Research On The Effect Of Science Andtechnology Innovation Board Listingfinancing For Small And Medium-sizedenterprises

Under the background of reform and opening up,the domestic economy has developed rapidly,the small and medium-sized enterprise lineup expands rapidly,these enterprises play an important role in the process of optimizing the market economic mechanism in our country.Many high-tech innovative small and medium-sized enterprises in China are still in the early stage of development,such enterprises have a large investment in research and development,and need more funds.In addition,the domestic financial system is not developed for a long time,it is not sound,information asymmetry,small and medium-sized enterprises financing channels are too narrow,and the shortage of financing funds directly affects the development of enterprises.The creation of the science and technology innovation board is a symbol of the optimization of China's capital market.It provides a listing and financing channel independent of the main board for small and medium-sized enterprises in China,promotes the renewal and development of China's science and technology innovative enterprises,and implements the development strategy of China's science and technology power.This article,on the basis of related literature,summarized the science and technology innovation market,the current financing situation of listed company analysis of listed companies choose the science and technology innovation board positive incentives and negative incentives,the use of data comparison summary the science and technology innovation board plate and other plates in the financing effect,financing costs,such as differences,superconductor in the west as the research object,using the research methods such as literature research,event study method,Analyzing the financing scale of enterprises from the primary and secondary stock markets,analyzing the change of financing structure from the long-term and short-term borrowing and capital structure,analyzing the financing cost with capital asset pricing model,analyzing the financing risk of enterprises from the perspectives of financial risk and moral risk,and showing the financing effect after the listing of the science and technology innovation board.Study found that the science and technology innovation board plate broaden the financing channels of small and medium-sized enterprises,optimize the environment of the domestic market financing,market stability enhancement,and combined with the above research from the enterprise itself,supervision system,and explore a new mode of financing for small and medium-sized enterprises the science and technology innovation board listed provide advice,for listed and to be listed on the small and medium-sized enterprises as well as our country capital market regulators put forward reasonable suggestions.