The registration-based system refers to the institutional arrangement in which an enterprise applies for establishment in accordance with the law and pre-registers rather than pre-listing. In the past, China's first-class issuance and listing system has always adopted a review system, that is, enterprises need to pass the evaluation and approval of the review agency before listing in order to obtain listing qualifications. However, there are many problems with this system, which limits the development and innovation of technology enterprises.
The development of hard science and technology is an important direction of China's economic transformation and upgrading, which emphasizes innovation as the core, scientific and technological progress as the driving force, and industrial upgrading as the goal. The implementation of the registration system is of great significance and role in the development of hard science and technology. First of all, the registration system can provide more investment opportunities and channels. Under the current review system, technology companies need to go through a cumbersome review process, and the review criteria are mainly based on the financial status and profitability of the company. This has made it difficult for many potential hard technology companies to obtain support from the capital market. The registration system can break through the restrictions of the censorship system and create more financing opportunities for technology companies, making it easier for them to obtain financial support and achieve technological innovation and industrial upgrading.
Second, the registration system helps to promote the development of innovative activities. Under censorship, in order to comply with censorship standards, technology companies often make technical compromises and choose relatively conservative and mature technical directions. This makes it difficult for some cutting-edge technologies and high-risk projects to obtain support and development. The implementation of the registration system will make investors pay more attention to the innovation ability and prospects of enterprises, which is conducive to guiding enterprises to develop towards innovation and high-risk areas. This will further stimulate the enthusiasm of scientific and technological personnel for innovation and promote the transformation and application of scientific and technological achievements.
Third, the registration system can improve the efficiency and fairness of the market. The censorship bodies under the censorship system often have greater autonomy, which can easily lead to industry monopoly and unfair competition. The registration system determines the time and conditions for listing according to market demand and the company's own situation, making the market more fair and transparent. At the same time, the registration system can also improve the disclosure of market information and the effectiveness of supervision, reduce the information asymmetry and illegal behaviors of enterprises, and protect the interests of investors.
Chinese companies need "highlight moments", that is, moments when they can achieve high market share and influence in domestic and foreign markets. As a key step in the development of hard technology, registration will help to achieve the "highlight moment" of Chinese enterprises. Through the registration system, technology enterprises can more easily obtain financial support to promote technological innovation and industrial upgrading; The registration system can guide enterprises to develop towards innovation and high-risk areas, and stimulate the innovation enthusiasm of scientific and technological talents; The registration system can improve the efficiency and fairness of the market and protect the interests of investors. All these will provide Chinese enterprises with greater room and opportunities for development, so that they can take the lead in the global technology competition.
Therefore, the registration system is a key step in the development of hard technology, and Chinese enterprises need to seize this "highlight moment" to actively promote the implementation of the registration system, strengthen market transparency and corporate governance, attract more capital into the hard technology industry, improve the supervision level of the capital market, and accelerate the internationalization process of enterprises. Only in this way can Chinese enterprises make greater breakthroughs and development in the global hard technology industry.