Research on the Capital Markets and Financing Constraints of High-tech SMEs in China

摘要：

The financing constraints have become the bottleneck in the development of High-tech SME in China. This paper is intended to analyze the macro-mechanism by which financial development promotes economic growth. More specifically, it studies the role of capital market in alleviating the financing constraints. To begin with the essences of High-tech SMEs and their financing needs, it contends that the equity financing from capital market is a feasible and suitable way. Then the related theories are reviewed to construct the structural investment model, which is used to test whether the availability of capital market will and to what extent alleviate High-tech SMEs financing constraints in practice. The study shows that the financing constraints of High-tech SMEs are relatively severe and the role of capital market is significant.

关键词： Financing constraints High-tech SMEs Structural investment model

作者: LI Xinan

作者单位: Henan University of Finance and Economics, Zhengzhou 450002, P.R.China

会议类型: 国际会议

会议名称: 2009 International SME Development Forum(2009 中小企业发展国际论坛)

会议地点: 北京

会议语种:英文

页码: 185-189

在线出版日期: 2009-10-01（万方平台首次上网日期，不代表论文的发表时间）