| As an important part of China's multi-level capital market,the new third board is positioned on the market platform of public transfer and issuance of non-listed stock companies.It provides related services such as stock trading,issuance and financing,merger and acquisition and reorganization,and provides information,technology and training services for market participants.The new third board market has developed rapidly since it was officially unveiled in January 2013.According to the data of stock transfer system,by the end of 2018,there were 10855 new listed companies,6107 listed companies completed 9811 stock issuances in the past six years,and the total amount of financing reached 459.365 billion yuan.However,from the perspective of financing function,there are obvious differences between the new third board market and the main board,small and medium-sized board and GEM.Therefore,the transition to the main board market has become the general expectation of the new third board listed companies.In 2007,Guangzhou Daily Media Co.,Ltd.(hereinafter referred to as "Guangdong Media")succeeded in turning the board from the new three boards to the medium and small boards,opening the first of the three boards.By the end of 2018,more than 100 enterprises have succeeded in turning the board.What is the impact of the turnboard on the company? What improvements have been made in these enterprises that have completed the turnboard? What are the financial effects of these improvements? The analysis and study of these problems is not only related to the decision-making of companies trying to change the board,but also related to the construction of the relevant system of China's capital market.Hezheng Science and Technology Co.,Ltd.(hereinafter referred to as "Hezheng Science and Technology")was listed on the third board market in 2012,and it was successful in 2015.There is little difference between the time before and after the conversion board,which has strong comparability.For this reason,this paper takes Hezheng Science and Technology as a case study,compares and analyses the relevant data and facts in the first three years and four years after the turntable,and tries to answer the above three questions.The results of this study show that:(1)the transfer board really improves the financial performance of the company,and the profitability,operation ability and debt paying ability of the joint venture technology are obviously improved after the transfer board;(2)the way to improve the financial performance of the transfer board is toexpand the scale of financing,enhance the goodwill of the enterprise and promote the improvement of internal governance through the strengthening of external governance.At the same time,this paper also finds that the transfer board is not omnipotent.As far as vertical technology is concerned,there is still room to improve its financial performance.In addition to the single main business,the company's financial management strategy has not been timely adjusted after the completion of the transfer board,mainly reflected in two aspects: excessive debt level and excessive idle funds.From this point of view,the reasonable adjustment of financial management measures is equally important to the improvement of corporate financial performance. |
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