Research On The Impact Of Listing On The New Third Board On The Credit Availability Of Technology-based SMEs

As the bottom of the "positive pyramid" capital market structure constructed in China,the National Equities Exchange and Quotations(NEEQ)has been widely recognized by the academic circles as a promotion of direct financing of listed enterprises,which is also the original intention of policy makers to establish the National Equities Exchange and Quotations.However,the research on the promotion of credit financing in the National Equities Exchange and Quotations has been generally ignored by the academic circles.In view of the current imperfect capital market environment and the fact that indirect financing accounts for a large proportion of enterprises in China,it is of great significance to study the specific role of the National Equities Exchange and Quotations in the credit financing of listed enterprises.Based on the mature theory of SMEs' credit financing and the retrospective analysis of the development process of the National Equities Exchange and Quotations,this paper constructs the theoretical framework of the impact of the National Equities Exchange and Quotations on the enterprise's credit availability.Using theoretical analysis and multiple regression method,this paper screens out 23 16 listed and unlisted SMEs'annual report data in 2013-2017 as research samples,and makes a thorough study on the impact of the National Equities Exchange and Quotations listing on the credit availability of SMEs.Firstly,by reviewing the research status at home and abroad and the development process of the National Equities Exchange and Quotations,this paper establishes a theoretical framework of the impact of the new third board on the credit availability of science and technology SMEs.Secondly,it empirically analyses whether the National Equities Exchange and Quotations listing will have an impact on the long-term and short-term credit availability of technology-based SMEs,and what kind of impact it has played.Finally,further hypothesis tests the specific impact of corporate equity financing capacity,corporate profitability,corporate R&D investment and government subsidies on this process.The results show that:(1)Compared with the unlisted enterprises,the National Equities Exchange and Quotations has obviously improved the long-term and short-term credit availability of technology-based SMEs.(2)On the occasion of unobstructed equity financing channels,strong profitability of hematopoiesis and more concern from the government,the active listing of the National Equities Exchange and Quotations can better promote the credit availability of enterprises.(3)As an important index to measure the attributes of technology-based SMEs,R&D investment of enterprises has no significant impact on the process of promoting the availability of corporate credit.The results of this study show that the National Equities Exchange and Quotations listing has significantly promoted the availability of credit for small and medium-sized technology-based enterprises,and the promotion process will be affected by internal and external factors.Generally speaking,for those small and medium-sized technology enterprises with good quality and bright prospects,actively listing the National Equities Exchange and Quotations will greatly improve their credit availability;but for those small and medium-sized technology enterprises with poor quality,the National Equities Exchange and Quotations has limited promotion effect on their credit financing.