Core Technology Directors' Control Rights And Strategic Emerging Companies' IPO Performance

Facing the development trend of economic globalization and facing many problems and challenges in the process of development,in order to cope with the twists and turns in the process of globalization,the Chinese government emphasizes that the key core technologies are the key instruments of the country.Strategic emerging industries are based on knowledge-intensive technology and growth potential,so enterprises in strategic emerging industries have higher research value.The owner of core knowledge is crucial to the strategic emerging industry enterprises and plays a leading role in the development of enterprises,so it is of great value for the research on the structure of control rights under their participation.Most of the existing literatures focus on the relationship between the executive incentive,management team experience,research and development investment and financial performance of high-tech enterprises,and pay less attention to the control right owned by the core technology owners.As the actual controller of strategic emerging enterprises,especially the strategic emerging enterprises in the growth stage,whether there is core technology has a very important impact on the performance and growth of enterprises.In this paper,a total of 200 listed companies in the entrepreneurial strategic emerging index and the small and medium-sized strategic emerging index are selected as the representatives of the growing strategic emerging enterprises,and the influence of the power concentration of the core technology directors on the IPO performance of the growing strategic emerging enterprises is studied.The empirical results show that the stronger the control power of directors with core technologies is,the better the IPO Performance of strategic emerging companies will ceIn this paper,the first theoretical analysis,fo the enterprise life cycle,founder authority,corporate governance theory as the ba(?)for analysis;On this basis,empirical analysis is made with the data of strategic emerging companies to analyze how the structure of control rights will affect the IPO financial performance of the company,and then more specific conclusions are drawn:1.When the directors with core technologies have strong or weak corporate control rights,the IPO performance of the company is better than that of other companies.2.Strategic emerging companies will have better IPO performance when directors with core technologies have strong corporate control.3.The IPO performance of a company is not better than that of other companies when the directors with core technologies have the second strongest corporate control.Strategic emerging industrial enterprises are usually characterized by high knowledge and technology intensity.Only by constantly improving their own strength can strategic emerging enterprises seize opportunities in the competitive market environment.Technology-oriented talents are not only the mainstay of the growth and development of high-tech enterprises,but also the foundation of product research and development and innovation.Therefore,in the IPO development stage of strategic emerging enterprises,the technical ability and innovation consciousness of core technology directors will certainly play a significant role in the whole process of enterprise development as great wealth.The core technology directors' mastery of core technology is conducive to improving the IPO financial performance of strategic emerging enterprises and further promoting the healthy and stable development of enterprises.This paper provides a reference for analyzing the effectiveness of the control structure of strategic emerging enterprises from the perspective of human capital.