Research On The Growth Evaluation System Of Listed Companies In Science And Technology Innovation Board

The establishment of the Science and Technology Venture Board(STB)and the pilot registration system have provided a fast track for the rapid development of technology start-ups.Since the opening of the Board in July 2019,STB-listed enterprises have developed rapidly both in terms of quantity and quality.Focusing on strategic emerging industries,STB-listed enterprises are characterised by outstanding innovation capability,high investment in R&D,high development potential,small asset size and high risk.Studying the growth of STB-listed enterprises can help further promote the development of STB-listed enterprises,and also provide certain reference for corporate managers.Based on the endogenous growth theory and exogenous growth theory,this study establishes the growth evaluation index system of the companies listed on the science and technology innovation board from two levels: technological innovation-driven and market demand-driven.Using 26 enterprises listed on the STB as sample enterprises and collecting their annual report data for the past three years as empirical samples,the study selects 20 evaluation indexes from six levels of technological innovation input capacity,technological innovation output capacity,operation capacity,debt servicing capacity,profitability and development capacity,and forms a growth index system covering both financial and non-financial indexes,taking into account the characteristics of STB-listed enterprises at both technological and market levels.The evaluation index system covers both financial and non-financial indicators.By using the Entropy-TOPSIS method to evaluate the growth of the sample enterprises,this study explores whether there are significant effects of size,region and industry on the growth of the companies listed on the science and technology innovation board,and proposes targeted countermeasures based on the empirical results.The main findings of this study are as follows:(1)The technological innovation capability of STB-listed enterprises is slightly more heavily weighted than market growth capability,with intangible assets and invention patents accounting for a larger contribution.(2)The overall growth of STB-listed enterprises in 2020 is not strong,and most of them have poor profitability.(3)The overall growth of STB-listed enterprises is steadily increasing year by year,but it is more volatile,and the stability and sustainability of growth need to be further improved.(4)There is a certain gap in the growth status of companies listed on the board in the east,midlands and west,but the gap is mainly reflected in the number of companies and is not necessarily related to their geographical location.(5)The profitability of STB-listed enterprises is relatively weak,and they should accelerate the transformation of scientific research results to enhance the profitability of their innovative products in the market.(6)STB-listed enterprises should pay attention to the continuity between their technological innovation and market growth in order to reduce the operational risk of the enterprises and thus enhance the stability of their growth.(7)Although the growth rate of STB-listed enterprises in the central and western regions is higher than that in the east,the overall number is limited.Enterprises in the central and western regions should systematically integrate regional resources and make use of their location advantages such as government policies and low regional competitive pressure in the central and western regions to further incubate more science and innovation enterprises.