中文摘要：

运用300家企业的调查数据，实证分析南京市科技型中小企业不同发展阶段融资方式选择，构建了不同发展阶段的南京市科技型中小企业融资优先序。结果表明：南京市科技型中小企业融资方式选择存在创业初期间接融资和风险投资不足，成长期直接融资比例偏低和成熟期融资成本偏高等问题。在分析原因的基础上提出了要进一步通过规范和健全企业自身管理体系、改进优化商业银行信贷制度流程、完善多层次资本市场结构等措施促进科技型中小企业健康发展。

英文摘要：

Using the survey data of 300 enterprises, the paper analyzes the financing options of Nanjing science and technol- ogy SMEs in different stages; builds the financing priority of Nanjing city science and technology small and medium-sized enterprise in the different development stages. The results show that： the financing mode of Nanjing science and technology small and medium enterprises has the problems of indirect financing and venture investment, the low proportion of direct fi- nancing and the high financing cost during the growth period. Based on the analysis of the reasons, the paper puts forward to promote the healthy development of SMEs through regulating and perfecting the enterprise management system, improving the credit system process of the commercial bank and the structure and other measures of the multi-level capital market.