Empirical Analysis On The Listing Performance Of Listed Enterprises In New-Third-Board

With the deepening reform and structure adjustment of economic system, small and medium-sized enterprises play an important role in capital market. New-Third-Board market is an important part of national strategy of multi-level capital market construction, although the market as a whole is small, but it is an important part of the stock market that after the main board and the small and medium enterprise board. As the New-Third-Board market extended to the hole country, since 2013, the number of listed companies in New-Third-Board market increased rapidly, market value size in explosive growth. However, there are great differences between the New-Third-Board market and the main board or the small and medium enterprise board, with such aspects as financing scale, liquidity, listing requirements. Researchs on performance of listing on the New-Third-Board are very few whether domestic or foreign, in this case, there as great significance for the small and medium-sized enterprise scientific financing decision to analysis the New-Third-Board listed companies performance, this is what the purpose of this study.Based on the reform and development of the multi-level capital market in our country, combed the corporate finance theory, enterprise performance evaluation theory and the domestic and foreign scholars for listed companies financing performance before and after the change of research results, based on the analysis of the New-Third-Board listed enterprise development present situation and characteristics, on the basis of the New-Third-Board listed companies performance changes and its influencing factors in the analysis. There are 92 New-Third-Board companies that listed on the New-Third-Board from 2006 to 2011 and now are also on the New-Third-Board,so I take them as samples, to analysis their performance changes and its influencing factors,and analysis effects of pre listing assets liabilities ratio and the scale of business for listing financial performance.In this paper, research shows that the debt paying ability, profit ability, operation ability and development ability of the New-Third-Board listed companies have a certain degree of decline after listed to the New-Third-Board; The asset-liability ratio of enterprises before listing is negatively related to the financial performance after listing, correlation of business scale before listing and financial performance after listing is not strong.