| In recent years,the state has constantly proposed to use technological innovation to drive economic development,and the most important subject of technological innovation is the enterprise,which is also inseparable from technological innovation.According to the data of the National Bureau of statistics,in 2018,there were 370000 small and medium-sized enterprises in China,of which 86.5% were small enterprises,about 320000;13.5% were medium-sized enterprises,about 50000.According to the statistics of the National Bureau of statistics,in 2018,more than 50% of the country's tax revenue,60% of its GDP,70% of its technological innovation achievements and 80% of its employment opportunities were provided by small and medium-sized enterprises.It can be seen that small and medium-sized enterprises are the foundation for the country to stabilize employment,promote people's livelihood,improve economy and promote innovation.The small and medium-sized technology-based enterprises are the representatives of small and medium-sized enterprises in China,and they are the important groups to promote the stable development of China's economy and society.Their growth is the first in other small and medium-sized enterprises,which can play an important role in promoting technological innovation.At present,the number of science and technology SMEs in China has exceeded 130000 in the national science and technology SMEs information database established by the Ministry of science and technology,with an average R&D investment intensity of 5%-7%.The average enterprise in the information base has about 5 research projects in each household,about2.794 million yuan of R&D investment;the proportion of scientific and technological personnel in each household accounts for more than one third of all personnel.It can be seen from the number of information base enterprises,the proportion of scientific and technological personnel and the investment in R&D that small and medium-sized scientific and technological enterprises are an important starting point for increasing tax revenue,stimulating domestic GDP,promoting technological innovation,increasing employment and social stability.However,with the rapid development of such enterprises,some deep-seatedproblems have gradually emerged.For example,in the development process of such enterprises,the first problem is financing difficulties.In the initial stage,the financial management is not standardized,the prospect is not clear,the performance is not good and so on,which leads to the financing channel is not smooth and the financing cost is too high.Secondly,industry access restrictions.Due to the high entry threshold of some industries,small and medium-sized technology-based enterprises are at a disadvantage compared with large enterprises in terms of scale,technology,operation and construction.In addition,small and medium-sized technology-based enterprises also have internal problems.For example,the level of enterprise management,business model and human resources is not high,the analysis of market demand is not in place,and the requirements of major investors cannot be met.Therefore,the government has launched a series of policies to encourage and support the development of small and medium-sized technology-based enterprises,among which it is very important and necessary to use financial funds to support technological innovation of small and medium-sized technology-based enterprises.Based on the above,this paper first combs and summarizes the relevant literature at home and abroad,analyzes the motivation of financial support funds,and expounds the influencing factors and different views on technological innovation of enterprises.Secondly,the paper analyzes the current situation and problems of technological innovation of small and medium-sized technology-based enterprises in China.Finally,after studying and drawing lessons from the existing research results at home and abroad,the paper selects the financial data of the small and medium-sized board of Shenzhen stock market from 2014 to 2018 as the research sample.By setting theoretical assumptions,adding financial constraints,financial structure,capital institutions and other microeconomic indicators,the paper constructs a model to test the selected samples,and draws the following main conclusions: first,the financial support funds are in the scientific and technological type The technological innovation of small and medium-sized enterprises can play an effective and sustainable role,which is positively related to the R&D input and output of enterprises.The investment of financial support funds can effectively alleviate the financing constraints of enterprises andeffectively promote the technological R&D innovation.Second,for technology-based small and medium-sized enterprises with high asset liability ratio,financial support funds have less significant impact on their technological innovation.Such enterprises prefer to use funds to make up the capital gap caused by liabilities rather than invest funds in technological innovation.Third,in the case of abundant enterprise funds,the impact of financial support funds on enterprise technological innovation will also weaken or even fail.Such enterprises are not sensitive to financial support.Fourth,the incentive effect of financial support funds is also restricted by the level of corporate financing constraints.According to the above conclusions,this paper puts forward the following countermeasures and suggestions: first,improve the financial support policies for small and medium-sized technology-based enterprises in the aspect of system optimization;second,actively create a good system environment and promote the process of marketization in the aspect of marketization;third,strengthen the supervision and management in the aspect of government supervision and management,and carry out the whole process performance evaluation chain for the investment direction,use and effect of financial funds To reduce the waste of financial funds. |
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