The Research On Financing Strategy Of NGKJ Company Through New Three Board Listed

The financing difficulty of small and medium-sized enterprises has become a social problem,and the agricultural machinery industry is no exception.At the beginning,most of the small and medium agricultural enterprises manage their company through investment of shareholders or other primitive accumulation.However,when the company developed into a certain scale,the financing channel is common to banks for long-term loans or leveraging the capital market to promote the development of enterprise.In recent years,with the increasing number of Listed Companies in the agricultural machinery industry,mergers and acquisitions have occurred in the industry,making a lot of unlisted small and medium-sized agricultural machinery enterprises feel the pressure.Facing the complicated market competition environment,relying solely on traditional bank lending has been difficult to support enterprises to raise funds for the sustainable development.Therefore,many companies want to be able to leverage on the capital market,which will be listed into the enterprise long-term strategic development plan.NGKJ is principally engaged in the research and development,production and sales of small combine harvesters.It has a good material and technical basis.The increasing situation of main business income and net profit of the year 2014,2015,and 2016,showed steady growth,which can be listed as a long-term development of the strategic objectives.However,A shares listed on the corporate financial indicators require the high standards and NGKJ company does not have the necessary conditions for listing.How to do?In recent years,the new three board market has developed rapidly and its financing function has become increasingly apparent.It opened up a new channel for SME financing and brought a new idea of listing and financing strategy.This paper first analyzes the current situation and existing problems of NGKJ company.The basic point is that the financial indicators are not up to standard and the corporate governance system is imperfect.Secondly,by comparing the overseas listing,the domestic A-share listing and the new three-board listing,three common financing ways to listing,combing with the actual situation of their own research,it consider that NGKJ company has the feasibility of new three board listing,designing for a new three board listing and financing program in order to solve the company's recent financing problems for the company.And then put forward the strategy of NGKJ's new three-board multi-channel financing after the listing,including from the endogenous financing to the external financing,from the private financing to the public financing,from equity financing to equity and bond financing and the introduction of strategic investors and so on.Finally,this paper further analyzes how the new three board of NGKJ company can improve the management and improve the efficiency to create the financing conditions,and provide reference for NGKJ company to develop the development strategy.This article uses the enterprise development cycle theory and information asymmetry theory,using case analysis and comparative analysis research methods on the development status and financing of NGKJ company analysis,conclusions are as follows:(1)equity financing is still the most costly and most robust financing solution for many financing channels.For the enterprises having difficulty in listing,taking long time and developing stably,it can refer to NGKJ's new three-board program to carry out the work of the new three board listing,with the new three board market to effectively solve the difficulties of listing and financing(2)In this paper,the feasibility of listing the new three-board is analyzed with the actual situation of NGKJ.It is considered that the new three-board threshold is low,the listing period is short,and the new three-board can bring obvious non-public issuance financing function.(3)NGKJ new three board after the listing of the financing environment changes will change the choice of financing strategy,the company will be endogenous financing to external financing,from private equity financing to public financing,from equity financing to Equity financing and debt financing simultaneously,and then the introduction of strategic investors to build.The bright spot of this paper lies in the listing of the new three board as a path listed on the small and medium-sized enterprises,especially for the agricultural production enterprises to help them understand the advantages and disadvantages of listing the new three boards,combined with the specific situation of enterprises to implement the new three board listing strategy and the listing strategy.This paper can provide theoretical and case analysis for the enterprises that are entangling and choosing the direct listing or listing the new board and then the new board.It will provide new ideas and directions for the development of small and medium-sized agricultural enterprises.