The Study Of Financing Behavior Of Private Fund Managers Those Listed On Third Market

Since Dec.2013,the New over-the-counter Market(Third Market)extended more broadly,it was been under the spotlight.Third Market gained more policy support as it collected great hopes on solving the financing difficulties of small sized enterprises,building up multi-layer capital markets and promoting China's economic transition.In short period of two years,Third Market became the largest basic securities market,because the comprehensiveness and the huge number of the listed enterprises.New over-the-counter Market(Third Market)has the features of low standards and contain multitudes.It's not only providing a convenient financing platform for small-to-medium-sized enterprises,but also for equity financing of private fund managing companies.On the advantages of the policy of Third Market,private fund companies could finance indirectly through bank or other channels.For private fund managing companies,the special listed ones,they can get the benefit of more standardization and more public for the aspects of company governance and information issues.And also can get a big promotion of brand awareness.But compare to the small-medium-sized science and technology based firms,private funds are more differently.As a listed firm on Third Market,private managing firms got too much more valuations and over financing.This definitely brings certain risk to Third Market.This paper adopts the information analysis and empirical case study to analyze the financing purpose and behaviors of those private fund managers those listed on Third Market.For further discussion,will also study the over financing trend of those private fund managers.Propose points and policies for regulating their financing behavior and preventing the risk of over financing.