Evaluation Study Of The Listed Companies' Growth On New Third Board

The new three board market as China's multi-level capital market system based on the level of its importance is self-evident.The new three board market has always been known as the motherboard market and the GEM market reserve army,excellent business reservoirs,many due to the size of the problem was blocked in the motherboard,the GEM threshold outside the small and medium enterprises to be listed on the new three boards.The new three board from the "two networks" era of development so far,has become a nationwide market capitalization of such a vigorous growth of the new three board development prospects cannot be ignored.The new three board market listing standards in the financial indicators require a lower,more emphasis on growth.Research on the growth and influencing factors of the new three board enterprises can help investors to identify the potential business help,but also for the regulatory agencies to provide policy advice for the enterprise to provide their own management reference.Based on the analysis of the existing enterprise growth theory and the status quo of the new three board,this paper constructs the comprehensive evaluation system of the new three board listed enterprises from the four aspects of profitability,operation ability,solvency and growth ability.Through the factor analysis method,the use of new three board listed companies 2013-2015 data,a comprehensive evaluation of the new board on the market growth of listed companies,and a simple analysis.Then,based on the results of comprehensive evaluation and the analysis of the growth factors,the Pearson correlation coefficient analysis is carried out to verify the relationship between the assumed factors and the growth factors from three aspects:external factors,enterprise technological innovation factors and corporate governance factors.The empirical results show that(1)the growth trend of the new three board listing enterprises in 2013 and 2015 is generally the trend of "V" shape,which is declining in 2014 and rising in 2015.(2)new three board listed enterprises in the region where the growth of enterprises to promote the role of business,the development of the industry also has a positive impact on the growth of enterprises.(2)R&D investment,human capital on the new board of three enterprises to promote the growth of the role.(3)focus on the new three board listed companies have an inhibitory effect on growth.The scale of enterprises shows a significant positive correlation to the growth of listed companies.On this basis,this paper proposes to standardize the development of new three board market,integrate market resources,actively leveraging the capital market development and encourage enterprise technological innovation and so on.