Research On Growth Evaluation Of Unprofitable Enterprises On The Sci-tech Innovation Board

With the progress of the society,science and technology enterprises are increasingly valued.From 2016 to 2021,our country has issued the relevant provisions and supporting measures on science and technology innovation enterprises,and established science and technology innovation board.In this board,the registration system weakened the assessment of enterprise profit indicators,and relaxed the listing conditions for unprofitable enterprises.However,the good and bad of unprofitable enterprises are intermingled,and it’s hard to tell the difference between a good and a bad unprofitable company.Growth is an objective index to measure the survival and development ability of listed companies,which can provide beneficial reference for stakeholders.It is vital to study the growth of unprofitable science-innovation enterprises for promoting the capital market reform and long-term development of science-innovation enterprises.The Chinese government attaches great importance to the indicator of enterprise growth,and the Measures for the Continuous Supervision of Listed Companies on the Science and Technology Venture Exchange recommends the stock exchange to establish a comprehensive evaluation system that can reflect the future growth of enterprises.The existing growth evaluation system focuses on profitability indicators,and it is difficult to comprehensively evaluate the growth of unprofitable science and technology-based enterprises.Therefore,it is necessary to construct a growth evaluation system for unprofitable enterprises on the science and technology innovation board.This paper takes the GEP evaluation method proposed by the China Enterprise Evaluation Association as a starting point,and makes structural adjustments and designs to it.The research starts from the three levels of enterprise growth foundation,enterprise growth potential and industry growth space,and initially forms the evaluation system including "profitability","development capability","solvency","innovation capability" and "innovation capability"."innovation ability","entrepreneurial quality" and "industry growth".The evaluation system is based on relevant documents,literature and brokerage research,and the 14 secondary indicators of the evaluation system are fully screened and validated to build a growth evaluation system that meets the development characteristics of unprofitable enterprises on the board.On this basis,10 unprofitable biopharmaceutical listed companies were used as samples,and the weights of each factor and the final growth score were obtained through factor analysis.By comparing the evaluation results with the actual development status of the sample companies,it is found that the growth evaluation results of this paper are consistent with the development characteristics of unprofitable companies on the science and technology innovation board and are consistent with the evaluation of brokerage research reports in terms of direction.Therefore,the evaluation system in this paper can effectively distinguish unprofitable enterprises with different growth characteristics,and the evaluation results have substantial reference significance.Based on the research results,this paper makes suggestions at three levels: government,enterprises themselves and investors to promote the development of unprofitable enterprises.The government can develop an assessment system and implement differentiated support policies for enterprises with different growth characteristics.Enterprises themselves should strengthen their core competitiveness and talent team.Investors should make a comprehensive evaluation of the development prospect of unprofitable enterprises and screen out the unprofitable enterprises with more investment value.At present,few scholars have conducted research on unprofitable enterprises.The study on the growth evaluation of unprofitable enterprises on the board is a useful exploration of something new and helps expand the research field of enterprise growth evaluation.With the establishment of the board,more and more unprofitable enterprises will be listed in the future,and subsequent studies can consider expanding the time and scope of data selection to increase the amount of data,so as to ensure more objective evaluation results.