金融学院知识库

     Corporate innovation activities are exploratory. Due to their high risk, compared with other corporate decisions, innovation decisions require higher failure tolerance and greater flexibility, resulting in high information asymmetry in innovation activities, and the triggering of potential moral hazard may lead to serious financing constraints on innovation activities. China's economy has entered the "new normal" stage, facing a series of new challenges that cannot be ignored, such as the transformation of economic growth drivers and the deep optimization of industrial structure. The "knowledge" formed in the innovation process is difficult to "store" and the commercialization cycle is long. The investment in innovation activities should be continuous. Compared with general enterprises, the technology iteration of the industry of science and technology innovation enterprises is more rapid, and it is very dependent on the continuous implementation of innovation activities to get rid of the original technology trajectory, and achieve technology leadership and new product breakthroughs. In the process of technology catch-up and international competition, enterprises need to obtain capital or invest capital in innovation activities through external financing. Enterprises will choose the time and place of listing financing according to market timing.

        Based on the panel data of the listed companies on the Science and Technology Innovation Board from 2016 to 2022, this paper uses DEA to measure the level of enterprise innovation efficiency, and then empirically tests the relationship between the listed companies on the science and technology innovation board and innovation efficiency, and investigates why listing affects the innovation efficiency of enterprises under this relationship. The empirical results show that.(1)the innovation efficiency of enterprises has been significantly improved after listing on the Science and Technology innovation board. The listed science and technology innovation board has improved the comprehensive innovation efficiency of enterprises, but in terms of technological innovation efficiency, the "listing - innovation" mechanism of science and technology innovation board has not been fully utilized.(2)The role of the innovation incentive mechanism of the science and technology innovation board has not been fully played. The test proves that the listed science and technology innovation board can improve the innovation efficiency of enterprises through executive incentives and financial subsidies, and the results show that executive compensation incentives and Tax incentives can improve the innovation efficiency of enterprises, but the innovation subsidies and equity incentive policies have problems and cannot improve the innovation efficiency of enterprises, and it is urgent to improve.(3)The science and technology board plays a certain role in easing external financing constraints. The research results show that although the problem of corporate financing constraints has been alleviated after the listing of the Science and Technology innovation Board, the degree of domestic financing enterprises to alleviate financing constraints through the science and Technology innovation Board financing is still greater than that of foreign aid financing enterprises, and the decline rate of innovation investment of enterprises dependent on external financing after IPO is significantly greater than that of enterprises dependent on internal financing. Making external financing enterprises obtain the required funds is still one of the issues that the science and technology board needs to consider.