Research On The Impact Of Listing On The Science And Technology Innovation Board On Huaxing Yuanchuang's Technological Innovatio

Under the new economic normal,China’s economic growth and development model has shifted from a rugged factor-driven model to an innovation-driven model.Since the innovation-driven strategy was proposed at the 18 th Party Congress,China has made rapid progress in technological innovation and has achieved many successes.However,while China’s technological innovations have been fruitful,challenges remain,such as low investment efficiency in basic research,weak independent innovation capacity,and high external dependence on high technology.In particular,against the backdrop of the volatile external situation and the intensifying trade between China and the US,how to enhance the technological innovation capacity of China’s science and innovation enterprises has become an important issue that needs to be addressed in order to build a domestic and international "double-cycle" economy.Enterprises are the main force behind technological innovation,and science and innovation enterprises are the most active force in technological innovation.However,at present,most of the science and innovation enterprises in China are small and medium-sized enterprises in the early stage of growth.With the rising labour costs and increasingly fierce competition in the market in recent years,science and innovation enterprises need more and more capital to develop.In addition,technological innovation is characterised by high investment,long lead times and high risks,and science and technology start-ups do not have as much free capital as large enterprises,and it is difficult to obtain external financial support through traditional credit and equity financing channels because their profitability and growth capabilities are still being nurtured.Many of these companies,which regard technological innovation as the foundation of their survival,have unfortunately fallen into the darkness before the dawn due to the lack of resources to support technological innovation.The establishment of the Science and Innovation Board is a milestone in China’s capital market reform.Unlike the Main Board and the Growth Enterprise Market(GEM),the board is a tailor-made financing board for science and innovation enterprises.The board no longer considers profitability as an indicator that must be met before listing,but puts the "science and innovation attributes" of enterprises at the core,providing five sets of flexible listing criteria for enterprises to be listed.Based on this,this thesis selects HYC,the first company listed on the STB,as the object of analysis,and uses case study and rooting research methods to explore the impact of STB listing on technological innovation in science and innovation enterprises.The study focuses on:(1)the dynamic process of the impact of the listing on the board on HYC’s technological innovation based on the root-cause analysis;(2)the path of the impact of the listing on HYC’s technological innovation combined with the findings of the root-cause analysis,and the effect of the listing on HYC’s technological innovation in the context of its actual business situation.The application value of this thesis: Firstly,based on the micro case perspective,the dynamic evolution process of the impact of the STB listing on HYC’s technological innovation is sorted out through the root analysis method,and on this basis,the mechanism path of the impact of the STB listing on the technological innovation of the enterprises is briefly discussed.This thesis provides a theoretical reference for the enhancement of technological innovation capability of science and innovation enterprises.Secondly,this thesis enriches the research on the factors and mechanisms influencing technological innovation.This thesis provides an in-depth analysis of the pathways and mechanisms through which the listing on the STB affects technological innovation,which not only helps to understand the factors and pathways required to improve technological innovation,but also has certain practical implications and insights for improving technological innovation,promoting enterprise development and implementing innovation strategies.