Research On Financing Effect Of Small And Medium - Sized Enterprises In New Three - Board Market

As important part of China’s OTC capital market, the three new board market formally established in 2006, but at the beginning of the establishment, the development of it is slow, until the end of 2013 after the expansion, three new board developed rapidly, provides a more realistic and easy financing platform for SMEs compared to the motherboard market and also provides SMEs with money. How is the financing effect of the three new board? What are the problems? How to solve? Conduct research in this area is of great significance.The first part of this paper describes the background and significance, introduced the MM theory, pecking order theory, balance theory and the relationship between three new board and the SMEs. The second part introduces the financing market conditions and three new board, highlight that the three new board has great significance and impact on our capital market and the financing of SMEs. The third part analyzes the current situation of SMEs financing in the three new board from the listed number, transaction size, orientation financing size, industry distribution, rotation plate, etc, presented a overall situation, also pointed some problems. The fourth part is empirical studies including business case analysis and multiple regression analysis in, article Beijing Rongzhitong financial companies in the case, starting with financial indicators of corporate profitability, solvency, operating capacity, ability to grow and using DuPont analysis to examine the effect of financing, whether unilateral or financial indicators from DuPont analysis diagram analysis of whole, have proved directly that financing of the company can have a positive impact; and with the regression analysis, select the dependent variable rate of return on net assets, financing directed Chunghwa argument, earnings per share, asset-liability ratio, total asset turnover, revenue growth, etc. as control variables, multivariate regression model to empirical analysis showed that the orientation of the financing company’s profitability still have a positive impact. The fifth part is for three new board maker, rotation plate, layered and delisting other aspects of research proposals.