Small And Medium Enterprises Financing Results In Three New Board Market Analysis

Positioning three new board market is " China’s Nasdaq " for the construction of multi-level capital market is an important part can not be ignored, but also provides a new way to effectively ease the financing difficulties of small and medium enterprises in China. Therefore, how to improve our three new board market financing effect has become the focus of this study.This paper describes the necessity of financing difficulties of small and medium enterprises and multi-level capital market in the construction of the OTC market, overview of the current research. Secondly, the criteria for the classification of small and medium enterprises are summarized, and then from the financing model and performance evaluation methods are two aspects of the basic situation of small and medium enterprises were summarized. Then the basic situation of three new board markets are introduced, their market characteristics, financing processes, market analysis case by case basis to start. Third, the new three-panel market listed companies as a research object, the empirical study of these effects listed corporate finance three new board market. In previous studies on the improvement of the model, based on a multiple regression model is proposed, examine the ratio of the transfer of shares (PER) as the independent variable, logarithm of total assets (SIZE), asset-liability ratio (DAR), earnings per share (EPS), the transaction price (PRICE) as a control variable, directed replenishment (P_P) net assets as a categorical variable on the dependent variable corporate earnings ratio (ROE) impact. Through the analysis of the output, get small and medium enterprises to enter new markets listed three board financing of business performance had a positive effect, but the efficiency of enterprise funds is not high, improve business performance also failed to get investors recognition of the value of the enterprise to improve the degree. Therefore, the new three-panel market listed companies in the future on the efficient use of funds and financing interactive effects still need to be further improved and strengthened this conclusion. Then, the proposed new three-panel market financing problems and put forward three specific recommendations, mainly from the listing of corporate disclosure, individual investors access threshold and bidirectional transfer plate mechanism three angles. The last part summarizes the results of earlier studies emphasizing once again the market for the construction of three new board of multi-level capital market extraordinary significance, this study points out flaws in the process for future research work proposed new requirements.The innovation lies in this article, drawing on the basis of previous studies on the model of multiple regression model of innovation, making the variable select more scientific, more accurate conclusions.