Research On The Factors Influencing The Choice Of Listed SMEs In Science And Technology Innovation

Since 2013,China's economic growth continued to decline,the past 30 years of rapid growth and accumulation of risks and problems gradually emerged,the Government in response to economic development "new normal" put forward the economic development from the factor-driven,investment-driven to innovation-driven.Science and technology enterprises in the national innovation system is the most dynamic part of the national economic development is also an important driving force.However,because the science and technology enterprises not only have the ordinary small and medium-sized enterprises with weak anti-risk ability,financial opacity,management is not standardized,the value of uncertainty and other characteristics,while its own huge market and technical risks,leading to its development in a variety of problems Troubled,of which the financing problem is to restrict its further development of the main issues,and the issue of listed technology is the best choice for long-term development of science and technology enterprises.Enterprises listed,not only to raise their own development of the required funds,but also to the community idle funds to provide a good investment opportunities.And choose the right way for their own development is the prerequisite for the successful listing of enterprises,the election on the way not only to increase the listing of the possibility of success and to minimize unnecessary listing costs.At present,there are few systematic research on the choice of listed companies in China,and there are few related literatures based on empirical methods.Although some existing researches involve the influence of enterprise financial factors on the choice of listing mode,there are some problems in the selection of indicators,Representative and other issues.Therefore,it is of great practical significance to study the main factors influencing the listing of small and medium-sized enterprises in science and technology innovation.For a long time,the financing channels are single,it is difficult to raise enough development funds has been hindering the healthy growth of small and medium enterprises in China an important issue,bank loans has been the preferred target of corporate finance,but because of its limited development scale,Problem,science and technology innovation is difficult for small and medium enterprises from banks and other financial institutions to obtain sufficient development fuds.To this end,this paper mainly analyzes the domestic and foreign scientific and technological innovation for small and medium-sized enterprises listed on the financing of capital markets and listing,trying to start in the period and the growth of small and medium-sized enterprises to find suitable for their actual situation of listed financing strategy.After the study found that the poor profitability,weak governance capacity of enterprises through the shell approach easier to achieve the purpose of listing;shell resource scarcity led to the initial public offering has been listed on the public market is the main way;profitability,development capacity,Capital adequacy,operational capacity and cash flow adequacy are the inherent factors influencing the way companies are listed,with strong profitability,large potential for development and sufficient liquidity.Companies are more likely to choose direct IPO,with more cash flow and operational capacity The higher the firm's choice of direct listing,the smaller the probability.