Research On Transfer Plate Trading Evaluation Systems Of Listed Companies

After20-year construction and development, China’s capital market is perfected gradually in the constant exploration. The number of listed companies has reached more than2000, and multi-layer capital market framework has been preliminary built on basis of the hierarchical structure of the main-board market, small and medium-sized enterprise board market, growth enterprise market and OTC (over-the-counter) market. The establishment of the multi-layer capital market system, on the one hand, provides a financing platform consistent with their own characteristics for enterprises at different stages of development, thus achieving to optimize resources allocation, on the other hand, it offers a trading platform or tool consistent with their own risk appetite for different types of investors to realize risk allocation optimization. However, from the dynamic point of view, the basic characteristics of the listed companies will change along with the development of the enterprise, the change of the operating conditions and the technical progress; the original mature enterprises now may decline and growth companies may become mature. This change causes inconformity between the basic characteristics of the listed companies and that of trading market, resulting in enterprise delisting, spinning off, transferring, etc. The article merely chooses transferring problem to study, in order to build evaluation index system of multi-level capital market transferring, providing a theoretical basis and practical guidance for the formation of multi-level market system transferring mechanism.Firstly, this paper reveals market dynamic equilibrium of the transferring mechanism by constructing multi-level capital market separation equilibrium model with multi-layer capital market operating efficiency as the goal, based on the characteristics of multi-layer capital market system hierarchy and the basic functions of multi-layer capital market system. Secondly, on the premise of actual operation characteristics of each level of the capital market, and in accordance with the principles of listed companies and market positioning,16indicators, from four aspects of scale status, growth ability, business performance and risk control of listed companies, are used to analyze transferring conditions of multi-level capital market, producing evaluation index system of multi-level capital market transferring in China. Then, determine the weight of each indicator by the principal component analysis (PCA)and fuzzy comprehensive evaluation method to establish the comprehensive evaluation model of listed companies transferring trading, and evaluation results of listed companies transferring trading are divided into lifting up as advised, no need of transferring, dropping as advised, and forced down according to their membership degrees. Finally, randomly select some companies in the main board market, small and medium-sized board market and growth enterprise market as samples to do actual evaluation that whether they need to transfer.