Empirical Study On The Impact Factors Exert On The Neeq Listed Information Technoloical Companies

Chinese NEEQ(National Equities Exchange and Quotations)has been showing explosive growth since 2015.NEEQ became the only experimental field for registration system as Strategical Board has been suspended from putting forward,consequently regulatory authority has high expectation for NEEQ.So far NEEQ has provided convenient platform for SME to finance through private placement of the stock,which has been widely adopted.This thesis intend to find the elements that has impact on the financing ability of the information technological companies through both normative approach and empirical approach.With the real experience of analyzing the feasibility of investing and the reading of existed documents and research,I first listed the theory that may explain part of the phenomena in the activity of financing,which include Information Asymmetry theory and Pecking order theory,together I put forward some possible factors that may restricted the financing of the companies,also the factors that may help company raise money and potential method that could be adopted to improve the situation.After the analysis on the whole scale,I broke down to the study of the NEEQ,first by describing the current condition of the NEEQ,we have a general view of the OTC market of China.By gathering samples statistics from the information technological companies,we were able to run regression on the model and factors we designed.With the regression result,we finally analyze the impact of each factor and reach conclusion as well as giving advice to the companies which are looking forward to raising money on the OTC markets.Also the results can be helpful in determining the effectiveness of the standard we adopted when we select from the potential investing targets.