Study On The New Three Board Listed Company Growth

The New Third Board Market is the basic level of China’s capital market, an important part of the OTC capital market, which is known as the incubators of minor enterprises and the reservoir of the high-quality SME, can not only provide an effective financing platform for the innovative and growth-oriented SME, but also support the growth of them. After the expansion of The New Third Board in 2012 and2013, it has become a national capital market. The New Third Board Market completely play a significant role on improving the financing capacity and corporate governance, as well as the business enterprise image so as to support the growth of the listed companies.This paper analysis is based on the theory of enterprise growths and the present situation of the New Third Board Market so that we can build a comprehensive evaluation system and select annual data from 2012 to 2014 to value the growth of the listed companies with the application of Catastrophe Progression Method. After that,we can verify the effect of the policy to support the growth of the listed companies in the market. Then according to the results of the evaluation, this paper analyses the dynamic change of the growth of the listed companies by using descriptive statistics.At last, This paper constructs a panel data mode to do an empirical analysis of the factors affecting the growth of the listed companies. It empirically tests the effect of the R& D investment, human capital, ownership structure, capital structure, as well as financing structure.The results show that the Market do contribute to the growth of the listed companies.(1)The overall growth of the listed companies is on the rise from 2012 to 2014. The performance is improving but the operational capacity is in declined and the ability of the risk precaution lack of stability. In addition, there is a certain lagged effect upon R& D investment.(2)The lagged R & D investment and human capital do contribute to the growth of the listed companies..(3)The degree of equity concentration positively does help to the growth of the listed companies. Capital structure and the ownership restriction are significantly harmful to the growth.(4)At last, endogenous financing rate are significantly contribute to the growth while equity financing are significantly negatively harmful to the growth. The enterprise scale is also significantly positively related to the growth. It further concluded that the New Third Board Market do improve corporate governance of the listed companies, but equity financing efficiency of the market still needs to be improved. In that case, we suggest that the market should be in charge of specification management, and are in need of capital resources integration and sharing. Also, the listed companies should positively in use of those capital resources to keep growing,and distribute the rational share of research and development funds.