Research On Legal Issues Of Listing Rules For Innovative Enterprises Financing

The development of innovative enterprises is inseparable from the support of funds.In addition to debt financing,private equity financing and other private financing channels,going listing is an important channel for enterprises to obtain financial support and sustainable development.However,innovative enterprises can barely meet the requirements of listing rules in Chinese securities market,and some enterprises have been seeking listing in overseas capital markets.Under the trend of slowing economic development,the growth of innovative enterprises plays an important role in driving the development of the new economy.How can we keep such enterprises in the domestic capital market,what are the legal problems in the issuance of the listing legal system and how to improve the system are main topics this paper focusing on.To find and analysis the key issues that hinder the listing financing of innovative enterprises,based on the experience of overseas reforms and actual situation in China,this paper proposes to optimize the listing indicators,gradually permit dual-class shares system and enhance information disclosure level.The listing requirements are not only the standards for securities market to select high-quality listed companies,but also a safety barrier to ensure the stable development of the securities market and to protect the interests of investors.At present,the main board,small and medium-sized board,and Chi Next market have only one set of listing standards including listed financial indicators,which are related to the company's profit requirements,equity,cash flow,net assets,and accumulated deficit.Due to the high setting of financial indicators and lack of flexibility,it is more suitable for enterprises with a large scale and steadily stable operation.This paper recommended that the listing standards gradually change to diversification in order to meet the financing needs of innovative companies.In order to facilitate technology-based innovative companies listing,the Science and Technology Innovation Board has set up five sets of listed financial indicators to meet the financing needs of technological innovation companies with different production and operation characteristics.The one-share-one-vote principle is considered to be one of the important norms of our company law,but the dual-class share structure in a particular type of enterprise is believed to help the founder maintain control over the enterprise.After the launch of the science and technology innovation board,issuers can design shares with different voting rights before the initial public offering and listing,which breaks the shackles of traditional principles.In order to maintain the stability of enterprises,this paper suggests that it can take the lead in the internet,information technology and similar industries as a pilot to implement this policy,on the basis of this,gradually expand the industries scope of the dual-class shares system into the main board,the small and medium-sized board market and the Chi Next market.Information disclosure has always been the factor of concern of securities regulators and service organizations.How to effectively adjust information disclosure requirements for innovative enterprises is a practical problem.On the one hand,due to the existence of special corporate governance structure in some innovative enterprises,there may be some risks affecting business decision-making;On the other hand,innovative enterprises will timely adjust the development strategies catching up with the innovation trends,which may incur risks of significant negative changes in corporate performance.This paper suggests that the detailed information disclosure rules for unprofitable enterprises and companies with different voting rights shares should be refined,and voluntary information disclosure should be encouraged.This paper consists of the following four parts.The first part mainly introduces the status that a large number of innovative enterprises listed overseas under the background of domestic financing difficulties.Innovative enterprises are characterized by high risks,rich returns and large investments,faced with difficulties in bank financing,private equity financing and domestic listing financing,a group of them had chosen to list overseas.The second part analyzes obstructive factors in domestic listing financing legal system for innovative enterprises.In 2018,the Science and Technology Innovation Board and Chinese Depositary Receipt system have been launched,the breakthrough and defects of them are also expounded in this part.The third part mainly introduces the listing rules of NASDAQ Stock Exchange and main board of Hong Kong Exchange.Nowadays,the competition for the new economy is becoming fiercer and fiercer,we could draw lessons from the mature reform experience abroad to perfect our own capital market construction.The fourth part discusses the measures to improve the legal system,for example,diversifying the listing financial standards,prudently implementing the dual-class share system and optimizing information disclosure system,with hope to provide some ideas for solving the financing problems of innovative enterprises.