Study On The Turn Board Problems Of NEEQ Listed Companies

In multi-level capital market,different levels of plate has its specific function orientation,Companies will choose to list on a plate according to their own characteristics and needs.Among them,the new three-plate market takes its “low threshold,inclusiveness,and standardization”.Its advantages have attracted the attention of many small and medium-sized micro enterprises and have met their capital operation needs.In recent years,with the expansion of the new Third Board to the whole country,the number of New Third Board listed companies has grown rapidly.Some of high quality companies have continued to grow and develop.However,the current New Third Board has been unable to meet their needs in terms of liquidity,financing and market attention.Therefore,some companies generated needs for landing higher-level capital markets and made attempts to transfer.By December 31,2016,although there were a large number of companies that had demand for turning board and had applied to transfer,only 13 companies had achieved a successful transfer.So why is the proportion of successful transfer of the new three board companies so low? What problems will the new three board companies encounter in the transfer board practice? How to solve these problems effectively? The research work of this paper is carried out under the above background.It is hoped that through the theoretical research and case analysis of this article,we can sort out the problems encountered by the new board companies in the turning board practice and put forward effective countermeasures and suggestions so as to help the new board companies with the demand for turning board smoothly.Focusing on the phenomenon of the new three-board enterprises turning board,this paper analyzes the background and current situation of the turning board of the new three board enterprises from the theory and the capital market environment,and analyzes the practice process of the transfer board of the new three board enterprises,and analyzes the related problems in the practice of the transfer board,and finally puts forward the pertinent countermeasures and suggestions.In particular,the paper expounds the theoretical foundation behind the phenomenon of the new three board enterprises firstly,including the theory of the enterprise financial growth cycle and the signal transfer theory under the asymmetric information of the enterprise.Then,the paper analyzes the background and current situation of the transfer board of the new three board enterprises in China,mainly from the current multi-level capital market in China.The current situation of the new three board enterprises main including the situation of turning board enterprises and the way of turning board.Next,in the case analysis part,Const is taken as the research object,and the related problems of Const in the process of turning board are deeply analyzed,and the necessity and feasibility of the transfer board and the preparatory work including the determination of the way of the plate and the rotating plate and the cost of the turning board produced by the current mode are emphatically analyzed.Finally,through the study of this paper,the main problems reflected in the practice of turning board are as follows:(1)the construction of related facilities in the new three board market in the aspects of financing,flow and so on lags behind developments of some high quality listed companies,so these enterprises have produced a relatively strong demand for turning board;(2)the current mode of new three board turn board enterprises in China is relatively simple and the lacks green channel in the practice of turning board;(3)the cost of the current IPO turn board mode is too expensive.At the same time,in view of the problems reflected in the practice of turning board,this paper puts forward some corresponding countermeasures and suggestions: 1,the new three board listed enterprises angle:(1)rational view of the turn board behavior;(2)do a good preparation of turning board;2,the new three board market construction angle:(1)perfect the construction of the new three board supporting facilities;(2)improve the new delamination mechanism;(3)establish a convenient and efficient transfer mechanism.