Market Positioning And Corporate Development

The Sci-Tech innovation Board(STB)and the Growth Enterprise Market(GEM)have become important components of the capital market with Chinese characteristics,and need to have differentiated positioning to meet the financing needs of different enterprises and reduce financial market risks based on healthy competition.From the perspective of market value,this article analyzes the impact of innovation in different boards on the market value of enterprises,and examines the clarity and differences in positioning between the STB and the GEM,as well as the impact of board attributes on the market value of listed companies.Furthermore,it clarifies the differences in positioning between the STB and the GEM in China,which has important guiding significance for the formulation of policies and regulations,the selection of listing boards for enterprises,the accurate matching of investors and enterprises,and the play of the board’s guiding role.This paper obtains business model innovation data based on text analysis method to process annual report data,and uses fixed-effects model to conduct empirical research on the impact of innovation investment,different types of innovation results,and different types of science and technology innovation results on the market value of listed companies by combining the basic data of science and technology innovation.This paper uses the propensity score matching method to verify that firms’ choice of listing segment does not lead to endogeneity problem.The empirical study in this paper shows that innovation investment has a significant contribution to the value of enterprises in different segments.Meanwhile,the promotion effect of hard science and technology innovation results on the market value of STB enterprises is more significant,and the promotion effect of applied innovation results and business model innovation results on the market value of GEM enterprises is more significant,which verifies the clarity and difference of the positioning of STB and GEM.This paper gets four insights:(1)Greater innovation investment can significantly enhance the market value of companies listed on the STB and GEM.(2)STB listed companies should focus on improving the level of hard science and technology innovation of their companies,while GEM listed companies should improve the level of application-based innovation and business model innovation of their companies as an important way to improve the market value of their companies.(3)The state should strengthen its policy guidance to encourage companies with high level of hard science and technology innovation to list on the STB,and encourage companies with application-based innovation and business model innovation to list on the GEM to form a clearer positioning and division of labor.(4)Continuously improve the system of STB and GEM for the enterprises they are oriented to in various aspects such as financing and delisting management,so as to promote a virtuous cycle of corporate financing and sound returns for investors.