Research On Medium-sized Enterprises Financing Through NEEQ

As the basis of the multi-level capital market, NEEQ experienced a rapid development period since 2014 during which a lot of preferences and support policies were given.By the end of 2015,more than 5000 enterprises have been listed in NEEQ among which more than 1000 enterprises stocks is traded by market makers. The lower cost、easier terms and shorter time are the reasons that middle and small-sized enterprises choosing to be publicly listed in NEEQ which is becoming the main stock market for small businesses. Structural transformation of the economy is the key point of development in China,and middle and small-sized enterprises play a important role in obtaining employment and promoting creativity.A stronger and better NEEQ is very helpful for the economic reform.First, summarizing the thesises about the middle and small-sized enterprises financing,describing the difficulty of MSEs financing,alalyzing the available ways of MSEs financing.The paper put forward that NEEQ is the key solution for the current status.Then,analyzing the market data since 2006,describing the development, functions and some problems of NEEQ.Through the case study of a listed company,the paper demonstrate the whole process of listing and transaction in NEEQ, especially the standardization problems and how the market makers to analze the value of a company.Finally,putting forward some suggestion of improving the financing efficiency for an enterpris.