Research Of Financial Risk Evaluation Of Company Listed On The New Three Board

As an important part of the "capital market more hierarchical",the new three board provides a new financing platform for small and medium enterprises,in all walks of life in recent years a large number of companies began to use this platform to the capital market,successfully introduced a large number of funds for the enterprise operation,expansion and transformation,etc.With the rapid development of the new three board is complied with the demand of the efficient allocation of social funds,have the effect of integration of resources,therefore has received the widespread attention.Due to the rapid development of the new board,listing threshold is low,the market of the listed companies is uneven situation is more serious and these enterprises mostly in start-up phase of the life cycle,leading to its financial risk than the other three plate high,also the new Sanban market healthy development of China's capital market for rich,growth has very important significance.And the scholars in finance risk evaluation system research are concentrated in the main board,small board and GEM listed companies,now more commonly used Z score evaluation system does not take into account the cash flow index,f score evaluation system while considering the cash flow index,but is only related to the five financial indexes,in the study is relatively limited.In addition,the two scoring systems in the use of the method by ST companies and non ST companies was selected as the model samples,and up to now,the market rarely is ST company also makes these two research methods are limited in the application of the new board.Therefore,it is urgent to explore the financial analysis and evaluation model based on three new board.This article is to adapt to the situation,is committed to to build a and the new Sanban listed enterprise features to match financial risk evaluation system,provides the policy-making basis for the management of enterprises and investors,to provide regulators with the idea of supervision.In this paper,using literature,theoretical approach and empirical approach.In combing the domestic and foreign research literature related to the financial risk,based on to the relevant financial risk theory and risk evaluation method for the theoretical basis,the analysis of the new three board listed with other market segments (market) conditions,the new three board listing conditions relatively loose and imperfect follow-up supervision perspective,analyze the new three board listed companies of primary and secondary risks.Then combined with the characteristics of the new three board listed companies,mutation progression method for reference,build evaluation model,build a set of suitable for the new three board listed companies financial risk evaluation system.On this basis,adopt empirical approach,selecting new three board in the service industries as empirical research object,measuring financial risk,and analyze the evaluation results.Article innovation point lies in the series mutation method applied to financial risk analysis and evaluation,construct the comparatively broad application range of financial risk evaluation system,and the new three board listed companies as the research object,the level of financial risk is evaluated after the listing,realize the better fitting/get the better evaluation results,the evaluation system as well as to evaluate the risk of a single enterprise,can also be used for risk evaluation on the service industry sector.This article lies in the deficiency of the sample is not enough mature,and have not set up a evaluation system suitable for all industries,remains to be further improved.As the future of the new three board sample more mature,formal implementation of the related system and market stratification,can according to the more in-depth research.