| New three board expansion of the market has changed the inverted pyramid of the current capital market system, it is playing an important role in achieving economic restructuring and industrial upgrading. There are large number of small and medium enterprises in our country, and they will become an important factor affecting China’s economic development. The small and medium enterprises are limited by a variety of factors, facing problems of financing Shortage of funds has become an important factor of restricting the development of them. With the rapid development of the new three board market, more and more small and medium enterprises listed. By way of equity financing for the expansion of business development funds, small and medium enterprises can resolve financing difficulties problem.Firstly, the article explains the development process of the new three board market and then explores the strategic significance to satisfy the financing needs of SMEs. Secondly, it analyzes the characteristics of the new three board market equity financing, and points out its existing problems. Moreover, through the case analysis of the form, it analysis the Haiyang’s equity financing for performance, and further researching the performance enhancement factors. Combined with case analysis, it analysis the influence of three new board market equity financing on the development of enterprises. Finally, we point out that reduces investor threshold.implements hierarchical market management, improve the regulatory systemare and standardized operation of listed companies are the breakthrough of the new three board market in the future development. |