A Study On Influencing Factors Of The Private Placement Price For The Listed Companies Of NEEQ

As an indispensable part of the multi-level capital market,the construction and improvement of NEEQ market play an important role in promoting the efficiency of direct financing for small and medium-sized enterprises in China.At the beginning of the establishment of the new third board in 2006,it was mainly for investment and financing services for high-tech enterprises.In 2013,NEEQ was extended to the national scope,and it became a nationwide non-limited field trade market for non-restricted areas.It provided open transfer,directional distribution,and purchase and reorganization for non-listed public companies.In 2015,NEEQ began to stratified reform,and divided all the enterprises into innovation layer and basic level.By the end of 2017,NEEQ had been comprehensively reestablished,and the way of collective bidding was launched.In the new three board market,the listed companies are mainly small and medium-sized enterprises.There are a large number of SMEs in China,with wide distribution industries and large demand for financing.According to statistics,as of December 2017,there were 11630 listed companies in NEEQ,with a total capital stock of 675 billion 672 million shares,with a total market value of 4 trillion and 940 billion 456 million yuan.As an important form of financing in the new three board market,private placement is an essential financing way for SMEs to expand and develop.The new three board private placement market heat has been very hot.In the new three board market in 2017,a total of 2429 enterprises participated in private placement,accounting for 20.8% of the total number of enterprises,the total amount of financing is 133 billion 625 million yuan.At present,there are still many problems in the new three board private placement.One of the most important issues affecting the participants is the pricing of private placement.Too high price and insufficient demand will result in the private placement can't be completed;if the price is too low,the private placement will become the hotbed of interest transmission.In order to protect the rights and interests of investors,it is necessary to research the factors affecting the pricing of NEEQ enterprises' private placement,enhance the rationality and fairness of the pricing process and guarantee the reasonable price.At first,this paper introduces the necessity and importance of the research on the factors affecting the pricing of the new three board enterprises,and reviews the literature review on the field market research,the new three board market research and the private placement research,and makes a summary of the possible factors.Then,according to the provisions of the NEEQ for the new three board listed companies and the relevant data of the new three board from January 2017 to August 2017,this paper analyzes the current situation of the market after the new three board market being reformed in China,and focuses on the private placement of the new three board enterprises.The current situation of the market is lack of unified pricing rules.The information asymmetry,liquidity risk and manager defense theory are put forward in accordance with the new three board market.The degree of information asymmetry,the purpose of raising funds,the target of private placement,the ability to issue securities dealers,and the financial level of companies.Then,we use the selected data to carry out an empirical analysis.Through descriptive statistical analysis,correlation analysis,principal component analysis and regression analysis,the previous views are tested.In the empirical study,this paper sets up a multiple regression model,and selects the size of the company,the scale of the issue,the time of the listing,the fund use,the proportion of the subscriptions of the large shareholders,the sponsor,the weighted net asset return,the asset liability rate,the total asset turnover rate and the year-on-year growth rate of the operating income.At last,the regression model of 5 main factors is established,and the conclusion that financial factors and information factors have the most important influence on the private placement is obtained.Finally,it is concluded that the financial situation of the enterprise is the most important factor,the phenomenon of the large shareholders' tunneling and propping in the new three board market is not obvious,the price of private placement will be high which for the project investment.The bigger the issuing scale is,the lower the conclusion of the private placement in pricing,and further suggestions on the reformation of policy on the new three board market and the reasonable determination of the price of the private placement by the enterprises: the regulatory agency should make a request to the specific pricing method and limit the targeted addition project;the enterprises need to improve their own abilities and change states.Good financial situation and looking for quality investment projects could improve the quality and efficiency of enterprise operation.