Study On The Growth And Influence Factor Of The Listed Companies On New Third Board Of Our Country

The born of New Third Board is a milestone of the improvement of China's multilayer capital market system.And New Third Board provides a more appropriate and convenient financing channel for the development and growth of medium small and micro-sized enterprises which occupy an important position in the national economy in our country.After several years of development,New Third Board absorbed a large number of high-tech strategic enterprises,the market size has been rapidly expanding and thus brought some problems.Therefore,the reasonable evaluation of the growth and the exploration of specific influence factors of listed companies help investors identify valuable investment,enterprises promote their own growth,the government makes reasonable industrial and regional policies,and promote the healthy development of New Third Board market.Based on the domestic and foreign scholars' study on the growth of enterprises,the characteristics of New Third Board market and listed companies in our country,this article summarizes the definition of the growth of New Third Board listed companies,the indicators of growth,external macro and internal micro influence factors.The paper selects the data of 146 enterprises of innovative level from 2013 to 2015 on New Third Board market as the research sample.Then this paper analyzed the indicators of growth and internal micro influence factors respectively by factor analysis.After that,this paper combined the result of factor analysis with the panel data regression method,put the comprehensive growth factor,internal micro factors and external macro influence factors into analytical model.The results show that,in the various industries and regions,China's New Third Board listed companies' growth are significantly positively correlated with profitability and operating capacity which is almost the strongest promoted factor.However different from economical knowledge,enterprise's innovation ability is significantly negatively correlated with its growth of by industry and region,which is almost the strongest drag to growth.In different industries and regions,the significance and the impact of the 2 external macro factors including fixed assets investment from the national budget,macroeconomic index and the 3 internal micro factors including solvency,enterprise-scale,technical level are different.Finally,this paper draws the conclusion of the research,and puts forward some suggestions from the vision of macro policy,listed companies of New Third Board and investors.