Research On Influencing Factors Of Financing Ability Of Listed Companies On Science And Innovation Board

Scientific and technological innovation is not only the core strategy of my country’s "13th Five-Year Plan",but also the key task of my country’s "14th Five-Year Plan".Technological innovation capability reflects the comprehensive strength of a country and is a key factor in national development.Technological innovation-oriented enterprises are also making more and more prominent contributions to my country’s economic growth and technological innovation.The birth of the Science and Technology Innovation Board is a symbol of the optimization of my country’s capital market.It provides a listing and financing channel independent of the main board for my country’s technological innovation enterprises,helps my country’s technological innovation enterprises to develop better and faster,and implements the development of my country’s science and technology powerhouse.strategy.As a listed company on the Science and Technology Innovation Board,in order to ensure sustainable development in the fiercely competitive market,it is necessary to consider all aspects of influencing factors,and do a good job of coordination in various aspects to ensure that the company grows steadily.At present,many companies listed on the STAR Market are still in the starting and growing stages.Their development is inseparable from funds,and financing capability is the key.Further improving the financing capabilities of companies listed on the STAR Market is an inevitable requirement for their high-quality development.The financing ability of the GEM listing is particularly important and of great significance.First,this paper sorts out and analyzes the theoretical research on the factors affecting the financing ability of listed companies on the Science and Technology Innovation Board at home and abroad,and combines MM theory,information asymmetry theory and other related theoretical contents to form the theoretical mechanism of this paper.Secondly,by analyzing the characteristics,financing characteristics and financing status of the listed companies on the Science and Technology Innovation Board as the analysis basis for the follow-up research,thirdly,the level of interest rate marketization and the impact factors of income tax incentives and value-added tax incentives are proposed at the macro level,and the value of asset security is proposed at the micro level.,operating capacity,growth capacity,profitability,innovation capacity,and solvency factors,and analyze their impact on the financing capacity of companies listed on the Science and Technology Innovation Board,as the basis for empirical assumptions.Then,the listed companies on the Science and Technology Innovation Board are selected as the research objects,and the financial data from 2018 to 2020 are used as the research samples to construct a fixed-effect model for regression analysis on the theoretical assumptions made on the macro-influencing factors and micro-influencing factors,and verify the proposed research hypothesis.Heterogeneity tests are carried out at the regional,industry and scale levels.The empirical results show that among these factors,except profitability and interest rate liberalization,which have no significant impact on the financing of companies listed on the STAR Market,other factors have significant correlations with the financing capabilities of companies listed on the STAR Market.Finally,based on the results of the empirical analysis,this paper puts forward targeted policy recommendations to improve the financing capabilities of companies listed on the STAR Market from both the enterprise itself and the external government,in order to further improve my country’s financial system and provide financing capabilities for companies listed on the STAR Market.Provide suggestions for further improvement.