Research on the Changes and Catering Effect of the Science and Technology Innovation Attribute Review System of the STAR
Whether the STAR supports and encourages"hard technology"companies to go public is a widely concerned and significant issue for the IPO review and construction of the STAR in various sectors of society.Based on the vein of the change of the science and technology(S&T)innovation attribute review system,the review of the S&T innovation attribute of the STAR is divided into three phases.A comparative study of IPO reporting en-terprises in the three phases of the S&T innovation attribute review reveals that the S&T innovation attribute re-view of the STAR as a whole has incentivized reporting enterprises to increase R&D investment,improve innova-tion performance,and support the listing of"hard technology"enterprises.However,after the implementation of quantitative indicators for R&D investment,there was a clear phenomenon of"gathering indicators",which verifies the catering effect of S&T innovation attribute review and identifies the indicator base of the"gathering indicators"of R&D investment and its changes.Review agencies conduct substance-over-form review,which improves the quality of S&T innovation attribute reviews.Based on this,this paper puts forward targeted policy recommenda-tions on the review of S&T attributes from proposed listed company,intermediary agency and stock exchange.
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