The Study On The Growth Of New OTC Market Listed Companies In The Western Region Of China Based On Catastrophe Progression Method

The main function of the capital market is to provide comprehensive financial services and stock trading services for the enterprise,to solve the problem of funds of enterprises,the level of diversity of the capital market for various types of enterprises to solve the financing problem,different types of standard therefore,whether the capital market is the perfect multi-level.Up to the present,China has basically formed four major,relatively perfect capital markets,including the main board market,the SME board market,the growth enterprise market and the OTC market.Researchers for many years show that the structure of the capital market is Pyramid "type is the most healthy,which increases gradually from the main market,the SME board market and the GEM market to the OTC market size of the next big small,but China's current capital market structure and the most healthy" Pyramid "type structure is still a far cry from.Among them,including the property rights exchange,equity exchanges and new three board market,including the construction of the OTC market is more difficult,in which the construction and improvement of the new third board market is imminent.The expansion of the new three board in 2013 is an important step in the construction of China's OTC market,bringing new hope for the financing and RE development of SMEs in china.Since 2013,the new three board expansion so far,the number of listed companies rose rapidly,the market scale of unprecedented expansion.But because the new three board listing threshold is low,the large number of enterprises,the vast majority of listed companies for small and micro enterprises,especially after the expansion of the new board access mechanism,trading system presents many new features,and three new board listed enterprise development status,development ability big difference between the good and the bad,the market situation of higher investment risk.Similar new features have brought new challenges to the growth research of new three board listed companies,adding new difficulties to the growth evaluation of new three board listed companies.At present,the research achievement of enterprise growth theory is rich,but the growth of the enterprise to judge,measurement,evaluation research,especially quantitative evaluation on the in-depth is rare on the new board listed companies growth after the expansion of the judgment and evaluation.It has been three years since the end of 2013,the new three board market to the national open,continuous data of listed enterprise growth evaluation needs have been met,the new board listing the number of enterprises in each area is increasing year by year,the new features of the new third market presents for the new board listed enterprise growth evaluation study provides very favorable the conditions.Under this background,this paper will be listed before 2014 in the northwest region of the new third market enterprises as the research object,based on a review of the domestic and foreign related enterprise growth theory research,three aspects of current situation,from the enterprise growth ability of the enterprise and the enterprise growth environment,the construction of the current situation of corporate growth "status-ability-environment-growth" the growth of the enterprise growth evaluation model,namely enterprise growth status,growth ability and enterprise growth environment of three parts of the evaluation system,and the method of principal component analysis and regression analysis to determine the research method for the catastrophe progression method,finally formed the main method of catastrophe progression method for comprehensive evaluation of the growth of enterprises,the principal component analysis and regression analysis by model.And use this model to evaluate the growth of 59 new three board listed companies in Northwest china.Finally according to the enterprise growth and the final score of each enterprise performance capacity,carries on the analysis to the new three board listing in Northwest China growth enterprise from the angle of regional development,the overall situation in order to reflect the new board in each region in Northwest China listed companies grow,and grow from the angle of individual enterprises selected two companies were growth,growth ability,comparative analysis of the growth environment,growth status,and according to the original data for ability to make up for the defects,through the analysis of the results of the three new board for Northwest enterprises growth evaluation reference,provide a reference for policy makers,investors,entrepreneurs and scholars.