Analysis Of Financial Ability Of New Third Board Enterprises Before And After Listing In China

China's economy has entered a new normal,and "increasing quality,improving efficiency" has become an effective way to transform the economy.The economy of small and medium-sized enterprises is an important part of our country's market economy.Under the dynamic environment driven by the country's strong advocacy of innovation,small and medium-sized enterprises have natural advantages in terms of technological innovation and institutional innovation.The number of small and medium-sized enterprises accounts for over 90% of the total number of enterprises in China,and is widely distributed in first-and second-tier cities,towns and villages,formin a large scale covering a wide area and a wide range of business areas.At present,nearly 60 % of China's GDP and 50 % of fiscal revenue come from small and medium-sized enterprises.At the same time,small and medium-sized enterprises are also the main force of scientific and technological innovation and industrial innovation,and have achieved certain results.The number of small and medium-sized enterprises patents accounts for more than 60 % of China's total patent volume,and the number of new product R&D accounts for more than 70 %of China's total new product R&D volume.At present,a major problem affecting the speed and quality of SME development is the low efficiency of financing.Under the background of encouraging public entrepreneurship,innovation and inclusive finance to support the economic development of small and medium-sized enterprises,the development of the new three-board market is in full swing.By 2017 the total number of new three-board companies in small and medium-sized enterprises nationwide had reached 116,630,with a total transaction value of 1,239,449,700 yuan.However,the spurt growth of the new three-board market,the effect of the allocation of funds after financing,whether it has played a positive role in financing,as an important part of China's capital market,can it effectively alleviate the financial difficulties of SMEs?Such issues have caused widespread concern in the industry and academia.This article is based on the existing research literature.Starting from the definition of relevant concepts and financing theory,this paper analyzes the financing scale,financing methods and financing problems of SMEs in China's new third board SMEs,and then compares the efficiency of SMEs before and after financing as a whole,because the financing cost-side measurement of new third board SMEs in China exists.To some extent,this paper regards efficiency as the efficiency after obtaining financing from the utility side,and mainly analyses the financing efficiency of SMEs on the new third board from the analysis of various financial capabilities;secondly,it inspects the differences of various financial capacity indicators in different industries,and then compares the differences of financing efficiency in different regions;secondly,through case analysis,it explores the differences of financing efficiency in different regions.Discuss the changes of financial ability before and after the listing of the new three-board listed enterprises.Finally,summarize and put forward corresponding suggestions.The results show that the new third board has developed rapidly since its establishment,but there are differences between industries and regions.The scale of equity of Listed Companies in the new third board is in the range of 10-50 million shares,the overall size of the company is small,and the development space and potential are still large.According to the indicators of financial capacity of Listed Companies in the new third board,although the efficiency of the whole end of capital use is not high,some of them are not.The effect is gradually showing,especially the capital structure has been significantly improved;for individual enterprises,the performance of financial ability before and after listing is quite different.Finally,some suggestions are put forward to improve the financing environment,strengthen the construction of enterprise credit system,and strengthen the internal control system of enterprises in order to improve the financial ability and financing efficiency of enterprises.