four suggestions.Finally,this article draws on the experience of foreign developed countries and proposes the following recommendations for the financing of small and medium-sized technology companies from the policy level: that the government can establish a unified SME financing management department and develop a policy financial institution that specifically serves small and medium-sized technology companies,Improve the multi-level capital market to help China's small and medium-sized technology enterprises grow healthily and smoothly.