| Since the 19 th National Congress of the Communist Party of China,the Chinese economy development has begun to focus on improving the quality,and scientific and technological innovation is a key factor.Since the innovation-driven development strategy,scientific and technological research and innovation activities have become increasingly active,and many new technologies have emerged.As an important carrier of technological innovation,science and technology enterprises are playing an increasingly important role,but there are still some obstacles.Yi Gang,the governor of the People’s Bank of China,points out that the average life expectancy of technology companies in China is only three years,and only one third of them can continue to operate after three years.An important reason is the financing problems faced by science and technology enterprises.The small scale and light asset of Sci-Tech small and medium-sized enterprises(SMEs)make their operation risk higher and they have financing difficulties.Meanwhile,under the influence of external financing environment,financing problems are more serious.Technology and finance,as the two factors of economic development,to develop financial support for scientific and technological development in order to promote innovation and the real economy,China has creatively proposed " Sci-Tech finance ",and has successively proposed a series of The Sci-Tech finance policies aims to develop SciTech finance,provide convenient financing conditions for Sci-Tech SMEs,promote their development,and enhance the innovation strength.Starting from the financing problem of Sci-Tech SMEs,this paper sorts out the Sci-Tech finance policies over the years,and discusses the impact of Sci-Tech finance policies on the financing of Sci-Tech SMEs.This paper discusses the influence and mechanism of Sci-Tech finance policies on the financing constraints of Sci-Tech SMEs.This paper analyzes and finds that it is currently facing problems such as insufficient capital sources,limited financing channels,high financing costs and limited policy support,and then discusses its causes from the two aspects of financial market size restrictions and financing cost restrictions.Taking the policy of “the Pilot of Promoting Science and Technology to combine with Finance” issued in 2010 as an example,the data of 353 Sci-Tech SMEs on the Chi Next and SME board from 2009 to 2019 were selected as samples,and the difference-in-differences method was used to empirically study the effect of pilot policies on Sci-Tech SMEs.The role of financing constraints,combined with the current situation and theoretical analysis to test the mechanism,and analyze the heterogeneity from the perspective of the city level of the city where the company is located and the efficiency of the financial market.The main innovation is to focus on the micro-level of enterprises,using empirical analysis to explore the pilot policy on Sci-Tech SMEs financing constraints,and further complement the theoretical mechanism.The results show that the Sci-Tech finance policy can significantly ease the financing constraints of Sci-Tech SMEs,and can play the role through two channels:expanding the scale of the financial market and reducing financing costs.Besides,the pilot policy in the second-tier cities and the financial market efficiency of the city’s Sci-Tech SMEs more significant role.According to the above,this paper puts forward the following policy suggestions: first,implement Sci-Tech finance policies,and improve the financial system of science and technology;second,strengthen the financing capacity of enterprises and improve the availability of funds;third,strengthen policy support and improve Sci-Tech finance policy system,in order to promote Sci-Tech finance policy to better exert its positive influence on the financing of Sci-Tech SMEs,and to promote the technological innovation. |
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