The Finance Efficiency Analysis Of Small And Medium-size Enterprises In New Three Board Market

During the "Twelve Five" period, China has developed a strategic objective to transform to scientific and technological innovation country, and then the reform of commercial system has been starting, the enterprise registration threshold is continuously being broadened, now, the number of small and medium-size enterprises increase sharply which have become the backbone power of the national economy and social development. However, the status quo of single financing channel, financing difficulties is prevail in small and medium-size enterprises. The State Council approved the establishment of the "new three board" market in January 2006, and it provide listing transfer services for unlisted companies registered in the Zhongguancun; The "new three board" expands to the whole nation in June 2013, Joint-stock companies which are eligible in China territory can apply to hosting in the "new three board" and transfer shares in public through brokerage, equity financing, debt financing, asset restructuring and other services also can be conducted.The construction of the "new three board" market broadens the financing channels for small and medium-size enterprises, and provides a wider capital operation space to achieve strategic transformation, since market-maker system was introduced to the "new three board" in August 2014, listed companies has been experiencing a blowout increase. However, compared to the significant impact of the "new three board" on small and medium-size enterprises’financing and astonishing development speed in the last two years, domestic academic theoretical study of financing effect on the "new three board" market of small and medium-size enterprises is slightly lagging. Therefore, there is an important theoretical and practical significance to study financing effect on the "new three board" market at this stage.The main contents of this paper are as follows, first the background, significance and idea of this paper are elaborated, the study of domestic and foreign scholars are reviewed with the method of literature research; secondly, the relevant concepts in this paper are defined, the methods of financing and financing effect analysis are described in detail; third, using 61 small and medium-size enterprises which have been conducted private placement between November 2014 to January 2015 as samples, a comprehensive performance evaluation model is established by using principal component analysis method, the financing effect of small and medium-size enterprises on the "new three board" market is analyzed by contrasting the business performance before and after financing; fourth, selecting the Shanghai Siwei Media company as a case, the financing effect of the "new three board" is analyzed on the basis of change of main financial indicators before and after financing; fifth, the factors which influence the financing effect of small and medium-size enterprises on the "new three board" are summarized, and some improving suggestions are put forward; sixth, summarizing the whole paper, putting forward the prospects of small and medium-size enterprises on the "new three board", pointing out deficiencies of this paper..