Reasearch On The Pricing Of The Private Placement For The Listed Companies Of The NEEQ

The National Equities Exchange and Quotations system,also called the NEEQ,is the present stage for a key link of the construction of multi-level capital market in our country.This market is in order to promote the development of small and medium-sized enterprises in our country,and alleviate the financing difficulties of the small and medium-sized enterprises generally face.The NEEQ since 2013 for the national expansion,the number of companies listed on this market present explosive growth in almost three years.As of December 31,2017,the NEEQ has 11630 listed enterprises,and most of companies listed on the new three board is for the purpose of financing.Private placement is the most important financing way for the listed companies in the NEEQ.But The NEEQ's determination of the purchase price is negotiated by the issuer and the companies,without reference to the market price.Plus the NEEQ itselves' liquidity is poorer,and is difficult to form effective market prices.This gives some listed companies and investors a lot of free space,resulting in the NEEQ's private placement on the pricing of the chaos.Such loss of openness,fairness and justice of pricing mechanism,also not be able to the protection of the interests of investors effectively.In the long term,for the NEEQ market development will also have a certain influence on the whole.Under the above background,around the pricing problem of the NEEQ's private placement,in-depth analysis of the NEEQ's private placement market and the pricing mechanism of the NEEQ,etc.Then summarizes the features of the NEEQ's private placement market.And then according to these characteristics,to analyze the existing pricing mechanism and pricing valuation methods' applicability for the pricing of the NEEQ's private placement.Then gives the countermeasure suggestion about the pricing of the NEEQ's private placement and the verification analysis.Not only for the NEEQ's market companies and the NEEQ's bidding transfer enterprises put forward the corresponding respective pricing method of the private placement,but also put forward some advice of the system,to improve the relevant systems of the NEEQ's private placement market,making the pricing of the NEEQ's private placement more reasonable.It is hoped that the NEEQ will provide financing channels for small and medium-sized enterprises,promote the development of small and medium-sized enterprises,and contribute to the transformation and upgrading of China's industrial structure as a market forces.