| At present, high-tech enterprises has become the main point of economic development in china, leading economic growth and promoting technology leapfrogging development. High-tech firms as Intellect-intensive and tech-intensive economic entities need to input many things to develop high-tech products. Because of the high value-added commodities, the rates of return on investment are always very high. The growths of high-tech enterprises are higher, but they also belong to high-risk groups. Because of many reasons, Investors always do not like to provide high-tech enterprises with funds or request higher rewards. So the high-tech companies always have financing problems.In 2004,SME Board had been build ,which provided the high-tech enterprises with a good financing platform. However, high-tech enterprises whether can solve problems by financing market? Could the high-tech enterprises improve their business performance after the IPO on the SME board? After the IPO, which financial index will be significantly influenced? With analyzing the above problems, the conclusion and some pertinence suggestions will be given in this article.By using standard research and empirical research method, the business performance of the high- tech firms which issued stocks on the SME board in 2004 are analyzed in this article. 31 high-tech firms who issued the stocks on SME board in 20004 are selected as the sample. Then compute the performance index. identify the 2004 years as the based year, the two year before listed as -1,-2,and the four year after listed as 1,2,3,4,then do ratio test from four aspects—earnings, operation, debt and development. And it's concluded that issue stock on the SME could effectively solve the financing difficulties of high-tech enterprises, the ability of business and asset management have downward after the IPO.By using standard research and empirical research method, the bossiness performance of the high- tech firms which issued stocks on the SME board in 2004 are analyzed in this article. And it's concluded that issue stock on the SME could effectively solve the financing difficulties of high-tech enterprises, the ability of business and asset management have downward after the IPO.Through the analysis of the research conclusion, from the government's macro policies and enterprise internal management, some suggestions are given as the following. From a macroeconomic policy, firstly, the government should perfect the market mechanism for high-tech firms to create a good market environment. Secondly, the government should actively promote high-tech enterprises listed and broaden their financing channels. From the enterprise internal management, firstly, high-tech firms should adopt optimized product structure and adjust the researching measures to improve their core competitiveness for improving the firms'profitability. Secondly, high-tech firms should reasonably use the financial leverage to improve the management efficiency. Thirdly, high-tech firms should take effective measure to improve the asset management ability. Fourthly, high-tech firms should make full use of IPO to raise funds and expand the scale.Researching business performance of high-tech firms on the SME board has two important significances. Firstly, it has theoretical significance. It enriches and perfects the related theory of performance of listed companies. Secondly, it has realistic significance. It provides quantitative evidence material for the studying of IPO performance. It is very important for the firms to choose the financing channels and for our government to formulate relevant policies... |
PDF Full Text Request