Research On The Motivation,Effects Of The New Third Board Enterprises’ Turnover

In the context of the global economic downturn,strategic transformation under the new situation is imminent.This is a process of deepening reforms,and it is also a process of continuous development of a market economy.In response to the capital market,my country has successively introduced a number of policies to carry out drastic reforms.For a long time,the development of the new third board market has faced two major problems:one is the high barriers for investors to enter the market,and the other is the failure to connect with the main trading sections of the Shanghai and Shenzhen Stock Exchange.This has caused a series of problems such as low valuations of listed companies,insufficient liquidity,and difficulties in corporate financing,which has led to a large number of outstanding NEEQ companies actively seeking conversion.Then,how to successfully transfer and go public on the New Third Board,how effective the transfer is,and whether it solves the dilemma in the development process,has become one of the hot issues that the academic and practical circles urgently need to solve.This article uses Nanwei Medical,the first medical device company to transfer to the Sci-Tech Innovation Board as the research object,and uses the actual data before and after the transfer as the research material.Through a detailed introduction of Nanwei Medical’s transfer background,motivation,basic overview and implementation conditions,reveal the whole process of the transfer,and then analyze its transfer from the financial and non-financial effects before and after the transfer of Nanwei Medical.The effect.In terms of the motivation of Nanwei Medical’s transfer,on the one hand,it is mainly due to the increasing financing demand caused by changes in business scale,management needs and product characteristics,and on the other hand,it is mainly due to the increasing liquidity needs.In terms of the implementation conditions for the transfer,the main reason is that the high-end medical device manufacturing industry where Nanwei Medical is located is in line with the development direction of the science and technology innovation board and the basic issuance conditions,market value and financial standards are in line.In terms of the financial effects of Nanwei Medical’s transfer to the board,it mainly uses the financial indicator method to conduct a detailed analysis of the company’s profitability,solvency,operating capacity and growth ability before and after the transfer.Regarding the non-financial effects of Nanwei Medical’s transfer,firstly,it analyzes its short-term market response by studying its transaction data one week after its transfer and listing;secondly,it analyzes its R&D investment and R&D number before and after the transfer.And the change in the number of research and development results indicates the enhancement of the company’s innovation capabilities;finally,the optimization of the corporate governance level is illustrated by the analysis of the equity concentration before and after the transfer of Nanwei Medical.Through the analysis of Nanwei Medical’s transfer effect,this article concludes that Nanwei Medical’s transfer to the Sci-tech Innovation Board has achieved significant financial and non-financial effects.First of all,the analysis of the financial effects of Nanwei Medical before and after the transfer to the board found: First,the profitability.Nanwei Medical’s profitability has been greatly enhanced and is significantly higher than the industry average,forming a new profit growth point;second,in terms of debt solvency.The company’s debt-to-asset ratio has dropped significantly,the company’s equity capital has been expanded,the capital structure has been optimized,and the short-term and long-term debt servicing capabilities have increased significantly;third,in terms of operational capabilities.Due to the rapid expansion of the company’s asset scale,the efficiency of asset utilization has not been improved simultaneously,and continuous optimization is still needed in the later stage;fourth,in terms of growth capacity.After the transfer,the company has a large amount of capital,the company’s production scale has expanded,and its growth and development capabilities have been enhanced.Secondly,the analysis of the non-financial effects of Nanwei Medical’s transfer to the Sci-tech Innovation Board found that: First,the stock price and liquidity of Nanwei Medical increased rapidly after the transfer,and shareholder wealth increased significantly,which solved the company’s financing difficulties.;Second,the company’s R&D investment continued to increase after its transfer to the Sci-tech Innovation Board,and a large number of research results have been obtained,indicating that the company’s innovation capabilities have been improved;third,after the company’s transfer to the Sci-tech Innovation Board,the overview of shareholders has increased significantly and the level of corporate governance has been improved.optimization.Finally,this article summarizes the successful experience of Nanwei Medical’s transfer to the board,and tries to put forward relevant suggestions to contribute to the further construction of a comprehensive multi-level capital market,and also provide help and guidance for the companies that intend to transfer to the board.