Analysis On The Mechanism Of The New Three Board To Alleviate The Financing Difficulties Of Science And Technology Small And Medium Sized Enterprises

The vigorous development of the science-technology small-medium enterprise, not only can become the indispensable backbone of the economic development of our country, but also pay attention to the research and development of high-tech, can increase sustainable competitiveness and promote the sustainable development of social economy, to boost the country's industrial structure transformation and upgrading.The SMEs of small and medium-sized enterprises accounted for only 4%, but tens of millions of people to solve the employment, creating a large number of new products and patent. As science and technology small and medium-sized enterprise most of its weak strength, high technological content of products, enterprises must have the ability to withstand high risk, to obtain high investment funds, in order to maintain the sustainable development of enterprises, gains higher profits.But the small and medium sized enterprises of science and technology widespread financing difficulties, obtain financing efficiency is low, and in the new third board market listing financing effect better. Therefore, the study of the new third board of easing the mechanism of SME financing difficulties has theoretical value and practical significance.In this paper, through the analysis of the reasons which hinder the development of science and technology oriented small and medium sized enterprises, analysis the problem of financing difficulties, thus combing science and technology enterprises financing characteristics, revealing a variety of financing for the financing of small and medium sized enterprises of science and technology, and eventually found the three new board can effectively ease the financing difficulties of small and medium sized enterprises of science and technology, not only can bring for the enterprise development funds, expanding the direct financing platform, drive the other indirect financing way to obtain more funds for the financing of, and can improve the internal governance structure of enterprises, promote the healthy development of the enterprise.Secondly, through the analysis of current our country the new third board development situation and financing situation, analysis the new third board the pros and cons of technology-based SMEs, And the combination of empirical analysis of three new board to ease the financing difficulties of small and medium sized enterprises. since January 2006 unlisted company share transfer pricing system(the new third board) was formally launched in the Zhongguancun Science Park, 2013 December three new board and the official expansion to the whole country, introduction of new board to promote small and medium-sized enterprises, especially small and medium-sized enterprises of science and technology vigorous development, to enable enterprises to gain greater financial support in terms of capital, to ease the financing difficulties of enterprises and new Sanban expansion to accelerate the development of the construction of Chinese multi-level capital market in a certain extent. 2014 January 24, the first national 285 enterprises listed on the collective. It is proved that the rapid increase in the size of the market, gradually increase the influence of the enterprise in the market, the market value of the enterprise recognized appreciation, the transfer of shares system also entered rapid innovation and development in the new stage. With the new third board listed enterprise quantity jump type growth and investment in the volume of transactions has become increasingly active, the new board played a obvious role in promoting the development of small and medium sized enterprises of science and technology, improve the SME financing channels, the high cost of financing difficulties, clear the new board to become more suitable for the development of small and medium sized enterprises of science and technology of a new channel.Finally through comparing the United States NASDAQ market mature system and our country current the new third board system, combined with the reality of China's actual situation and, find the defects and problems, put forward to perfect the countermeasure and suggestion of the new third board market to solve SME financial capital dilemma. In order to improve the construction and development of the OTC market. In the early stage of development of the new third board market, although it can help the development of corporate finance, market has begun to take liquidity, but not enough to meet the needs of market development, market liquidity also need to urgently to improve, also need to improve turn plate mechanism for circulation between different levels.The new three board by reducing the access threshold to attract more investors to qualified investors involved in the transaction, the positive development of the market maker system to improve market liquidity, hierarchical management of the new third market, to establish perfect information disclosure system of strict supervision, the establishment of transfer and exit mechanism, actively support enterprises listed on the new board, boost the rapid and healthy development of small and medium-sized technology the enterprise, become an effective way for SME financing, improve the market mechanism, improve market efficiency, to better promote the construction of the domestic capital market, the rapid development of science and technology innovation to support the economy, science and technology to improve the competitiveness of enterprises, so as to promote the prosperity and development of hi tech industry.Of course, also need to enterprise itself with the joint efforts of government departments, improve the financing environment, can effectively play the role of social capital, boosting the new three board market is thriving, establish a perfect multi-level capital market system, promote national economy healthy and rapid development.