The Empirical Staty On Operating Performance Of Small And Medium Enterprise In New Third Board Market With Private Palcement

The small and medium-sized enterprise is an important part of national economy, and they play an important role in the economic development of a country. Small and medium-sized enterprises in China, as the largest number and the most innovative dynamic of the business groups, has an irreplaceable role in promoting economic growth, promoting innovation, increasing tax revenue and employment opportunities, improving people's livelihood and etc. But the reality of our country is that the development of small and medium-sized enterprises is facing large financing gap and fund raised problems, and the financing difficult problem has seriously hindered the development of Chinese small and medium enterprises. How to solve the financing problem of small and medium-sized enterprises in our country is an important subject in today's society.National SME share transfer system(and the new third board), as an important part of the multi-level capital market in China, has gradually become more suitable for our country small and medium-sized enterprise financing platform, which is building a new financing channel for small and medium-sized enterprises and capital market. At present, the direct financing of the new third board market of small and medium-sized enterprises is mainly dependent on the private placement. According to relevant statistics, from the first implementation of the private placement of modern Beijing(430003) in 2007 January to raise funds in new third board market to complete by the end of 2014, the total size of the financing of the new third board market and the amount reached 3.39 billion shares and 16 billion yuan. Just in 2014, the new third board market accumulated a total of 329 times the stock the issue, issued a total of 2.64 billion shares and raised funds 13 billion yuan. Thus it can be seen that the private placement in new third board market has become the main way of financing of small and medium sized enterprises, whether in terms of the stock issue number or scale. In the current situation which private placement has become the main channel for small and medium sized enterprises listed in new third board, deepening the theory and summarizing practical experience of the private placement for new third market is very important. Thus, researching the private placement for small and medium sized enterprises in new third board to guide the behavior of the private placement practices has important practical significance and practical value.In this paper, we use 54 new third board market listed companies which have implemented private placement in 2013 as the sample. We choose 14 financial indexes which reflect listed companies' profitability, debt paying ability, operation ability, growth ability and cash flow ability to and so on five aspects of the 14 financial indicators to establish a financial index system, which can comprehensively reflect the companies' operating performance. And then we use the factor analysis method to do dimension reducing with 14 indexes. Afterwards, we design factor-analysis model to calculate the sample companies' performance score. Through the comparison of the performance score before and after private placement, this paper found that the operating performance of new third board market listed companies has not been improved after the implementation of private placement. In view of the empirical results, we argue that the impact of implementation of private placement on the operating performance is not optimistic and this causes our meditation on the private placement in new third board market. In additional to exploring the possible reasons why the companies' operating performance has not been improved with private placement, we put forward several policy recommendations.