Research On The Growth Of High-tech Enterprises From The Perspective Of Finance

On June 13,2019,the scientific board officially opened.On July 22,the first batch of Kochuang Board companies went public.The launch of China's scientific innovation board is conducive to the development of high-tech enterprises and innovative enterprises,to the improvement of China's multi-level market construction,to the expansion of financing channels for small and medium-sized enterprises,and to the steady development of a large number of small and medium-sized enterprises.The establishment and operation of science and technology board is of great significance.It is different from the traditional concept of securities market in the main board market.Science and technology board market refers to a country or region's main place for the issuance,listing and trading of securities for small and medium-sized technological and innovative enterprises.It is an important part of China's establishment of a multi-level capital market and support for innovative technological enterprises.That is,the main board provides direct financing services for traditional industries and enterprises,while the scientific board provides direct financing services for high-tech and innovative enterprises.Judging from the driving force behind economic development,the establishment and operation of scientific innovation board is helpful to transform the driving force behind China's economic development from large-scale factor input to innovation driving force,and is also helpful to the perfection and development of China's capital market.Therefore,it is of great significance for the development of high-tech enterprises and the development of China's capital market to study the listed companies of scientific innovation board.Based on the financial perspective,this paper analyzes the current market situation and influencing factors of high-tech enterprises in China,and takes 25 companies listed in the first batch of science and technology innovation board as the research object,analyzes the important factors affecting their growth,and constructs a system to evaluate the growth of enterprises.Using factor analysis,this paper analyzes the quarterly report data of sample enterprises on September 30,2019 from four aspects of risk and development,R & D,profitability and operating capacity,and measures their growth.Then we measure the growth score of the sample companies,rank the first 25 listed companies according to the growth,and then use Tobin Q value to verify the reliability of the model.Through the research,it is found that: the overall growth of high-tech enterprises in China is good;the industry distribution of high-tech enterprises is uneven;the development of various capabilities of enterprises is uneven;scientific and technological innovation is very important for the development of high-tech enterprises.