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Abstract. The Financing problem of Medium and small Sized High-tech Enterprises is the key point to enterprises' survival and development. Firstly it is pointed out that the difficulty in financing is due to without enough emphasis on Medium and Small Sized High-tech Enterprises， without sound targeted laws and regulations， the imperfect credit guarantee system， and corporate governance structure problem of the enterprise Then， according to the problems existing in the financing of China's Medium and Small Sized High-tech Enterprises， the assay put forward several countermeasures which have referential value.
Keywords： Medium and Small Sized High-tech Enterprises， Financing， Countermeasures
1. Introduction
With the deepening of China's economic reform， the rapid development of Medium and Small Sized High-tech Enterprises plays an irreplaceable role to our country economy. After years of efforts， small and mid-sized enterprise financing environment gradually improved， but the small and mid-sized enterprise financing difficult problem is still not been completely resolved， the shortage of funds and financing channels are more prominent issue. Small and medium enterprises "financing difficulties"， is mainly refers to difficult to get financial support from state-owned commercial Banks and capital markets， due to the capital market relatively strict information disclosure mechanism and a very high threshold for listing.
The transformation of the pattern of economic development in our country has already begun， in which technology is widely used to play a multiplier role in the development of economy. The improvement design of technology-based small and medium-sized enterprise development system and solution of the financing problem become more and more important， these will have profound influence to the sustained growth of the national economy. So making concrete analysis to China's small and mid-sized enterprise financing present situation and putting forward the solution to the problem of financing difficulties have the very vital significance.
2. Major Difficulties Of Medium And
Small Sized High-tech Enterprises
2.1 Endogenous financing is unable to alleviate the plight of financing difficulties
As science and technology enterprises， especially small and medium enterprises， compared to the funds needed for the technology innovation investment， the limited profit in the start-up period， or even a loss， coupled with the tax burden， which are to a certain extent weakened the financing through retained earnings ability. At the same time， high-risk unlimited liability regime and way of partnership can lead to problems such as financial disputes and other issues， so that partnership funds financing way is difficult to make up for the funding gap. Therefore， the internal financing cannot ease the plight of financing difficulties. 2.2 Commercial Banks can't become the main capital provider of Medium and Small Sized High-tech Enterprises
In recent years， commercial bank lending to small and mid-sized enterprise have enhanced. It also has promoted financial innovation products according to the characteristics of small and mid-sized enterprise. But as far as the current credit resources is relatively concentrated， high risk of small and mid-sized enterprise still disagrees with commercial bank management principle. Commercial bank enterprise credit risk evaluation system does not adapt to the characteristics of small and mid-sized enterprise， coupled with the intermediary service system is not perfect， such as the insufficient service ability of guarantee system， which make commercial Banks cannot become the main capital provider of technology-based small and medium-sized enterprises.
2.3 Capital market can not meet the needs of Medium and Small Sized High-tech Enterprises
With the gradual development of the capital markets， direct financing through the stock market is seen as an important financing way to raise large sums of money in a short time. In our country， securities market mainly include Shanghai and Shenzhen main board securities market in China， Shenzhen small and medium-sized enterprises board， gem and zhongguancun agency share transfer system. In general， securities market which can meet the demand of multi-level financing has basically established. but in order to control the financial risk， these set a high standard of market access， so originally envisioned markets function did not play a proper role. Although Medium and Small Sized High-tech Enterprises can use overseas financing capital markets in developed countries， many small and mid-sized enterprise even listed are faced with all kinds of litigation risk because of foreign strict supervision system. Also as an important part of capital market， the development of the bond market compared to securities market is highly uneven. Bond market is small， low degree of mercerization， segmentation of issuing market and the trading market； especially the corporate bond market develops more slowly. These all have resulted in Medium and Small Sized High-tech Enterprises difficult to obtain financial support from the capital markets.
