Research On The Impact Of The National Equities Exchange And Quotations On The Development Of Private Equity Funds

Since the founding of the "new Third Board",the dividend has been continuously improved and various policies are being constantly perfected with the great attention and support from the state.This has also made more and more enterprises willing to trade in the new three-listed board.In recent years,the number of new third board listed companies has increased year by year and the volume of transactions has risen steadily,and the price/earnings ratio of each industry sector has also risen rapidly.Before the expansion of the new third board,China's private equity investment caused a bad development due to various reasons,which largely resulted from the narrow exit channel.The expansion of the new third board provides a new channel for private equity,enriches the multi-level structure of the capital market,reduces the cost of private placement and pushes the development of private industry standard.However,despite the fact that many PE institutions have opted for the new third board exit,PE institutions have been forced to choose it due to the high cost of IPO and long time.However,whether the new third board is really suitable for the exit channels of private equity funds is uncertain,and the private equity fund is hesitant to promote the new third board of the invested enterprises.Through the case of jiuding investment,it shows that the new third board plays an important role in the listing and layout of the capital management plan.Due to the imperfect system of the new third board,the listing of the jiuding investment venture has been successful,but it cannot be duplicated under the current policy conditions.This paper first briefly introduces the operation process and development of private equity investment,then describes the "new Third Board" market development present situation and the main advantages,points out the new three board market development to promote private equity investment and it affect private equity some problems.Then,in this paper,by analyzing the dominant investment case,describe the investment and development strategy,keeping one listed on the new three board is accomplished and through the backdoor listing,keeping one listed on the new three board investment and financial situation before and after the backdoor listing,clarify get some enlightenment.The experience and the new three board of dominant listed the existing problems,it is concluded that with the rapid development of the new three board and improvement of financing for small enterprises with its and consummates our country multi-level capital market positioning and functions of new three board will boost the development of private equity funds,bring opportunities for private equity investment,to make it better serve the real economy.