A Comparative Study Between The Chinese Science And Technology Innovation Board Market And The American Nasdaq Market Is Based On The Perspective Of Registration System Reform

At present,China’s economy has stepped from high-speed growth to medium high-speed growth stage,the market structure is constantly optimized and upgraded,and the transition from the former made in China to China’s creation is gradual.The state attaches more importance to the innovative science and technology industry,and the development of science and technology innovative enterprises needs the support of financial capital market.In 2018,China’s science and technology innovation board came into being,and the registration system reform was tried out on the science and technology innovation board.This move changed the institutional model of China’s capital market,which is conducive to the overall development of China’s capital market.Since the implementation of registration system reform in the science and technology innovation board,some achievements have been made,and some problems have also appeared in the reform,including:the punishment of the Shanghai stock exchange for the disclosure of individual illegal information is not enough;some issuers and the agents of the recommendation agencies do not perform their responsibilities in place;the market activity is not high,and there is a lack of leading enterprises.If these problems are not solved,it will bring a great negative impact to the science and technology innovation board.It is particularly important to solve these problems and make the registration system of science and technology innovation board run well.This paper studies these existing problems.As one of the capital markets with mature registration system,the successful experience of NASDAQ market in the United States is worth learning from.Therefore,this paper adopts the method of comparative analysis to compare and analyze Nasdaq market registration system and scientific innovation board system,and creatively borrow the experience of NASDAQ registration system to solve the existing problems of scientific innovation board.Through the comparison between the registration system and the external environment of the two markets,it is found that no matter from the system itself or the market environment,there is a certain gap between the technology innovation board and the Nasdaq market.By comparing the registration system of NASDAQ with that of scientific and technological innovation board,the following conclusions are drawn:the success of NASDAQ benefits from its strict and complete legal system to ensure the orderly audit and supervision of the market;the stratification of the market is conducive to meeting the financing needs of listed companies of different scales;the leading enterprises in the market drive and keep the market active.At the end of the paper,from the two aspects of the registration system itself and its market environment,the author puts forward some suggestions on the solution of the current problems and the improvement of the market:to improve the legal punishment;to appropriately cut down the content of examination and inquiry;to improve the quality of the securities intermediaries;to guide high-quality enterprises into the scientific and technological innovation board.Through the research of this paper,we hope that it will be helpful to the reform of the registration system of science and technology innovation board in China,and can provide useful reference for the reform and development of China’s capital market.