3. Reasons Of Medium And Small Sized High-tech Enterprises Financing Difficulties
3.1 Internal reasons
For small and mid-sized enterprise business class， unsuccessful probability is relatively high. From the view of bank， loans to small and mid-sized enterprises have high risk and interest income is fixed， and once the business success， the bank only get fixed income and cannot share the high returns of enterprises， so that bank earnings and risks are don't match. Moreover， small and mid-sized enterprise often reflected a very non-standard corporate governance structure， the limited level of enterprise management led to the phenomenon of unclear property rights of enterprises， so in the equity financing， the enterprises often fall into internal strife. In the economic crisis and the market environment changes， strain capacity is generally not strong， which make their business a very high risk， so the bank is very cautious to make loans to them. For small and mid-sized enterprise， the lack of a good credit record is very unfavorable. In order to reduce risk and non-performing loan ratio， all commercial banks and small and medium financial institutions generally implement the system of the mortgage. Real estate， such as land， machinery， equipment， real estate ownership or use right is the main collateral， but small and medium-sized enterprise general lack of fixed assets. So according to the regulation of Banks， it's very difficult to provide care or other mortgage assets.
Measure of corporate credit situation is usually examining the soundness of its information disclosure system and the company management system； these are also important lending criteria of bank. But at present much technology-based small and medium-sized enterprise in our country doesn't even have a specialized financial institutions and professional financial personnel. Although some companies have set up financial institutions， management is non-standard， phenomenon such as tampering with data and fabricating profit occurs frequently， unregulated financial management makes the small and mid-sized enterprise decision-making mistakes and inefficiencies， which cause it very difficult to finance from external.
3.2 External reasons
Financial supervision is becoming more and stricter and the increasingly fierce market competition， these make Banks lack of confidence for loans to support small and medium-sized enterprises. Due to the current regulatory body strengthen financial supervision to banks； making each commercial bank attaches great importance to risk control. The defects of credit rating， risk prevention and information disclosure， making each commercial bank is very cautious in lending. In addition， a very high deposit reserve ratio makes commercial banks smaller profit margins， leading to fierce competition among commercial banks. In the face of fierce competition and constantly reinforced risk constraint mechanism， all commercial banks have to be primarily focused on large enterprise customers， and small and medium-sized enterprises can only be in the secondary position. Even implementation of certain credit support for small and medium-sized enterprise， these also often accompanied by higher loan requirements and operation is also more cautious. High threshold of listing in Gem， imperfect Samba market， which make IPO market hard to as an ideal place to direct financing. In addition， distribution principle including "scale control， centralized management and decentralized approval" makes the small and mid-sized enterprise difficult to raise much-needed capital for development through the issuance. Therefore， as a place of direct financing capital market， it is essentially closed for small and mid-sized enterprise. For credit guarantee system of small and mid-sized enterprise is very inadequate， so that they want to get the support of banks is very difficult. In order to reduce non-performing loans， Banks usually continue to reduce the proportion of risk assets in credit assets， while increasing security， pledge and mortgage component. Of course， this also is accord with international practice in the basic of Basel. In reality， however， it is almost impossible for small and mid-sized enterprise to provide effective， full of the pledge， collateral or security. Offices and production facilities market valuations of much small and mid-sized enterprise are low and its trade-ability is poor. Inventions， patents and other intangible assets generally accounted more in its capital. Fair value assessment of these assets is very hard. So for small and mid-sized enterprise， it is very difficult to get loans from the bank directly. Recently， the state issued a series of policies to encourage and support small and medium-sized enterprises. In order to provide the convenience of credit for small and medium-sized enterprises， some local governments also gradually established the credit guarantee companies compared to the amount of guarantee capital the small and medium-sized enterprise required， the guarantee company capital size also can only be described by a drop in the bucket.
