Research On The Quality Of Financing Through Private Placement In NEEQ

In the past few years,our government has been making great efforts to deepen the reform of capital market.At present,China has built a multi-level capital market.conclude main board,small and medium-sized board,GEM,NEEQ and regional equity trading center.The construction of these trading markets has greatly promoted the development of China's capital market.The NEEQ has created the conditions for entering the capital market for eligible small and medium-sized enterprises,which are also innovative and growing in line with the listing standards.As an important part of China's market economy,small and medium-sized enterprises,to a great extent,affect the level of economic construction in China.However,for many years,it has been constrained by many factors such as the development of enterprises,the credit policy of banks and the imperfect capital market system,small and medium-sized enterprises are generally faced with financing difficulties.The emergence of the NEEQ provides a good financing platform for small and medium-sized enterprises.Raising funds through directional increase has become the first choice for most small and medium-sized enterprises to finance in the new three board marketAs of December 2017,the NEEQ listed companies have reached 11630,more than 2663 enterprises have carried out a directional private placement.Of the 137 companies queuing up for IPO audit,nearly 40%of the enterprises have made a directional private placement before applying for IPO.For the phenomenon of directional private placement,this paper firstly reviewed the theoretical basis of directional financing research and quality of earnings home and abroad,secondly comb the situation of transferred enterprises which carried out directional private placement.Furthermore,based on the above research,selects the latest successful switch board "Sayya Windows" as the typical cases,give a depth analysis through the placement motivation,turn board condition,the transfer process and corporate earnings quality etc..Finally,according to the problems reflected in the case,this paper puts forward that we should pay attention to the improvement of corporate earnings quality through continuous private placement,raise corporate governance and strive to improve the standardization and profitability of new three boardbusinesses.