Comparative Analysis Of The Performance Of The New Three Board Companies Before And After Listing

The urgency and necessity of establishing a sound multi-level capital market system have become apparent with the accelerating pace of economic and financial reform in China.As an important part of China's multi-level capital market,the speed and scale of development of the three new board markets have increased exponentially in recent years.Its function of linking the OTC market and Floor market has been gradually recognized by investors.In the future,the three new board is expected to catch up with the Shanghai and Shenzhen Stock Exchanges.It is generally known that "IPO effect" widely exists in listed companies on the mainboard and GEM.That is to say,there will be a significant decline in performance after IPO.Under the background of development of three new board markets,we try to study whether there is a similar effect of listed companies on three new board,called "listing effect".In this paper,we not only introduce the development process of the three new board but also analyse its status and contribution in the multi-level capital market in China.Then we statistically analyze the development situation of three new board in recent years from two aspects of market transactions and private placement.On this foundation,we select the listed companies on three new board in 2014 as samples and select the representative financial indicators to measure their performance.By empirical research with t-test,we analyzed the change of operating performance of these companies before and after listing.Finally we draw a conclusion that "listing effect" exists.As a supplement,we also make a statistical analysis from two aspects of industry of sample enterprise and implementation of private placement to research factors affecting the operating performance.According to the research conclusions,we put forward three policy suggestions including the gradual introduction of private equity funds to be market maker.As researchers,we sincerely hope that our suggestions will play a certain role in the future development of the three new board,and later to provide reference for the other researchers.