4. Solutions To Medium And Small Sized High-tech Enterprises Financing Difficulties
4.1 Improve the policy support system
Science and technology policy should strengthen the policy tilt including attaching great importance to the research and development， the transformation of scientific and technological achievements and new and high technology industries development. Especially in the aspect of promoting the transformation of scientific and technological achievements， we must insist on the principle of improve the conversion rate of scientific and technological achievements as the center ，establish an incentive mechanism and attach importance to stimulate the pursuit of long-term interests of enterprises. On the basis of keeping the property Continuous and coordinated， we should further define the property rights， but it should be appropriate to relax the limit of the investment proportion， such as intellectual property and personal qualifications. In addition， it is very meaningful to strongly advocated Medium and Small Sized High-tech Enterprises to carry out scientific and technological achievements management system which dominated by intellectual property management， strengthen the policy support of evaluation of science and technology intermediary agencies and promote the information communication and exchanges between scientific research institutions and Medium and Small Sized High-tech Enterprises. 4.2 Strengthen credit management system， and Improve the credit guarantee system
The credit guarantee system of some developed countries has the significance for small and mid-sized enterprise in China. Despite the key of financing system differs somewhat， but all without exception all focus on development of credit guarantee financing to help the country's high-tech enterprises. Even in the United States such a relatively perfect market economy country， credit guarantee business is also dominated by the government. In China， despite a lot of work on the development of credit guarantee， compared to government investment guarantee companies， private security company strength is relatively large. Therefore， the government needs to further play a greater role in the credit guarantee， establish a unified credit guarantee system and stabilize the financial fund backed by a comprehensive management. Optimization of risk dispersed mechanism in the process of execution， making the risk distribution reasonable between commercial Banks and guarantee agencies and controlling moral hazard. Build moderately competitive banking system.
References
[1] Lv Yuqin， "A Study on the R&D Financing of Small and Medium High-Tech Companies，" Accounting Research， pp. 69-72， April 2009.
[2] Luo Zhengying， Zhang Xuefen， Tao Lingyun， Qiu Guoyang， "Reputation Chain： Medium-sized and Small Enterprises Relational Strategy of Ability to Circulate Fund，" Accounting Research，pp.50-52， July 2010.
[3] Tong Pan， Lu Zhengfei， "Debt Financing， the Sources of Debt， and the Firms 'Investment Behavior： Evidence from Listed Companies in China，" Economic research， pp.75-84， May 2008.
[4] Zhou Zongan，Zhang Xiufeng， "Economics to describe and countermeasures of small and medium-sized enterprise financing difficulties ，" Finance research， pp.152-157， February 2006.
[5] Ma Qiujun， "The Research on the International Financing Experience of the Small and Medium Sized Hi-tech Enterprises，" Science and Technology Management Research， pp， 36-40， July 2011.
Keywords： Medium and Small Sized High-tech Enterprises， Financing， Countermeasures
1. Introduction
With the deepening of China's economic reform， the rapid development of Medium and Small Sized High-tech Enterprises plays an irreplaceable role to our country economy. After years of efforts， small and mid-sized enterprise financing environment gradually improved， but the small and mid-sized enterprise financing difficult problem is still not been completely resolved， the shortage of funds and financing channels are more prominent issue. Small and medium enterprises "financing difficulties"， is mainly refers to difficult to get financial support from state-owned commercial Banks and capital markets， due to the capital market relatively strict information disclosure mechanism and a very high threshold for listing.
The transformation of the pattern of economic development in our country has already begun， in which technology is widely used to play a multiplier role in the development of economy. The improvement design of technology-based small and medium-sized enterprise development system and solution of the financing problem become more and more important， these will have profound influence to the sustained growth of the national economy. So making concrete analysis to China's small and mid-sized enterprise financing present situation and putting forward the solution to the problem of financing difficulties have the very vital significance.
2. Major Difficulties Of Medium And
Small Sized High-tech Enterprises
2.1 Endogenous financing is unable to alleviate the plight of financing difficulties
As science and technology enterprises， especially small and medium enterprises， compared to the funds needed for the technology innovation investment， the limited profit in the start-up period， or even a loss， coupled with the tax burden， which are to a certain extent weakened the financing through retained earnings ability. At the same time， high-risk unlimited liability regime and way of partnership can lead to problems such as financial disputes and other issues， so that partnership funds financing way is difficult to make up for the funding gap. Therefore， the internal financing cannot ease the plight of financing difficulties. 2.2 Commercial Banks can't become the main capital provider of Medium and Small Sized High-tech Enterprises
In recent years， commercial bank lending to small and mid-sized enterprise have enhanced. It also has promoted financial innovation products according to the characteristics of small and mid-sized enterprise. But as far as the current credit resources is relatively concentrated， high risk of small and mid-sized enterprise still disagrees with commercial bank management principle. Commercial bank enterprise credit risk evaluation system does not adapt to the characteristics of small and mid-sized enterprise， coupled with the intermediary service system is not perfect， such as the insufficient service ability of guarantee system， which make commercial Banks cannot become the main capital provider of technology-based small and medium-sized enterprises.
