An Analysis Of The Influencing Factors Of The Annual Reports' Readability Of The Neeq Technological Companies

As an important part of Small and Medium Enterprises,science and technology SMEs are the most dynamic,the most potential and the most growth-oriented innovation groups in enterprises.They are also the major force that promotes mass entrepreneurship and innovation.Since its inception,the NEEQ has positioned itself as a national over-the-counter market for technology-based SMEs.It is a platform for financing unlisted joint-stock companies.By studying the science and technology SEMs of the NEEQ,according to the 2016 annual report of 1512 S&T SEMs,the paper takes MD&A of annual report as the research subject to test the readability factors.The results are as follows:(1)Through the descriptive statistics of readability indicators,Discovering the readability of the innovation and infrastructure layers,albeit slightly different,is generally consistent,demonstrating that there is no differentiation in readability.(2)In the overall report of the NEEQ of technology-based SMEs,this paper finds that the better the solvency of enterprises,the better readability of their annual reports.The larger the business,the worse its annual report readability.(3)In examining the innovation layer,this paper finds that the better the solvency,the better its annual report readability.(4)In the test of the basic layer,the paper found that the better the base layer solvency,the better its annual report readability.The bigger the company,the worse its annual report readability.(5)The profitability,operational capability and ownership concentration have nothing to do with the factors affecting the readability of the annual report of the NEEQ S&T SMEs.The research analyzes the results of the empirical research and puts forward corresponding countermeasures and suggestions from the readability of the annual report,the characteristics of the new board and government regulation.