A Case Study Of “Kyland Technology” Transfer Board In The New Third Board

Since the beginning of the 21 st century,the Chinese economiy has been developing sustainly and rapidly,and the Chinese economy in the rapid development also request that small and medium enterprises have the better growth ability.However,most of the small and medium-sized enterprises in China today are small-scale,less capital and other common problems,and do not have enough mature conditions to appear on the market directly,so the construction of the new three-board is important to solve the financing problem of small and medium enterprises in China and to promote the development of SMEs.Especially in June of2013,the new board announced the national expansion,the number of companies listed in the new three board has a sharp increase.But with the continuous developmen of the new three board,more and more companies lested in the new three board want to transfer to a higher level market.So why more and more companies choose to "turn the board" ? What is the role of the new three board market in China's small and medium enterprises? and what will be happened after the enterprise in the new third board turn Board ?In view of the above problems,we first comb the research results on the transfer broad at home and abroad,and on this basis,the definition of the transfer board and the relevant theory of the transfer board are are exhaustively elaborated.And then based on the current situation of China's new third-board,takes the new three board enterprises East soil technology successfully transfer board to the GEM as a case,analyzes the motivation of East-earth Science and Technology transfer board in the perspective of Enterprise Value,Financing Channel and Corporate Governance;at the same time analyzes the results from market reaction,enterprise growth,financing capacity and corporate governance structure,after the East soil science and technology transfer board,and use the event research method and financial index method and other research tools to explain the conclusion;Finally,we analyze the problems which exist in the process of Kyland Technology truning broad,and provide some revelations and suggestions for other enterprises which want to transfer board and the chinese capital market in the exploration of the transfer broad system.In this article,through the above research,the new three board companies through transfer board,can increase shareholder wealth,enhance corporate financing capacity,improve the development of enterprises and optimize the corporate governance structure,these results are favorable to the sustainable development of enterprises.In view of the existing problems Kyland Technology in the transfer process,put forward the corresponding proposal,including reasonably assess their own strength and choose the right time to transfer the board before the listing of enterprises,as well as the new three board market to establish a variety of transfer board way,reduce the cost of the transfer board and improve the relevant supporting system.