With the progress of the society, the High-tech SMEs play a more and more important role in the\ndevelopment and innovation of a country. However, the financing of the High-tech SMEs faces a serious\nmarket failure, and the government has to intervene. Based on this, this article analyzes the\nroot which leads to the market failure in the financing of High-tech SMEs from three aspects: serious\nuncertainty, information asymmetry and externality, and puts forward the concrete policy\nmeasures of government intervention and discusses the government failure that exists in the\nprocess of governmental intervention. Finally, on the basis of above analysis, this paper puts forward\nsome appropriate policy recommendations.
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