| The establishment of the Science and Technology Innovation Board and the pilot registration system are the driving force and breakthrough point of my country’s capital market system reform.The original purpose of the establishment of the Science and Technology Innovation Board is to implement the strategy of strengthening the country through innovation and technology,and to help the development of technology-based and service-oriented small and medium-sized companies.The Science and Technology Innovation Board allows companies that have not yet made a profit to go public,and the listing conditions are relatively loose.Many high-tech companies are listed on the Science and Technology Innovation Board,and many problems have gradually emerged.Among the companies applying for listing,some issuers knowing that there is a problem with information disclosure and taking a chance to apply for listing are a "probing" of the system.As of December 31,2021,a total of 720 companies have applied for listing on the Science and Technology Innovation Board,of which383 are listed companies,191 are pending review,and 146 failed IPOs due to various reasons,accounting for 20.28% of the companies applying.In this context,analyzing the reasons for the failure of companies to be listed on the STAR Market is of great significance to the healthy operation of the STAR Market.Based on the core competitiveness theory,information asymmetry theory and resource-based theory,this paper takes 146 failed IPO companies on the Science and Technology Innovation Board as case samples to study the reasons for their IPO failures.The study found that among the 146 companies,133 companies voluntarily withdrew their IPO application materials,accounting for 91% of the total number of failed IPO companies;the new generation of information technology companies had the highest IPO failure probability,accounting for more than 44% of the total.Constructing a cloud map of keywords found that keywords such as R&D,suppliers,patents,core technologies,gross profit margin,accounts receivable,intellectual property rights,internal control,and accounting treatment of IPO failed companies received high attention.Further research on the core competitiveness and normative accounting of the case companies found that,at the core technology level,the reasons for the failure of the IPO included insufficient disclosure of information on the core technology in the prospectus,unclear ownership of intellectual property rights,andthe fact that the company failed.The low correlation between the patents and core technologies,thelow correlation between core technologies and economic benefits,the low shareholding ratio of the actual controller,insufficient stability,and insufficient disclosure of the specific content of the option incentive plan and relevant exercise arrangements,the fair value of equity instruments and the unreasonable recognition method,etc.In terms of normative accounting,the reasons for the failure of the IPO include problems with the standardization of revenue accounting and the standardization of R&D expense accounting,and there are problems such as unrelated transactions and unfair pricing of related transactions.This paper suggests that companies to be listed on the Science and Technology Innovation Board should improve the quality of information disclosure in prospectuses,strengthen intellectual property management,and improve the quality of intellectual property rights;strengthen founders’ control over the company,standardize equity incentives for core employees;reduce exposure to major customers and suppliers.Dependence,standardize the accounting of revenue and R&D expenses,and improve corporate governance.The research in this paper enriches the research literature on the IPO field,and has a certain reference value for the re-listing of companies that plan to be listed on the Science and Technology Innovation Board and companies that have failed IPOs. |
