Research On The Effectiveness Evaluation Of Tiered System In The New Third Board

Since the expansion in 2013,the New Third Board market has experienced explosive growth.In order to better concentrate resources to support the development of high-quality enterprises,the New Third Board launched a tiered system in 2016: the innovation layer and the basic layer.An important question is whether the layered system can provide effective help for the development of listed companies.Therefore,based on the perspective of enterprise innovation investment,this paper studies the effectiveness of the New Third Board Tiered system.This article mainly conducts in-depth research on the impact of the Tiered System on the innovation input of the innovation-level enterprises and the impact mechanism.For the influence mechanism of the Tiered System,this paper draws on the experience of the stock market development and proposes a financing constraint mechanism and a management short-sighted mechanism.The financing constraint mechanism focuses on the stock market can provide enterprises with financing channels and reduce the capital cost of enterprises.For innovative enterprises,enter the innovation layer to ease their financing constraints and promote enterprise innovation.The short-sighted mechanism focuses on the short-term benefits of enterprise managers in the stock market,ignoring the impact of innovation on the long-term development of enterprises.This article selects R&D expenditure-related indicators to conduct research on corporate innovation investment and financing constraints.The research on short-sighted mechanisms is mainly quantified through the company's true earnings management.The article uses propensity score matching and double difference model to solve the problem of enterprise endogenous selection,respectively from the two dimensions of the difference between the enterprise before and after entering the innovation layer and the difference between the innovation layer enterprise and the basic layer enterprise.In the mechanism testing part,we separately analyze and analyze the financing constraint hypothesis and the management short-sighted hypothesis.The results show that after the stratification of innovation-level enterprises,they have higher investment in innovation than before and before the stratification.The analysis of the impact mechanism of tiered policies on companies found that there are two mechanisms at the same time: namely,companies entering the innovation layer can increase innovation investment by easing financing constraints,and grouping companies with different levels of financing constraints find that entering the innovation layer is highly Financing constraints are more obvious for companies to alleviate;however,innovative companies can also produce short-sighted behaviors,such as real earnings management.This paper verifies the role of the layered system in promoting the innovation input of enterprises,and provides a theoretical basis for enterprises to choose the right time to enter the development of innovation layer in their life cycle.The main innovation lies in the quantitative evaluation of the effectiveness of the stratification policy,starting from a new perspective of enterprise innovation investment,empirical research on the new three-board stratification system using propensity score matching and double difference model,scoring based on the enterprise innovation investment perspective The evaluation of the effectiveness of policies at various levels is cutting-edge and innovative.