Financial Due Diligence Research On IPO Of Science And Technology Innovation Board Based On Sponsor's Perspective

In order to become a powerful country in science and technology in the world,implement the innovation and development strategy in an all-round way,and promote the capital market to become the engine of China's economy,China has set up a "strategic emerging board"-Science and technology innovation board in Shanghai Stock Exchange.The launch of science and technology innovation board is an important measure for China to realize the strategy of strengthening the country through science and technology,and also the most important hand for China to reform the capital market.Science and technology innovation board is not only a "capital market test field" built by China to match the development of high-tech industry and new economy,but also an important part of promoting the financial industry to serve the real economy,accelerating the supply side structural reform of the financial industry,and improving the financial market system.For A-share,the establishment of science and technology innovation board and the implementation of registration system will promote A-share to play a key role in the optimal allocation of resources,and at the same time inject more healthy "living water" into A-share.New valuation system,new follow-up investment system,new market pricing system,new information disclosure characteristics,these innovation systems of science and technology innovation board have brought huge challenges to sponsors.In this case,cross industry research has become a new trend,and the role of research institutes has become more and more prominent.Sponsors pay more and more attention to the synergy with research institutes.This paper uses case analysis method to introduce the research background and significance of scientific and technological innovation board,and summarizes and sorts out the related research results and laws and regulations of scientific and technological innovation board,and sums up the income authenticity,R & D investment,equity incentive,valuation and pricing The key points are the accumulated loss not covered,the orientation of scientific and technological innovation,and the ability of growth and sustainable operation.Next,the basic situation of AK company's IPO financial due diligence case is introduced and analyzed one by one through the seven key points of the IPO financial due diligence of AK company.Finally,the conclusion and Enlightenment of the case study are obtained.Through the research and analysis of this paper,it is concluded that the revenue recognition policy is the key factor affecting the authenticity of the income of theSci-tech Innovation Board enterprises.According to the characteristics of different revenue recognition policies,the time points of revenue recognition are not the same,the revenue is recognized in advance,and the revenue is overestimated,which greatly affects the authenticity of revenue.In terms of valuation and pricing of science and technology innovation board enterprises,due to their generally new technology and good prospects for development,but their performance fluctuates greatly and risks are high,which increases the difficulty of valuation and pricing of science and technology innovation board enterprises The objective analysis of industry and position is helpful to the reasonable valuation and pricing of science and technology innovation board enterprises.In terms of the positioning of science and technology innovation,whether the science and technology innovation enterprises can successfully IPO,the positioning of science and technology innovation is the top priority,and science and technology innovation is reflected in the amount of research and development investment or the proportion of research and development investment in business income,the number of invention patents of science and technology innovation enterprises,and the business of science and technology innovation enterprises What is the compound growth rate of business income or business income.Finally,in the case study,it is concluded that for a successful IPO of science and technology innovation board,the sponsors need to give full play to the synergistic effect of the same Research Institute,continuously understand the science and technology innovation industry,and pay attention to the characteristics of information disclosure of science and technology innovation board.Only in this way can the sponsors have an accurate analysis of the target enterprise to reduce the risk brought by investment Insurance can help the target enterprises to land on the scientific and technological innovation board smoothly.