Risk Research On The Registration And Listing Of Enterprises On The Science And Technology Innovation Board

At present,China is experiencing an important historical period of economic new normal,where scientific and technological innovation is gradually replacing capital and the input of other production factors and becoming major driver of economic growth.In order to solve the financing difficulties of sci-tech enterprises,sci-tech innovation board market came into being.Registration system being the goal of the market-oriented reform of the financial system,the task of pilot registration system falls on the pioneer,sci-tech innovation board.Due to the limitation of relevant experience and the complexity of new things,the development of sci-tech innovation board market is facing unprecedented challenges.The innovative design in listing application review,information disclosure,transaction and delisting makes sci-tech enterprises choose to register for listing and enjoying financing convenience,while the company’s governance must face new risks.How to prevent and respond the risks has become an important issue before the development of sci-tech innovation board enterprises.As one of the first batch of companies listed on sci-tech innovation board,A Company boasts typical characteristics of sci-tech innovation enterprises such as new technical areas,small company scale and high investment risk.Therefore,this thesis takes company A as an example,from a broad perspective of financial risk,identifies the risks it faces in the three types of economic activities of operation,investment,and financing,and uses risk matrix tools to analyze and evaluate the above risks.As a result,corresponding risk countermeasures were proposed.Based on the case study,the general significance of risk research in this paper is discussed through the form of enlightenment.This thesis is composed of the following six parts.The first part is introduction,which introduces the research background and significance,summarizes domestic and foreign research findings,elaborates on the research contents,methods,innovation points and formulates a research framework diagram.In the second part,basic concepts and theoretical foundations related to this research are introduced,including concepts and features of sci-tech innovation board and registration system,basic theories applied and the implementation mechanism of sci-tech innovation board market.The third part is the basis of the case study.This part introduces the basic situation of A Company,determines the evaluation criteria of the risk matrix tool,and identifies the specific risk types of A Company.The fourth part comprehensively analyzes the risks of the company.Analyze,evaluate,and visualize the importance level of the risk.The fifth part is based on the above risk assessment results,for the importance level of medium risk,major risk,developed a special risk response strategy,and from a broader perspective explores the implications of risk research.The sixth part is the conclusion and expectation of the whole thesis,which also indicates the limitation of this research.Since the sci-tech innovation board market has only operated for 7 months,there is little practical experience for reference.Besides,research on the risks of sci-tech innovation board mainly focuses on theoretical perspective and few pays attention to listed companies on sci-tech innovation board.Therefore,the innovation of this thesis lies in that A Company is taken as an example for research,which makes up for the lack of case studies in the field of market risks of sci-tech innovation board and enriches the research findings.In the meantime,this research also provides case support for the design and improvement of registration system,which makes certain contributions to the concept transformation and system transformation of China’s capital market from the approval system to the registration system.