Technological Innovation-oriented Enterprises Listing And Financing Performance Analysis

In the knowledge-based economy, technical innovation has become the core competitiveness of enterprises and the source of development and profits. Technical innovation oriented enterprises have played an important role in the development of China.This paper analyzed the characteristics and the listing motivation, which is the inevitable choice of technical innovation company. We did an empirical analysis using 255 sample enterprises form A-share market. Through factor analysis of samples, we compared the performance before and after going to public. Then we divided the samples according to the region and the cluster to analyze the differences. We also used the cross-section regression model to explain the performance changes with regional and cluster differences.The results showed that the overall technical innovation-oriented enterprises did not shake off the general decline of performance during financing. Profit-earning ability droped significantly, and the ability to grow and operate showed no significant. The solvency significantly improved. And there was performance difference between different regions, but this difference don't exist between listed or not in the High-Tech Industrial Development Zone.At last, we analyzed the above results and concluded that different developing level regions will affect the performance of going to public and at present, high-tech zones will make no effects on the listing. We suggest that for different regions should apply different policy to promote enterprises to enter the healthy developing track and China's national high-tech industry development zones should be updated to higher level innovation clusters. There still has a lot of space and upgrade potential.