The Study On The Evaluation System Of The Growth Of The Listed Companies On New Third Board

New Third Board is one important link of our national capital market, in2011, ChinaSecurities Regulatory Commission listed it as their key task, hold meetings and issueddocuments continuously during the next two years. These made New Third Board has adevelopment. Aug3,2012the State Council approved Shanghai Zhangjiang High techIndustrial Development Zone, Wuhan Donghu High tech Industrial Development Zone andTianjin Binhai High tech Zone as the three pilot Industrial parks. Jan16,2013NationalEquities Exchange and Quotations System was established, and published “National EquitiesExchange and Quotations Business Rules(trial version)”. The pilot zone was enlarged again,and the listed companies was not necessary to be a high tech enterprise again, the pilot zonewas expanded to the whole country.As a national Security exchange place, the establishment of the system provides muchconvenience for the stocks exchange of the companies listed on New Third Board. Dec13,2013the State Council issued “The decision of related questions about National EquitiesExchange and Quotations”, it has important guiding significance for the construction anddevelopment of National Equities Exchange and Quotations. It also defines the board transfermechanism between different level markets, the simplified approval procedure below200shareholders and the innovation requirement. From the above, we can see only in2013, thegovernment took many actions, the number of listed companies was increased quickly, andthe market exchange was active extraordinarily. The listed companies involved a greatnumber of industries, the district was broadened to the whole country, even the county region.New Board does not have financial requirement, it emphasizes the growth andinnovation. The study on the growth of the companies listed on New Third Board cannot onlylet the companies find their weakness and rectify them, but also provides reference for thegovernmental supervise department to make policy, more importantly, it can contributedecision to investors. Based on these reasons, we first tease out the enterprise growth and medium-sized and small enterprise appraise theory; secondly, we analysis the function andcurrent situation of New Third Board; thirdly, we put forward the appraisal system, and countout52companies growth score and order, the result is the same with their real performance.To avoid the static of the absolute index, the index we choose are all vertical indexes, the timespan is3three years. In the end, we add some qualitive factors to the dissect, and supplysuggestions to enterprises, investors, government and the future researchers.