Research On The Motivation And Effect Of Science And Technology Enterprises Transfer Listing

Since the pilot operation of the NEEQ market began in 2006,it has continued to empower small and medium-sized enterprises and become an important financing trading platform for small and medium-sized enterprises.After the expansion reform in 2013,the number of listed companies has increased by leaps and bounds,and the market scale has also expanded.However,problems such as insufficient market liquidity and lack of financing capacity have also followed,resulting in obvious polarization in the operation quality and performance of NEEQ enterprises,and at the same time limiting the development of excellent enterprises.In order to meet their own business development self-seeking,many high-quality private enterprises are seeking higher-level capital markets for transfer listing.This paper aims to deeply discuss the development status of the NEEQ and STAR Board markets and their corporate characteristics,and take the Gocom Information Technology as an example to analyze the impact of the transfer on enterprises from the perspectives of financial and non-financial indicators,in order to provide effective reference experience and optimization suggestions for enterprises listed on the New Third Board to meet the theoretical basic requirements and provide strong support for enterprises to transfer to the listing.This paper mainly involves the following aspects:Firstly,the conditions and procedures of China’s multi-level capital market and the upgrade and transfer of the New Third Board are introduced,and the effective market hypothesis,enterprise market value management theory,liquidity premium theory and enterprise financial growth cycle theory are selected as the theoretical basis.Second,it analyzes the characteristics of enterprises in the NEEQ and STAR Board markets and the challenges encountered in the development process.Thirdly,the successful cases of high-tech transfer of Gocom Information Technology were analyzed in depth from four main aspects:process,cost,motivation and effect.Finally,conclusions and recommendations are drawn.In the perspective of macro,the NEEQ creates opportunities for small and medium-sized enterprises,but due to certain restrictions,it is very long-term to retain excellent enterprises.In the micro point of view,on the one hand,the overall financial performance of the Gocom Information Technology has been improved,especially the growth ability has been remarkable,the asset structure and internal governance structure of the enterprise have been improved,and the financing channels have been broadened,so that the company’s scientific and technological research and development can obtain more resource investment,and create new profit growth points for the enterprise.On the other hand,due to the broad market capacity of the industry and the excellent performance of the enterprise itself,the image of the enterprise has been improved after the transfer,the scale of investors has expanded,and the stock liquidity has been enhanced,bringing a higher market value to the enterprise.After analysis,the transfer of high-tech listing of the Gocom Information Technology has a significant role in promoting its development.Based on this,this paper puts forward four suggestions for enterprises to be transferred and the NEEQ market:First,the NEEQ capital market needs to strengthen the ability to identify enterprises,appropriately supervise abnormal enterprises or support high-quality enterprises.Second,the capital market of the New Third Board should improve the protection system for enterprises that fail to transfer the board.Third,enterprises planning to transfer the board need to choose a capital market suitable for themselves,enhance their strength,and occupy the initiative in financing.Fourth,after the transfer of the board,enterprises need to adjust their capital structure in a timely manner.