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Emerging Small and Medium-sized Enterprises: Their Innovation Characteristics and Policy Options —An Analysis of N-Board-Listed Companies(No. 181, 2016)
2017-01-22
By Fan Baoqun, Zhang Yongwei & Wu Yuchen, Research Team on “Invigorating Vitality of Innovation Entities”, Enterprise Research Institute, DRC
Research Report No. 181, 2016 (Total 5064) 2016-12-19
Abstract: The N-board plays an increasingly important role in supporting small and medium-sized enterprises’ (SMEs) financing and innovation, and the number of listed SMEs in the N-board has gradually become a benchmark indicating the progress of SMEs’ innovation in China. Through analyzing the R&D intensity and senior management shareholding ownership of 5180 N-board listed companies, this report holds that the R&D intensity of N-board companies is generally higher than the main board listed companies and other companies as the N-board listed companies have paid more attention to equity-based incentives for more dynamic innovations. In order to support more SMEs to achieve adequate financing and improve the innovation ability in the N-board market, the government needs to make further clear to the public the market function of the N-board and its strategic position in the national innovation system, further improve the financing system of the N-board, develop diversified financing tools, and enhance the market liquidity. On the basis of market stratification, the government needs to take the cultivation of innovative-oriented enterprises as the target and accelerate the realization of differentiated institutional arrangements.
Key words: N-board, innovation investment, allocation structure, equity-based incentives
