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

A Study of the Market Failure in the Financing of High-Tech SMEs and the Governmental Intervention