Research On The Influence Of New Third Board System On Enterprise Innovation

As the majority of market participants,small and medium-sized enterprises play an extremely important role in the development of China’s economy.Financial support is needed in the process of development,so enterprises will obtain the required funds through various channels.Small and medium-sized enterprises are limited by their own enterprise scale and profitability,and cannot obtain a large amount of funds through listing on the main board market.In order to get rid of the problem of capital shortage of small and medium-sized enterprises,form a multi-level capital market system and meet the capital needs of various economies,the state has built a variety of market plates for this purpose.At the same time,combined with the current market environment,it has built a highly characteristic new third board market,which has brought development opportunities for small and medium-sized enterprises.Therefore,most small and medium-sized enterprises choose to be listed on the new third board market to obtain the funds needed for growth and development.Furthermore,it is of certain significance to study the impact of the new third board market on enterprise innovation.At the same time,it also triggered the following thoughts:(1)after the implementation of the layered system policy,will enterprises bring more innovation R& D investment after entering the innovation layer?(2)The current problem has been confirmed,that is,it has indeed brought more innovation R & D investment to enterprises classified into the innovation level.Then,as the enterprise enters the innovation layer,what ways or mechanisms will be adopted to promote the enterprise’s innovation R & D investment?Firstly,this paper combs the current academic research on the new third board system,stock liquidity,venture capital and enterprise innovation,and grasps the current research status.Secondly,learn relevant theoretical knowledge,understand relevant policy background and content,and lay a theoretical foundation for the next research.Finally,relevant hypotheses are put forward and verified to draw a conclusion.Specifically,the research on the impact of the new third board system on enterprise innovation first adopts the method of comparative research to compare the R & D investment intensity of enterprises before and after entering the new third board and the difference between the R & D investment intensity of enterprises at the basic level and innovation level,and then draw the corresponding conclusions.In order to ensure the reliability of the conclusion,the PSM method is used to solve the possible self selection problem of the sample,and then the double difference model is used to further illustrate whether the hierarchical system can have an impact on enterprise innovation.After passing the stability test,we will deeply explore the channels of hierarchical system affecting enterprise innovation.According to the relevant research and theories of scholars,this paper further discusses the impact of stratification system on enterprise innovation from the perspective of stock liquidity and venture capital.The results show that the hierarchical system plays a positive role in enterprise innovation.At present,enterprises at the innovation level have greater R& D investment than those before entering the innovation level.At the same time,compared with the enterprises at the basic level,the enterprises entering the innovation level have more R & D investment.Then further research is carried out and it is found that the stratification system can improve the stock liquidity of innovative enterprises.With the improvement of stock liquidity,the R & D investment of enterprises will be strengthened.From another perspective,it is found that the joint cooperation between venture capital and enterprises can improve the probability of entering the innovation layer.At the same time,with the support of venture capital,the R & D investment of enterprises also increases.