Research On The Growth Factors Of Enterprises Listed In The New OTC Market

Since the new OTC market introduced the market maker system in 2014,the new OTC market has entered the initial stage of development formally.The number of listed companies soared,as of December 2016 cumulative listing number has broken 10,000,while the country vigorously support the new OTC market development,the new OTC market covering industry is quite rich,the development potential is not to be underestimated.However,because the new OTC market enters the threshold lower,the listing enterprise cohabitation,coupled with the information disclosure is imperfect,the whole market facing uncertainty is bigger,the listed enterprise’s future growth is difficult to assess,for the market participant’s investment and financing decision making poses a tremendous challenge.Therefore,the study of the new OTC market listed companies ’ growth factors are extremely critical,which will be conducive to market makers or new investors to provide a reliable factor influencing the growth of listed companies,and the future development of listed companies to provide guidance.In view of the 208 new OTC market listed enterprises which have been made in 2015.This paper analyzes the characteristics of the new OTC market Enterprise,and selects 16 micro factors and corresponding indexes which affect the growth of the new OTC market enterprise,combing the relevant theories and setting up the new OTC market after making the city system.Then the factor analysis method was used to analyze all the factors,and the 5 main factors affecting the new OTC market listed enterprises were obtained,such as profitability factor,solvency factor,core competitiveness factor,scale factor and operating ability factor.Based on the obtained factors and related literature theory,this paper makes a theoretical model hypothesis on the relationship between the influence factor and the new OTC market growth,and analyzes the influence path between each factor and the new OTC market growth and the factors by using the structural equation model.The final conclusions are:(1)Main related to the growth of new OTC market is the solvency factor,profitability factor and core competence factor.The operation ability and the enterprise scale have no significant influence on the growth of the new OTC market enterprises;(2)These three factors also have a significant correlation between the solvency of the new OTC market not only with the growth of the direct relevance of strong,but also through the profitability of growth plays an indirect role,at the same time,core competitiveness through profitability and solvency path indirectly positive effect on the new OTC market growth;(3)The scale of the enterprise can have negative influence on the solvency;Thus,the growth of the new OTC market enterprises have indirect negative impact,and the operating capacity can be used as a profit factor intermediary,indirectly positive influence of new OTC market growth;(4)The influence factors of the new OTC market enterprises are not the same,through the factor analysis and the structure model can draw the influence of the greatest strength is profitability,followed by solvency,and then the core competitiveness.