The Research Of NEEQ's Industrial-Upgrading Characterastics And Implementing Registration System

Industrial upgrading is essential for China's economic development and the multi-level capital market is an important support to industrial upgrading.After the market expansion in 2013,the NEEQ became an important segment of China's multi-level capital system,and it's also a significant financing channel for SMEs of emerging industries.Given the above situation,this paper aimed to analyze the industrial-upgrading characteristics of NEEQ,and give some policy advice for its development.After analyzing NEEQ's current situation,it concluded that the NEEQ is developing well but also faced with the lack of liquidity.Based on it,the paper did analysis from both industrial side and financial side about NEEQ's industrial-upgrading characteristics.In the analysis from industrial side,judging from emerging-industry companies' amount and market capitalization proportion of the total NEEQ market,it concluded that the industrial-upgrading characteristics of NEEQ is obvious,but the GEM of Ashare market is better.In analysis from financial side,the paper did empirical research and analyzed the basic characteristics of companies in emerging industries,which were proxied by the growth rate of revenue,the ratio of R&D expense over revenue,and the ratio of revenue over total asset.By using the sample data,which was the financial data of American and Chinese Listed companies and the ratio of high-tech industries' output or service sector over GDP,the paper applied Johansen method to test the relationship between the three financial indexes and countries' industrialupgrading level,which showed the good reliability of the three financial indexes as alternative variables.Based on the findings,the paper used a logistic regression model to compare the industrial-upgrading characteristic of the listed companies in NEEQ and other A-share stock boards.The conclusion is that the NEEQ's listed companies have the most significant characteristic of industrial upgrading.As for the policy suggestion part,after studied the experience of America and Japan,the paper suggested that the position of NEEQ in China's multi-level capital market should be promoted,and it's important and feasible to implement IPO registration system in NEEQ.After studying the executive experience of American registration system and demonstrating the current condition and barriers for implementing the policy,the paper gave three feasible plans for implementing registration system.