Research On The Contribution From Three New Board Institution Construction To Sci-tech SME Financing

"Science and technology is the first productivity", both here and abroad, the rapid development of science and technology is one of the important goals in the world today.Small and mid-sized enterprise as the incubator of science and technology in promoting the economic development, and promote rapid economic growth has irreplaceable role. So help small and mid-sized enterprise out of financing difficulties,improve the financing ability of small and mid-sized enterprise is at present various countries focus on and research topic. Small and mid-sized enterprises in our country has more than 13 m, were solved more than 1000, ten thousand jobs, created and 60%80% of new domestic product patent invention. The current more than eighty percent of small and medium-sized enterprises in China still rely on the traditional indirect financing, financing through bank loans. There are many reasons that cause the lack of direct financing, one of the important is that most small and mid-sized enterprise does not have the motherboard market demand for direct financing ability, at the same time regional equity trading centers are affected by the geographic and the number of investors, caused the entire market trading is not active, less liquid, can not meet the needs of the enterprise’s financing.National small and medium-sized enterprise stock transfer system, that is, we referred to as "new three board market, put forward in the third plenary session of the eighteenth, and establish an important task for our country financial system reform.New three board market is small and mid-sized enterprise financing and an important bridge to the main board market, at the same time as an important component of securities market, it and other market to promote the establishment and perfection of the multi-level capital market in our country. Since 2013, listed shares transfer system is more and more active, increased amount of listed companies only for a year of 163,total amount can reach 363, along with the increase of the number listed on stock market trading volume and turnover also rose sharply. New three board market on the cultivating ability and speed of the small and mid-sized enterprise is obvious.Therefore, by discussing the new three board market for small and mid-sized enterprise financing problems, our country is to interpret the small and medium-sized enterprisefinancing difficult problem to perfect capital market and the needs of the development of small and medium-sized enterprises(smes) good. This article will chapter five expounds the content of the research:The first chapter is the introduction part, this part first introduced the selected topic background and significance of the article, analyzed the domestic and foreign research present situation, the paper then points out the research idea and method,finally the innovation of the article highlight points are briefly introduced.The second chapter for the research of relevant theories. Including the definition,the characteristics of technology-based smes, financing demand characteristics and the financing channels and selection; New definition and the function of the three board market positioning, and summarizes the new three board market for small and medium-sized enterprise financing, through the analysis of these theories, the significance of this paper are obtained.The third chapter of financing for small and mid-sized enterprises listed on the new three board market effect analysis, through the introduction of the overall situation analysis of the new three board market financing, including the new liquidity analysis of three board, directional value-added analysis, relative valuation analysis level rotating plate analysis of listed companies, the financing effect of the new three board market inspection, it is concluded that small and mid-sized enterprise financing problems in the new three board market.The fourth chapter analyses the otc markets abroad experience and lessons, and through the analysis of the development of otc market abroad and pattern, and comparing the new three board market in China, put forward reference for our country the good development of the new three board market.The fifth chapter to perfect the new three board Suggestions and measures in promoting small and mid-sized enterprise financing, put forward corresponding Suggestions.