Research On The Impact Of NEEQ's Private Placement On Business Performance

SMEs are important participants in “mass innovation and innovation”.Along with the further development of China's market economy,SMEs play an irreplaceable role in promoting the growth of China's national economy,alleviating severe employment pressures and improving China's market economy structure.At the same time,it can‘t be ignored that the development of SMEs themselves faces the problem of financing difficulties and limits their healthy development.In recent years,the state has vigorously developed multi-level capital markets,and the NEEQ market has become a new channel for SME financing.Among them,private placements have raised a large amount of funds for SMEs to operate.In 2018,there were 10,691 listed companies in the New Third Board,and the amount of private placements raised was as high as 60.443 billion yuan.It can be seen that the directional private placement of the NEEQ plays an important role in the improvement of business performance.On the basis of reviewing the existing literature on the impact of private placement on business performance in NEEQ,this paper determines the research method adopted in this paper: the combination of empirical analysis and case analysis.Private placement will affect enterprise business performance through different reactions of internal and external stakeholders.Therefore,this paper proposes the research hypothesis that private placement on NEEQ has a significant positive impact on enterprise business performance.In this paper,software,information transmission and technology service industry are selected as research objects for multiple regression analysis.Conclusion: private placement of NEEQ's enterprises has no significant influence on short-term business performance.Then take company B,a typical representative of the industry,as the case study object.By using financial indicators for the past and non-financial indicators for the future,this paper analyzes the long-term business performance of B company through the NEEQ's private placement.Through the case study,it is found that: from the perspective of financial indicators,generally speaking,the long-term business performance of B company declines after the private placement.From the perspective of non-financial indicators,after the new third board private placement of B company,the company's innovation ability,brand advantage,scale advantage and management advantage have all been improved.This will help company B cope with all possible risks,so as to improve its business performance and promote its healthy and long-term development.On the other hand,it can be seen from the changes in financial indicators of company B after the private placement that the short-term business performance of company B has been slightly improved after the private placement,which is consistent with the results of regression analysis and shows a positive correlation,but this correlation is not significant.This provides a reference for the new third board and other enterprises that need to use private placement for financing.The full text of the NEEQ private placement of this financing model can affect the business performance of the business,what will affect the indicators.After selecting multiple regression analysis in software,information transmission and technical service industry,B company was selected as a case to analyze from two aspects: financial indicators and nonfinancial indicators.Through this kind of case study,it tries to provide a reference and reference for the private placement of other new three-board enterprises.This will enable more new three-board enterprises to fully mobilize their enthusiasm,integrate into the market economy,and obtain optimal financing.