| As an important part of China’s multi-level capital market,the new third board is the third national stock exchange after Shanghai and Shenzhen.Since its expansion in 2013,the new third board has attracted a large number of small,medium and micro enterprises with its low financial threshold and convenient listing.In December 2016,the number of listed enterprises on the new third board exceeded 10,000.In the past two years,due to factors such as insufficient liquidity,high listing cost and poor financing effect,the number of delisted enterprises has been on the rise year by year.However,as of October 10,2019,there were still 9,223 listed companies on the new third board,far more than the number of listed companies in Shanghai and Shenzhen combined.The new third board market has laid a foundation for China to build a multi-level capital market and provided solutions to the financing difficulties of small,medium and micro enterprises in China.On this financing platform for small,medium and micro-sized enterprises,private placement is the main financing method for listed companies,and some small and medium-sized enterprises obtain financial support for their continuous operation and development through private placement.However,due to the increasing downward pressure on China’s economy in recent years,the system in the construction process of the new third board market needs to be improved.Meanwhile,listed enterprises themselves also have various problems,which makes the new third board gradually enter the rational stage and even the low point of development after experiencing blowout development in 2015 and 2016.In this paper,literature research,case analysis and field research are combined to study the factors that led to the successful completion of two private placement by Longchuang company,a listed company listed on the new three board.Firstly,this paper introduces the research background,research significance and research results at home and abroad.Then do to dragon company in enterprise introduction,and combined with the dragon and the company to consider the market environment and industry environment,describes its experience in new three board market for the purchase of all sorts of twists and turns,from the case of investors at the start of the "flock" to "flee" after just a few months,lead to the cause of the private placement was hampered and should think about how to solve;After the description of management problems,the case was analyzed through market timing,information asymmetry,herd effect and other theories,and relevant Suggestions and countermeasures were given according to the analysis results.Finally,the research conclusion and Suggestions were obtained. |
