A Study On The Refinancing Mode And Effect Of Three New Board Companies

As the main part of China's OTC market,the main service object of the new third board market is developing rapidly,not to meet the requirements of listing of small and medium-sized enterprises,such enterprises due to the small size,internal operation ability,profit ability is weak,so it is difficult to achieve the listing requirements of the motherboard market,but this kind of enterprise,due to its high growth and innovation,has become a huge driving force to promote,the rapid development of China's economy in 2013,three new board market expansion,since the new three number of listed companies such as the rapid growth of bamboo shoots after a spring rain.Therefore,the new three board market has become an important channel for small and medium-sized enterprises to obtain funds.The number of new listing to a torrent of new three new 3557,2015 and 2016,this data is 5019,and the total number of three new board listed companies successfully crossed the threshold of 10000,become fully deserve in the number of "the first big universe".As of December 31,2015,the number of enterprises listed on the national share transfer system reached 5406,which in 2015 three new board completed a total of 2565 shares,issued 23 billion 79 million shares,financing 121 billion 617 million yuan,115 billion 630 million yuan more than the scale of financing gem,three new board business coverage significantly expand the market influence has been significantly improved.However,due to the financing environment of the new third board market is not perfect,the new board is not standardized,the relevant legal system is not perfect and other reasons,the new board of enterprise financing problem is also many,not timely and effective access to funds,promote the development of enterprises.This paper focuses on the three new board company refinancing mode and effect,through the collection and access to relevant literature review,a detailed analysis of the three new board company financing mode,and the effect of re financing mode,and a new board listed companies listed on the financing mode and financing effect as a case study,exploration the new board enterprise financing mode and the effect of the feasibility analysis to the private placement,equity pledge financing,restructuring financing,bank credit financing mode,financing effect analysis of different financing models,provide a reference for other similar enterprises to financing of three new board.This article through the literature method,comparative analysis,case analysis,quantitative analysis method,based on the above research,the domestic and foreign related theories and experience combined with the guidance,from the financing mode and financing effect two aspects of research and analysis,the system of three new board company financing mode and its effect,and to provide the proposed financing mode selection of three new board company.