Research On The Motivations And Effects Of Non-profit Enterprises Listing On The Science And Technology Innovation Boar

The reform of China’s stock issuance system has gone through three stages: administrative examination and approval system,approval system and registration system.The registration system was officially launched in 2019,first on a pilot basis on the STAR Board,and announced in February 2023 the implementation of a full registration system.This study selects the first biopharmaceutical company listed on the STAR Board using the fifth set of criteria of the registration system(no hard profit requirement)as a case study to study its listing motivation and post-listing effect.On the basis of combing the relevant literature,taking Zejing Pharmaceutical as the research object,using the literature research method,event research method and other research methods,it is found that the main motivation for the listing of Zejing Pharmaceutical on the science and technology innovation board is based on the needs of enterprises to expand production capacity,technological innovation,balance financial leverage and reduce risks,and follow-up project investment.Through the analysis of market response,it is found that the market performance of Zejing Pharmaceutical’s new drugs after review and listing is good,and enterprises should focus on long-term development.Through the analysis of the financing effect of Zejing Pharmaceutical after listing on the Science and Technology Innovation Board,it is found that Zejing Pharmaceutical has obtained a large amount of financing through listing on the Science and Technology Innovation Board,with the highest proportion of equity financing,while the proportion of long-term and short-term borrowings in the financing structure has decreased,which indicates that Nanwei Medical further optimizes the financing structure by reducing debt financing,and the equity financing cost of Tongzejing Pharmaceutical through listing is significantly lower than that of bank loans,and the equity financing method is more suitable for enterprise financing;Through the analysis of financial performance,it is found that Zejing Pharmaceutical has balanced financial leverage and reduced risks after the IPO,and through non-financial performance analysis,it is found that Zelgen Pharmaceutical has obtained a large amount of funds after the market,and a large amount of financing funds can help Nanwei Medical expand its business scale and scientific research investment,and promote the steady development of the enterprise.The listing of unprofitable companies will also bring new risks,and finally analyze its special risks and systematic analysis based on the specific situation of Zejing Pharmaceutical.Through research cases,the STAR Board can help unprofitable enterprises expand financing channels,promote further optimization of the domestic financing environment,and effectively improve market stability.Finally,countermeasures and suggestions are put forward from different levels: the enterprise level should do a good job in coordinating the use of listed funds,the policy level should strengthen the supervision of the capital market,and the market level should encourage the exploration of new financing models.