2.3 Capital market can not meet the needs of Medium and Small Sized High-tech Enterprises
With the gradual development of the capital markets， direct financing through the stock market is seen as an important financing way to raise large sums of money in a short time. In our country， securities market mainly include Shanghai and Shenzhen main board securities market in China， Shenzhen small and medium-sized enterprises board， gem and zhongguancun agency share transfer system. In general， securities market which can meet the demand of multi-level financing has basically established. but in order to control the financial risk， these set a high standard of market access， so originally envisioned markets function did not play a proper role. Although Medium and Small Sized High-tech Enterprises can use overseas financing capital markets in developed countries， many small and mid-sized enterprise even listed are faced with all kinds of litigation risk because of foreign strict supervision system. Also as an important part of capital market， the development of the bond market compared to securities market is highly uneven. Bond market is small， low degree of mercerization， segmentation of issuing market and the trading market； especially the corporate bond market develops more slowly. These all have resulted in Medium and Small Sized High-tech Enterprises difficult to obtain financial support from the capital markets.
3. Reasons Of Medium And Small Sized High-tech Enterprises Financing Difficulties
3.1 Internal reasons
For small and mid-sized enterprise business class， unsuccessful probability is relatively high. From the view of bank， loans to small and mid-sized enterprises have high risk and interest income is fixed， and once the business success， the bank only get fixed income and cannot share the high returns of enterprises， so that bank earnings and risks are don't match. Moreover， small and mid-sized enterprise often reflected a very non-standard corporate governance structure， the limited level of enterprise management led to the phenomenon of unclear property rights of enterprises， so in the equity financing， the enterprises often fall into internal strife. In the economic crisis and the market environment changes， strain capacity is generally not strong， which make their business a very high risk， so the bank is very cautious to make loans to them. For small and mid-sized enterprise， the lack of a good credit record is very unfavorable. In order to reduce risk and non-performing loan ratio， all commercial banks and small and medium financial institutions generally implement the system of the mortgage. Real estate， such as land， machinery， equipment， real estate ownership or use right is the main collateral， but small and medium-sized enterprise general lack of fixed assets. So according to the regulation of Banks， it's very difficult to provide care or other mortgage assets.
Measure of corporate credit situation is usually examining the soundness of its information disclosure system and the company management system； these are also important lending criteria of bank. But at present much technology-based small and medium-sized enterprise in our country doesn't even have a specialized financial institutions and professional financial personnel. Although some companies have set up financial institutions， management is non-standard， phenomenon such as tampering with data and fabricating profit occurs frequently， unregulated financial management makes the small and mid-sized enterprise decision-making mistakes and inefficiencies， which cause it very difficult to finance from external.
