Research On The Motivation And Performance Of IPO Of High-tech Enterprises On The Sci-Tech Innovation Board

In 2015,the"Made in China 2025"proposed to implement the strategy of manufacturing power driven by innovation.In 2021,the national"14^th Five-Year Plan"once again deepened this concept,and the number of high-tech enterprises in China is growing.A powerful country can’t grow without scientific and technological innovation,and high-tech enterprises can’t develop without the support of long-term capital.However,the growth of high-tech enterprises can not get around the financing problem.The innovative R&D activities with large investment,slow income and high risk increase the operational risk,and it is difficult to rely on internal financing,while the scale of debt financing is small and bears the repayment pressure,which increases the burden of enterprises.More and more enterprises are seeking to be listed because of the direct financing advantage of capital market.However,in China’s current stock market,the characteristics of the IPO system,such as profit index and substantive audit,may limit the profitability or IPO compliance of many high-tech enterprises that are not mature enough,and then the problem of"listing difficulty"appears.In order to alleviate the problem of"financing difficulty and listing difficulty"of high-tech enterprises,and make up for the short board of capital market service for scientific and technological innovation,the Sci-Tech Innovation Board（SSE STAR Market）was established as an incremental market reform in 2019.The highlights of the board include diversified listing indicators,lowering the listing threshold,implementing registration system and returning the option to the market,etc.After the open acceptance of IPO applications,nearly 20%of the top 100 enterprises applied for IPO for the second time.With the popularity of the Sci-Tech Innovation Board,how effective its implementation is and whether it will be used by enterprises to implement regulatory arbitrage has become a hot spot in the market.It is against this background that Tian Yi Shang Jia,as a high-tech enterprise,has become one of the first enterprises to land on the the Sci-Tech Innovation Board.Before that,Tian Yi Shang Jia had implemented a backdoor listing of 4.32 billion yuan in 2017 but was rejected,and now the IPO market value reached 9.141 billion yuan.Therefore,this paper analyzes the motivation and performance of IPO based on the enterprise’s own situation and the characteristics of the Sci-Tech Innovation Board system,so as to enrich the research on the IPO enterprises of Sci-Tech Innovation Board.The results show that Tian Yi Shang Jia is of good quality.The reasons for its IPO are to broaden the financing channels,to be more easily recognized by the regulatory authorities,to pursue greater enterprise value and the demand for venture capital exit.It is further found that after the IPO,the enterprises encounter the impact of epidemic situation,and the performance declines,exposing the risk of single product operation,while the Sci-Tech Innovation Board platform provides support for the subsequent growth of enterprises.On the whole,the implementation of Sci-Tech Innovation Board is more beneficial to policies than to facilitate enterprise regulatory arbitrage.Finally,some suggestions are given to the listed companies and regulatory authorities.