Research On Operating Performance Of Enterprises In NEEQ Market With Private Placement

In recent years,China has made some achievements in the process of building a multi-level capital market system,and the construction of the NEEQ market is particularly prominent.From the development status,the NEEQ market absorbs different enterprises from all kinds of industries,and the market continued to expand rapidly.In addition,with implementation of stratification system,enterprises in the NEEQ market will pay more attention to regulate their operations,and it's help to improve the quality of the whole market.And private placement institutions were allowed to participate in the market making and the market liquidity has been improved in a certain extent.The rapid development of the NEEQ market has effectively stimulated its role as a financing function for the over-the-counter market.From the current financing situation,private placement is well received by listed companies with its low cost,high efficiency and other advantages.Many enterprises are making private placements in the purpose of enhancing their capital strength and replenishing liquidity.They hope to broaden the size of their businesses and improve operating performances through private placements.Judging from the current research situation in China,scholars mainly focus on the field of listed companies with private placement and operating performance,and most of them use the econometric model for empirical analysis,and few scholars use the case for analysis.In addition,the pre-development data of the NEEQ market was missed,few scholars paid attention to this area.Based on the previous scholars' research methods,this paper uses the case analysis method and the characteristics of the NEEQ market to make a deep research on the impact of the private placement on the operating performance,hoping to make a contribution to this field.This paper uses theories to analysis the question from the perspectives of finance and non-finance,then use factor analysis to construct a comprehensive performance score model,and compare the difference.It was found that only some of the enterprises significantly improved their operating performance through private placement.In order to study how the listed companies in the NEEQ market improve their operating performance through private placement,this paper selected a representative company as a case study.In the case research,first analysis the financing needs of the company,and then analysis the differences in their operating performance before and after the private placement from financial indicators and non-financial aspects.In order to exclude the impact of industry factors,it compares with the industry average of the NEEQ market.The analysis shows that Creation has improved its performance effectively after the private placement,which is manifested in the rapid expansion of total assets and capital,the improvement of corporate solvency,the guarantee of capital operation and the continuous expansion of the scale.From the analysis results of non-financial indicators,Creation optimized the shareholder structure through private placement and mitigated the issue between shareholder and agency effectively;the introduction of institutional investors provides enterprises with a wealth of industry resources to help enterprises capture market share;In addition,the company rationally controlled the potential problems in the private placement.Based on the above analysis,this paper proposes the following policy recommendations from the perspective of the companies and the NEEQ market: appropriate introduction of institutional investors to enhance the company's core competitiveness;implementation of employee stock ownership plans to achieve synergy;strengthen the supervision of raised funds and effectively control operating risks;further enhance the market liquidity,and improve valuation methods;speed up the transfer plate system,build a capital market bridge.