How Financing Match Entrepreneurial Growth Cycle?: Evidence from Chinese Technological SMEs

Financing hindrance has become a bottleneck for the development of the technological Small and Medium-sized Enterprise (SMEs). Based on literature review, this paper collects the actual questionnaire from 17 cities in Guangdong Province and employs correspondence analysis to investigate the interrelation between the entrepreneurial Growth cycle and financing characteristics in technological SMEs, with an attempt to provide reference to technological SMEs in terms of the financing means and government policy implementation. The results indicate significant disparity among financing channels, financing demands and financing obstacles in different entrepreneurial Growth cycle. When the technological SMEs are in the early period, growth period and maturity period, they are inclined to employ private capital, enterprise self-owned fund, shareholder injection fund, banks and business credit; External financing demand demonstrates a trend of first increase then drop; simultaneously, financing obstacle is a common issue existing in Chinese technological SMEs.