Empirical Analysis Of Alteration Of Financing Capital Use Of Companies Listed On SMEs Board

In order to broaden the financing channels for SMEs to solve the problem of the development of SMEs in financial bottlenecks, China officially opened the SME board in2004. Up to2011, The number of listed companies in the SME board has reached646and has raised560.65billion through equity financing in the SME board market.SME board market caters to a strong SME financing needs, to some extent, ease the financing difficulties of SMEs in China. However, Due to the late start of the SME board, the institutional system and supporting laws and regulations remains to be improved, with company management system itself and manager training mechanism, the development of China’s SME board market is still a long way to go. While, A large number of listed companies to change the raise funds is a phenomenon appeared frequently in recent years.Based on the above background, In this paper, with the collection of relevant statistical data, a general description of the status quo as of the current development status quo of China’s SME board listed companies as well as to raise funds to invest in change, And in accordance with the relevant theoretical to put forward the research hypotheses, and verify the reasonableness of the assumptions in the use of statistical analysis software.The empirical analysis results show that the Ownership Concentration, The separation of the two rights have significantly related to the changes of IPO raise funds to invest that listed companies on the SME board. The stake of the controlling shareholder of the higher the concentration and the more separation of actual controller control rights and cash flow rights, the more possibility of invest change and change proportion. Analysis of the empirical conclusions, the article has put the corresponding policy recommendations.The research of investment and financing behavior of listed companies in the SME board, especially the motivation of raise funds to invest change, can mining the exist problems of SMEs and securities markets and prevent. This will not only improve the SME board market system, and also has a positive role in promoting to further improve the governance structure of listed companies and the establishment of a modern enterprise system...