Evaluation Of The Implementation Effect Of The New Three-Plate Stratification System

In recent years,the new three-board market has developed rapidly.Every year,the number of enterprises listed on the new three-board has grown explosively.From the perspective of the number of listed enterprises,the new three-board market has surpassed other capital markets.Due to the low threshold and limited market access of the new three boards,the quality of enterprises listed in the new three boards market is very different.In order to facilitate market management and supervision and to establish a multi-level capital market with full coverage,the Securities and Futures Commission introduced a tiered system in 2016.Its main purpose is to distinguish between new enterprises with mixed quality and quality.The stratification system is to put high-quality enterprises into the innovation layer market,and low-quality enterprises into the basic layer market,thus providing differentiated services to the two markets.The implementation of stratification system,on the one hand,can allow the limited management resources and market resources to optimize the allocation and meet the needs of different types of enterprises.On the other hand,it can allow high-quality enterprises in the innovation layer to obtain more resources and promote their development.At the same time,it can stimulate low-quality enterprises to achieve new three boards.So far,more than a year after the implementation of the stratification system,did the companies that entered the innovation layer enjoy policy dividends? Are more quality resources available? Has liquidity become stronger? Are financial indicators improving?We don't know that.Therefore,this paper selects 80 sample companies that enter the innovation layer.First,through the empirical test of the three indicators of turnover,turnover,and turnover,the change of liquidity after the enterprise enters the innovation layer is studied.Secondly,the paper analyzes the financial indicators such as net assets return rate,net sales interest rate,operating income growth rate,net profit growth rate,asset liability ratio,etc.of the sample company,and studies the changes of financial indicators after the company enters the innovative layer company,and analyzes the test results.Then through the empirical test,it is concluded that the liquidity and financial indicators of the enterprises have not improved significantly because of the implementation of the stratification system.Finally,from the perspective of the content of the stratification system,the time of implementation,the fluctuation of the new three-board market,the attitude of investors,and so on,according to the test results and the content of the problem analysis,the paper puts forward suggestions for the stratification system.