The Selection And Evaluation Of Small And Medium Enterprises In The New Three Board Market

Three new board has developed into a very important part of the multi-level capital market in China, from 6 in 2006, the new three board market after 8 years of development, by the end of 2015, the total number reached 5129 listed. According to the current trend,2016 10000 listing scale also point the day and await for it. The experience of capital market in developed countries proves that the development of capital market is conducive to the development of science and technology. Since the new three board market access threshold is low, no specific financial indicators, the main emphasis is the growth and innovation of enterprises. This certainly will cause the new Sanban market listing enterprises of good and bad situation. Therefore, it is urgent to construct a new third board market listing enterprise evaluation index system, for listed companies of reasonable evaluation, in which Lin selected quality, potential, with the growth of enterprises with early into the new Sanban market financing transactions.Based on the above research background, this paper firstly summarizes the theories of the capital market and the characteristics of small and medium sized enterprises and capital market and the development of small and medium-sized enterprises in three aspects; then, and the development status of the new three board market is analyzed; then, based on these theories and analysis were made on the principles and basis for the construction of small and medium-sized enterprises to enter the new evaluation the third market and choose the index system, and thus established the index system, separately from the enterprise industry status, corporate governance, technology capital, relationship capital, management capital five aspects measures, a comprehensive evaluation of the small and medium-sized enterprise innovation and growth; then, in the selection of evaluation methods, this paper selects the four commonly used evaluation method to analyze and compare, choose the most suitable evaluation methods. In the comprehensive evaluation of the samples, first determine the index weight with expert scoring method and analytic hierarchy process in the analysis phase, selection and evaluation, with the fuzzy comprehensive evaluation method, which makes the evaluation index system of the enterprise can form various measure financial and non-financial data into a unified standard, the calculation is simple and easy, capable of a large number of three new board market listing enterprise evaluation and order, convenient operation and scientific; finally, a comprehensive evaluation of six sample enterprises using the evaluation system, from the sample scoring results to see, ranking companies both have good prospects for the industry and technology capital, corporate governance is relatively specification, the evaluation results are also consistent with the listed companies of high technology and high growth characteristics, so as to verify the validity of the index system.