The Effect of Technology Innovation Fund on SMEs’ Financial Growth——Using Manufacturing Company Data from China
Yingmin Yu, Hongxing Peng

Abstract
The paper examines the effect of Technology Innovation Fund on financial growth of SMEs. We take manufacturing companies listed on the China SMEs’ board as sample, and employ factor analysis to calculate the composite score of the SMEs’ financial growth. In our study both the t-test for independent samples and regression analysis are taken to investigate the incentive effect of the Technology Innovation Fund on SMEs’ financial growth. The empirical results lead to three implications, firstly, the findings provide empirical evidence that the Fund has really take effects on prompting the financial growth of the SMEs; secondly, the bigger size or the better current ratio it owns, the better financial growth of the firm; finally, the asset-liability ratio and employee scale have no significant effect on financial growth.

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