The Study Of SMEs’ Financing Effects In New Third Market

For a long time, Small and Medium-sized Enterprises(SMEs) has an indispensable role in promoting China’s economic development and maintaining social stability, the rapid growth of SMEs is a important guarantee to accelerate the economic development mode and achieve sound and rapid economic growth of China. However, SMEs did not get a good development environment in the growth process, many practical problems have hindered its development, the most prominent is the financing difficulty. So, China has been made financial reform efforts to broaden the financing channels for SMEs, an important measure of this is the launch and construction of the National SME share transfer system(also called the " New third market ").New third market has been in expansion since 2006, it changed to be a nationwide operation of the market in Jan.2013, 2014 is called as "the first year of new third market" and the market maker rule put forward, the rapid development in 2015 is in full swing. The number of listed companies has growing explosively, financing scale has expanded rapidly, transaction frequency has accelerated, transaction quality has improved significantly.The growing financing needs of SMEs were met through New third market. Reality show that The New third market is a multi-level capital market, the most suitable financing platform for SMEs, it broadens the financing channels for SMEs effectively, thus improving the overall development of SMEs. In this context, in-depth study of the effect of financing in the new third market has great significance.This paper introduces the research background on the new third market and SMEs, through scholars’ literature review and the views about OTC market with SMEs financing. Then, the paper analyzed the development of the new third market with correlated statistical data, summary financing conditions and financing effects of listed SMEs. The article also cited Guang’an Biological as a case, it listed the new third market and had series of financing measures, this is conducive to SME financing conclusions. Finally, combining the above discussed, under the existing system and rules, deficiencies and potential risks are remained in the process of the new third market improve SMEs’ financing; and the paper put forward some feasible suggest and countermeasures.The conclusion is as follow : as an important part of the capital market, the new third market can effectively expand direct financing channels for SMEs, thanks to the joint benefit of the private placement financing, it can improve the financial situation of enterprises, organizational governance visibility and other factors. The internal and external elements of an enterprise aggressive interaction mechanism came into being, this contributed to the rapid growth of SMEs greatly. With the new third market to enhance the whole development of SMEs has become increasingly prominent, the government and market will work together to promote the continuous improvement and development of the new third market, and the new third market can meet the SMEs’ growing financing needs, service the overall development of the real economical market comprehensively.