3.2 External reasons
Financial supervision is becoming more and stricter and the increasingly fierce market competition， these make Banks lack of confidence for loans to support small and medium-sized enterprises. Due to the current regulatory body strengthen financial supervision to banks； making each commercial bank attaches great importance to risk control. The defects of credit rating， risk prevention and information disclosure， making each commercial bank is very cautious in lending. In addition， a very high deposit reserve ratio makes commercial banks smaller profit margins， leading to fierce competition among commercial banks. In the face of fierce competition and constantly reinforced risk constraint mechanism， all commercial banks have to be primarily focused on large enterprise customers， and small and medium-sized enterprises can only be in the secondary position. Even implementation of certain credit support for small and medium-sized enterprise， these also often accompanied by higher loan requirements and operation is also more cautious. High threshold of listing in Gem， imperfect Samba market， which make IPO market hard to as an ideal place to direct financing. In addition， distribution principle including "scale control， centralized management and decentralized approval" makes the small and mid-sized enterprise difficult to raise much-needed capital for development through the issuance. Therefore， as a place of direct financing capital market， it is essentially closed for small and mid-sized enterprise. For credit guarantee system of small and mid-sized enterprise is very inadequate， so that they want to get the support of banks is very difficult. In order to reduce non-performing loans， Banks usually continue to reduce the proportion of risk assets in credit assets， while increasing security， pledge and mortgage component. Of course， this also is accord with international practice in the basic of Basel. In reality， however， it is almost impossible for small and mid-sized enterprise to provide effective， full of the pledge， collateral or security. Offices and production facilities market valuations of much small and mid-sized enterprise are low and its trade-ability is poor. Inventions， patents and other intangible assets generally accounted more in its capital. Fair value assessment of these assets is very hard. So for small and mid-sized enterprise， it is very difficult to get loans from the bank directly. Recently， the state issued a series of policies to encourage and support small and medium-sized enterprises. In order to provide the convenience of credit for small and medium-sized enterprises， some local governments also gradually established the credit guarantee companies compared to the amount of guarantee capital the small and medium-sized enterprise required， the guarantee company capital size also can only be described by a drop in the bucket.
4. Solutions To Medium And Small Sized High-tech Enterprises Financing Difficulties
4.1 Improve the policy support system
Science and technology policy should strengthen the policy tilt including attaching great importance to the research and development， the transformation of scientific and technological achievements and new and high technology industries development. Especially in the aspect of promoting the transformation of scientific and technological achievements， we must insist on the principle of improve the conversion rate of scientific and technological achievements as the center ，establish an incentive mechanism and attach importance to stimulate the pursuit of long-term interests of enterprises. On the basis of keeping the property Continuous and coordinated， we should further define the property rights， but it should be appropriate to relax the limit of the investment proportion， such as intellectual property and personal qualifications. In addition， it is very meaningful to strongly advocated Medium and Small Sized High-tech Enterprises to carry out scientific and technological achievements management system which dominated by intellectual property management， strengthen the policy support of evaluation of science and technology intermediary agencies and promote the information communication and exchanges between scientific research institutions and Medium and Small Sized High-tech Enterprises. 4.2 Strengthen credit management system， and Improve the credit guarantee system
The credit guarantee system of some developed countries has the significance for small and mid-sized enterprise in China. Despite the key of financing system differs somewhat， but all without exception all focus on development of credit guarantee financing to help the country's high-tech enterprises. Even in the United States such a relatively perfect market economy country， credit guarantee business is also dominated by the government. In China， despite a lot of work on the development of credit guarantee， compared to government investment guarantee companies， private security company strength is relatively large. Therefore， the government needs to further play a greater role in the credit guarantee， establish a unified credit guarantee system and stabilize the financial fund backed by a comprehensive management. Optimization of risk dispersed mechanism in the process of execution， making the risk distribution reasonable between commercial Banks and guarantee agencies and controlling moral hazard. Build moderately competitive banking system.
References
[1] Lv Yuqin， "A Study on the R&D Financing of Small and Medium High-Tech Companies，" Accounting Research， pp. 69-72， April 2009.
[2] Luo Zhengying， Zhang Xuefen， Tao Lingyun， Qiu Guoyang， "Reputation Chain： Medium-sized and Small Enterprises Relational Strategy of Ability to Circulate Fund，" Accounting Research，pp.50-52， July 2010.
[3] Tong Pan， Lu Zhengfei， "Debt Financing， the Sources of Debt， and the Firms 'Investment Behavior： Evidence from Listed Companies in China，" Economic research， pp.75-84， May 2008.
[4] Zhou Zongan，Zhang Xiufeng， "Economics to describe and countermeasures of small and medium-sized enterprise financing difficulties ，" Finance research， pp.152-157， February 2006.
[5] Ma Qiujun， "The Research on the International Financing Experience of the Small and Medium Sized Hi-tech Enterprises，" Science and Technology Management Research， pp， 36-40， July 2011.