A Study Of SMEs' Financing Effects In New Third Market

Small and Medium-sized Enterprises(SMEs)as an important role in the development of the national economy,and it have made outstanding contributions to China's sustained economic growth.However,SMEs did not get a good development environment in the growth process,many practical problems have hindered its development,the most prominent is the financing difficulty.In order to stabilize the growth of small and medium-sized enterprises and create a stable national economic growth environment,solving the financing difficulty of small and medium-sized enterprises is the first priority.Along with our country financial system reform,to broaden the financing channels for SMEs,As the new third market expansion for a long time,especially after introducing market-making system in 2014,the new third market listed companies have sprung up growth,financing scale has expanded rapidly,trading frequency accelerated significantly,and promote the development of small and medium-sized enterprises are improved obviously.In this context,this paper focuses on the financing effect of small and medium-sized enterprises in the new third board market and discusses and puts forward countermeasures.This paper analyzes the financing effect of SMEs in the new third market by means of statistical analysis and quantitative verification.First introduced our country present stage in new third market financing present situation,and through the new third market listed companies during 2007-2016 stock clinch a deal the situation,directional capital raising and corporate profitability,qualitative analysis the new third market for SMEs financing effect.Secondly,the quantitative verification method of linear regression is used to further verify the financing effect of SMEs in the new third market.Finally,select the representative "Aladdin company" as a case to analyze its financing measure and effect after listing the new third board marketIt research results show that:1.The SMEs are increased in the new third market liquidity,directional and profitability has a certain improvement,but compared to the main board market,also has the very big promotion space;2.Proposed:ROE=?+?1 LEV+?2 NPGR+?3 EPS+ ?,linear regression model to verify that the new third market financing has some improvement to the profitability of SMEs,but the effect is not obvious;3.Case analysis shows that the financing channels and capital structure are greatly optimized after the new third market of SMEs are listed,but the government and enterprises still have a lot of space for improvement in the standardization of the market.Based on the above conclusions,this paper puts forward the government departments to strengthen fiscal and tax subsidies,improve the listing standards,and severely punish illegal activities.the author also puts forward some suggestions on the implementation of the scientific rotary board and the mechanism of delisting in the market of the third market,and proposes the improvement of the core competitiveness and credibility.