By Han Bin, Management World Magazine

Research Report, No.182, 2021 (Total 6247) 2021-7-2

Abstract: The 14th Five-Year Plan has made clear requirements to ensure smooth financing channels for sci-tech enterprises to get listed at home and give prominence to the key and core sci-tech feature of the Science and Technology Innovation Board. In June 2019, the Science and Technology Innovation Board launched by Shanghai Stock Exchange officially started trading business. It is aimed at grasping cutting-edge science and technologies of the world and meeting major national needs in terms of national strategy. By making breakthroughs in key and core technologies, it focuses on establishing a sci-tech and innovation-based enterprise with a high level of recognition in the market as well as fueling the in-depth integration between high-end and new technologies and manufacturing industry. Over the past two years since the founding of the Science and Technology Innovation Board, it has achieved notable results in boosting major institutional innovations, ensuring smooth circulation of sci-tech, capital and real-economy, and bolstering the sound development of the sci-tech and innovation-based enterprises. Besides, it has witnessed remarkable progress in enhancing financing, corporate governance structure, and innovation-based incentive mechanism. This paper notes that we need to strengthen supervision on initial public offering and the direct financing of listed sci-tech enterprises, enforce corporate governance of the special-type and private sci-tech companies, and optimize the equity incentive and assessment system featured by innovation-based and diversified management.

Keywords: capital market, sci-tech start-ups, innovative development