Case Analysis Of Chinese New Third Board Investment

The small and medium-sized enterprise share transfer system that new Sanban listing continued growth in the number of enterprises, the financing scale is continually expanding, to promote small and micro enterprise development, perfect the direct financing system, has played a positive role in promoting the reform of the financial structure. The new board is an important part of the multi-level capital market in China, has the national policy support. At the same time, there are emerging economy development direction of a lot of companies listed, the investment opportunities and a huge imagination, individual investors and institutional investors have begun to layout of the new Sanban tried to capture investment opportunities. Three new board related to the system is constantly improving, the market function to play more fully. Fund, trust, brokerage and other institutions have gradually issued a number of new three board products, investors can invest directly in the new three board. But in the new board of investment is still in initial stage of exploration, system is not perfect and the market’s characteristics lead to there are many problems that we have to pay attention to, such as the lack of liquidity of stock, enterprise risk larger, regulatory measures imperfect and other issues.In this paper, through the actual case analysis, comparative analysis, chart analysis, a large number of reading domestic and foreign literature, in-depth study of China’s three new board market investment related issues. To "new Sanban CITIC Securities enhanced 1 aggregate asset management plan" as an example. Firstly, the paper introduces the new Sanban market situation, investment strategies and opportunities, characteristics, describes the case of the published data, product design and operation. Then the specific analysis of the choice of investment targets in the case, the operation of the product. In case is modeled by analysis of the three new board tube problems and reasons existing in the running process of the products, including poor liquidity, hedge quality can not guarantee, operation of product related aspects such as mode of participation and exit mechanism of a single, part of the investment subject without consideration of market liquidity factors to operate etc.. Finally, this paper puts forward suggestions for the improvement of the new three board information management products.