An Empirical Study On The Performance For Small And Medium-sized Enterprises In The New Third Board Market

With the continuous development of China, socialist market economy which has theunique characteristics is also being developing and improving rapidly. However, due to thelimited scope, relatively high uncertainty and high risk, it is hard for traditional financialchannels to provide sufficient support for small and medium-sized enterprises. Theoperation of “the new third board” market makes the finance possible. Because of its fewlisting conditions, no financial and size constraints,“the new third board” market plays asignificant role in the development of those enterprises. Based on previous studies, thispaper uses empirical study to investigate the performance of small and medium-sizedenterprises after listing on the new third board.Firstly, based on the domestic and foreign studies which are about the relationship oftraditional financial indicators and business performance, this paper adds the supportpolicy of high-tech zones or governments as explanatory variable, and presents thepurpose, meaning and main content. Secondly, through the comparative studies of the newthird board market and the main board market, the new third board market and OTCmarket overseas, the paper analyzes the development situation and trend of it. Thirdly,descriptive statistics and multiple regression model are used to do the empirical study.Finally, according to the conclusions, the paper puts forward the advices to improve theproblems related to performance.The main conclusions of this paper include: first of all, after listing in the new thirdboard market, the profit ability, growth ability and comprehensive ability of small andmedium-sized enterprises increase. Secondly, after listing in the new third board market,higher the profit ability, better the performance. Thirdly, after listing in the new third boardmarket, higher the growth ability, better the performance. Lastly, the impact of the newdistrict or regional government incentives on operating performance is not significant.