Research On Supervision System Of Science And Technology Creative Board Enterprises Majoring In Unicorn Enterprises

The concept of Unicorn enterprises,which refers to technological innovation enterprises,has been sought after by the capital market since it was put forward in2013,and they are changing our lives all the time,affecting the trend of the future frontier science and technology.But under its bright appearance,the financing problem that hinders its development has been difficult to solve.This not only comes from the unicorn enterprise itself,but also comes from the restraint of the old system.China has the second largest number of unicorns.Because of the listing system,few domestic unicorns are listed on the domestic A-share market.Since 2018,the reform of the listing system for unicorn enterprises has been advancing rapidly.On January 30,2019,CSRC launched the science and technology GEM and will pilot the registration system reform,which provides a new platform for listing and financing for unicorn enterprises listed overseas and unicorn enterprises not yet listed.Among them,the most important reform is to cancel the rigid requirement of profit in the condition of listing,to allow companies with different rights to go public and to support the return of red chips,which will greatly promote the listing and return of Unicorn enterprises in the future.However,after a large number of Unicorns enterprises logged in and returned to the scientific creation board,new problems emerged.Because of its own characteristics and different listing system,the supervision system of Unicorn enterprises is different from other traditional listed companies.At the same time,the inherent problems of A-share market,such as fraudulent listing,may still occur on the GEM.How to improve the regulatory system to promote the healthy development of science and technology enterprises based on unicorns will be the focus of this paper.The paper is mainly divided into three parts: The first part mainly introduces the financing difficulties faced by Unicorn enterprises,analyses their growth laws and development characteristics,combines these laws and characteristics,and synthesizes some cases of GEM and SME to analyze the possible problems after listing.The second part mainly deals with the study of the regulatory system,including the theory of the regulatory system and the main problems of the regulatory system in China,and introduces some successful experiences of the western developed countries represented by the United States in the regulatory system.The third part mainlyexplores some suggestions to improve the supervision system of science creation board in China,mainly from three aspects: improving the old supervision system,aiming at the characteristics of science creation board enterprises represented by unicorns and improving the relief mechanism after the event.