Research On The New Broad Enterprises’ Financing Performance

Financing has plagued the development of small and medium-sized enterprises in China. To develop the direct financing is the fundamental solution. The new three board market provides a direct financing channels for small and medium enterprises. So whether for small and medium-sized enterprises in the new three board market improving financing is very important for this study. So this article determine this research theme.At first, this paper introduce the financing theory and the influence factors on enterprise financing. Thus, analyzing the development and financing situation of the new three board market, it is concluded that the new three board market is developing rapidly, but its financing function has not been really played. Then, according to the evaluation method of enterprise performance, combined with Principal Component Analysis, building a Principal Component Analysis model. There are fifty-five examples which is "as of Dec.31,2013 has been listed and have had one or more equity financing or debt financing" for empirical analysis. Using comparative analysis method to analysis the performance. It is concluded that 71% of the enterprise listed in new three board face on varying degrees of decline. Then, in view of this phenomenon, this article analysis the obstacle factors which are mainly including: listed enterprises scale is uneven, the limited functionality of direct financing, market maker system has not really established, insufficient market demand, rotating plate mechanism has not yet been through five aspects. Finally, to realize financing function of the new three board market for small and medium-sized enterprise, in view of the development obstacles, the paper puts forward the following suggestions: promote the new three board market expansion, promote market layering system construction, improve the system of electronic call auction trading, advancing the market-maker system, investors appropriate management, encourage financial institutions to develop its service mediation function, promote the green channel of financing and smooth rotating plate mechanism, etc.This paper use principal component analysis to financing performance evaluation of the new three board listed companies. It is objective to reflect the financing situation of the new three board market, which is for reference.