| The decline of the current economy is obvious in our country, the domestic and foreign demand is reducing constantly, deflationary pressure is increasing,and the traditional industry has facing overcapacity. For a better response to the ecnomic slowdown, reform of supply- side comes into being.The innovation driving development becomes the focus of the reform, while small and medium-sized enterprises become the important support of the development of economy. But, hard financing of small and medium-sized enterprises is the world long-term problem,this article is purpose to studying that whether SMEs’financial bottleneck can be effectively alleviated after the expansion of Three board or provides effective platform for SEMs’develpment.Listed companies in three new board to get financing, whether its earnings significantly improved.On the one hand, Based on the current development of SMEs,although SMEs have become an important force in promoting national economic development, but its earning capacity due to financing difficulties constraints, therefore there is still huge room for improvement. Three new board expansion to the whole country, all non-listed SMEs can be directly financing in the capital market, through comparative analysis,we could find that more SMEs can obtain financing in the three new board,and the entire market liquidity tends to raise because of an increase in alternative investment companies,and the situation of fund-raising tends to good. However, the market’s trading activity compared to the Main Board and GEM are still gaps, but not active equity transfer will further hinder the listed companies financing and refinancing, so how to improve liquidity become the focus of policy recommendations.On the other hand, in order to know whether listed companies’ profitability in three new board have gotten improvement after oriented financing,thus taking multiple linear regression analysis to study, regression results show that after obtaining financing in the new board, its ROE increased significantly, but agreement transction hindered the financing of enterprises to a certain extent, thereby affecting earnings.Three new board with the establishment of a short time, its finance function to be further strengthened, therefore, by learning the construction experience of foreign mature capital markets. Finally, putting up some recommendations in order to serve non-listed SMEs better. |
