Proceedings of the 2019 4th International Conference on Financial Innovation and Economic Development (ICFIED 2019)

Research on Financing Preference and Performance of Sci-tech Finance for Sci-tech SMEs

Authors
Yaqiong Pan
Corresponding Author
Yaqiong Pan
Available Online February 2019.
DOI
https://doi.org/10.2991/icfied-19.2019.72How to use a DOI?
Keywords
Financing Preference, Financing Performance, Sci-tech Finance, Sci-tech SMEs
Abstract
To solve financing problem of sci-tech SMEs in different enterprise life cycle, this paper uses the panel data of Chinese sci-tech SMEs from 2010 to 2016, establishes individual fixed effect model to examine financing preference of sci-tech finance including government finance, capital market, commercial bank, and venture capital, and to assess financing performance for sci-tech SMEs. The results show that: as a whole, capital market channel positively promotes the innovation and development performance of sci-tech SMEs; but in different enterprise life cycle, different sci-tech finance preference have different performance on sci-tech SMEs. In the growth period, the capital market and government finance are the main channels. In the mature period, the capital market and commercial bank support are the chief factors. But in the recession period, SMEs primarily rely on government finance.
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Proceedings
2019 4th International Conference on Financial Innovation and Economic Development (ICFIED 2019)
Part of series
Advances in Economics, Business and Management Research
Publication Date
February 2019
ISBN
978-94-6252-678-5
ISSN
2352-5428
DOI
https://doi.org/10.2991/icfied-19.2019.72How to use a DOI?
Open Access
This is an open access article distributed under the CC BY-NC license.

Cite this article

TY  - CONF
AU  - Yaqiong Pan
PY  - 2019/02
DA  - 2019/02
TI  - Research on Financing Preference and Performance of Sci-tech Finance for Sci-tech SMEs
BT  - 2019 4th International Conference on Financial Innovation and Economic Development (ICFIED 2019)
PB  - Atlantis Press
SP  - 380
EP  - 384
SN  - 2352-5428
UR  - https://doi.org/10.2991/icfied-19.2019.72
DO  - https://doi.org/10.2991/icfied-19.2019.72
ID  - Pan2019/02
ER  -