A Study Of The High-Tech Small And Medium Sized Enterprises Listing Performance And Listing Obstacles

Since2008, a new round of financial crisis spread to the world, and then the European debt crisis is intensifying the recovery of word economic, which reduces the demand at home and abroad, especially the Low-tech product. With our country’s economic development, low-cost human capital has been lost, which reduce the profit margins of low-value-added industries. This forces the government to accelerate industrial restructuring and develop High-tech enterprise to face with the current situation. In China, most of the enterprises are small and medium-sized enterprises (SMEs), the successful industrial upgrading of this part of the enterprise plays an important role to the entire industrial transformation strategy. As pacesetter, the development of the High-tech SMEs plays an exemplary role in the entire industrial restructuring and upgrading projects. And the listed High-tech SMEs play the role of the "flagship" to accelerate and drive the project by its enhanced influence of the social and economic after listing. Thus, promoting High-tech SMEs to list is of great significance for the development of the national economy.The12th Five-Year Plan clearly pointed out the important role of science and technology innovation to the national economy. Technological innovation need for financial support, thus SCI-Tech finance generated, using technology and innovation to drive financial innovation and financial innovation to promote scientific and technological innovation. High-tech SMEs, as the main force of technological innovation, act an important role to achieve the planning strategy. High-tech SMEs’ development is inseparable from the financial support, so how to improve the existing SCI-Tech finance system to support public financing for high-tech SMEs is another research significance of this article. The goal of this study is how to make more qualified High-tech SMEs be listed, however this must be built on the public financing is beneficial to the development of High-tech SMEs. To this end, this paper will have to answer the following two questions:"Whether the listing will help High-tech SME enterprises to grow?","If so, how to make more High-tech SMEs be listed?"This paper use the before and after listed data of High-tech SMEs in Jiangsu province to construct empirical models, and use the result of factor analysis and panel data model to answer the first question. Using the survey data of unlisted High-tech SMEs from Nanjing, Suzhou, Zhenjiang, Yangzhou and Nantong to master enterprise’s properties and financing characteristics and then analyses the possible obstacles of listing based on this. After that, this paper will use Factor Analysis and Logistic Regression to test the possible obstacles. With the empirical results analysis, this paper will find out the cause of the obstacles and put forward policy suggestions to answer the second question.The conclusions of this article are as follows:First, under the existing system, public financing will help High-tech SMEs to grow. It is feasible to promote economic restructure by listing of High-tech SMEs based on the angle of enterprise development. Second, there are many public financing obstacles for High-tech SMEs:The majority of High-tech SMEs is private enterprise or family business, which leads to the owners are lack of a correct understanding of listing. Nonstandard management makes difficult for enterprises to face strict supervision after listing. The particularity of enterprise causes information disclosure difficult. The issue of GME system makes burden of enterprise going public heavy. The actual issue operation makes the enterprises have financial requirements barriers.At the end of the article, this paper gives the policy suggestions based on the perspective of the government and enterprises:The government departments should focus on emphasis on listing, unlisted-listed financing channels building, listed issuers system, the tax system, as well as local government should focus on improving listing support funds operation, building communication platform and so on. The High-tech SME should develop a comprehensive quality of listing from the early as well as the ability to control risk.