The Empirical Study Of New Third Board Listed Companies Performance Impact On Share Price

NEEQ is a financial matching system in the economic transition phase of China,which provides high-tech and small enterprises that boost mass entrepreneurship and innovation with capital markets services such as equity financing,bond financing,public equity transfer,mergers and acquisitions,which is the focus of China's multi-level capital market,which is the key plate to solve the financing difficulties of small enterprises,which is an important measure of mass entrepreneurship and innovation.Under the influence of NEEQ's strong institutional dividend,NEEQ has expanded further,the number of listed company has increased year by year.By the end of 2015,listed companies reached a total of 5100 in the NEEQ which has already gone beyond the sum of 2800 in the main-board Market,mall and medium enterprise board,growth enterprise market.Market size ushered in the explosive growth,total market value reached 2.46 trillion yuan.NEEQ has the basic function of capital market financing and pricing.The listed company's market value is reflected in the stock price.In the existing papers,Few studies on the relationship between the performance and stock price of the NEEQ listed company.Given the importance of the NEEQ to the development of China's capital market,The research on the relationship between the performance of the listed company and the stock price has important theoretical and practical significance.Whether the performance of listed companies have been fully reflected in the current stock price,How much of the explanatory power of the company's performance to the stock price,How much of the explanatory power of the company's performance to the stock price,Whether investors can predict the trend of stock prices by predicting the company's performance.this paper analyzes and studies based on these problems.This paper selects 701 samples,extracts 2012-2015 financial data,transaction data and other relevant information,Uses multiple regression analysis method to study the relationship between the performance and stock price of NEEQ,the writer finds that listed companies have strong profitability,faster growth,but greater performance differentiation,high volatility.the NEEQ's overall valuation is low,but the stock price volatility is relatively large.Our performance of the NEEQ company has a significant positive impact on the share price,but at the same time some of the key performance indicators on the stockprice does not have a great impact.This shows that China's NEEQ market has a rational side,but at the same time irrational factors still exist.By this empirical study about the influence of the performance of the listed company on the stock price,We provide regulators with the policy direction that is conducive to the NEEQ market and benefits from the establishment of the concept of value investing policy such as establish a mixed market maker system,sign a gamble terms between NEEQ and major shareholders,implement NEEQ investor continuing education credit system,to foster the capital market environment which hold long-term value investment and pay more attention to the cash dividends.This paper provides a M&A reference for listed companies and listed companies to be proposed.it makes recommendations about increasing the value of the company.This research provides investors with reference to select high-quality investment targets.