Research On The Financing Of Unicorn Enterprises

Unicorn company has the basic characteristics of innovation,growth,start-up and high valuation.It is the representative of new economy with company as the organizational form.At present,the capital markets of various countries and regions take the "unicorn" company as the key target,and throw out "olive branch" to relevant enterprises through favorable policies or reform measures.Therefore,this paper takes the financing problem of exclusive IPO as the research object,and extracts the experience that can be provided for other Unicorn enterprises through the successful cases of SMIC's listing on the science and technology innovation board,the stock exchange and the New York Stock Exchange.As of December 31,2020,there are about 250 Unicorn enterprises in the world,of which China and the United States account for more than 70%.Financial technology,ecommerce,network software and services,and artificial intelligence account for more than30% of the global Unicorn enterprises.By the end of 2020,a total of 65 Unicorn enterprises in China have been listed on Nasdaq,stock exchange,Shanghai Stock Exchange and Shenzhen Stock Exchange.The listed sectors also include gem,main board and depository receipts.In addition to listing,this group is also facing a series of financing difficulties,which are mainly due to the short establishment time,lack of stability and insufficient collateral.Generally speaking,unicorn enterprises,as the representatives of new economy enterprises,have great development potential.However,because they are "new generation" enterprises,it will take some time to win the recognition of capital market.As the leader of China's semiconductor industry,SMIC has a strong leading role in the industry status and development experience for unicorn enterprises,especially its successful experience in listing in three places,which provides a reference template for unicorn enterprises.In more than 20 years of hard development,SMIC mediates with various forces,makes timely listing decisions,and finally delivers excellent answers to the market.The choice of listing time and location can provide great reference value for unicorn enterprises.Summing up the experience of SMIC international,the author finally comes to the countermeasures and suggestions of optimizing Unicorn enterprises' listing and financing.On the one hand,enterprises should strengthen their core competitiveness;Improve corporate governance and enhance profitability;Making the decision of listing prudently and preventing the risk of listing financing;Combining with their own reality,we should reasonably choose the listing place and time,and employ professional listing guidance institutions;On the other hand,we should establish a multi-level capital market and a diversified financing system;Improve the degree of Unicorn enterprise credit,establish the corresponding credit evaluation system;We should strengthen the internationalization reform of the capital market,attract more Unicorn enterprises to list in China,strengthen the information disclosure system,and improve the delisting process,so as to provide the possibility for more Unicorn enterprises to list and finance.