An Empirical Study On Evaluation Of Growth To The New Three Board Listed Companies

January 2013,the small and medium-sized enterprise stock transfer system is operational.We called it as NEEQ that because of distinguish it from the original three board systems.The emergence of NEEQ marks on the construction of multi-level capital market in China has entered a new stage.In 2013 NEEQ listed company number for 256,2014 to 1572.And in the year to December 31,2015 a total of 5129 companies listed on the NEEQ,a remarkable increase quickly.The NEEQ market heat rising,it became an important national trading places after the main board and the gem.The NEEQ market began to locate in innovative small and medium-sized enterprises that Similar to the gem.And the development,it has been facing the whole country and city scale of any province limit accords with a condition of all enterprises.The NEEQ of the company listed on the threshold is not as high as the main board gem,it pay more attention to the enterprise's growth.For now,most listed companies in the NEEQ market is a growth of small and medium-sized enterprises with high and new technology,they are often small,but has a strong development prospects.So on the research of the listed company's growth,not only can provide a basis for optimizing the OTC market to improve,but also for how to use the capital market for SMEs to expand its room for growth provided some recommendations.Firstly,this paper studies the status of enterprise growth theory,the SMEs growth factors and the evaluation method and the NEEQ enterprise growth evaluation of the sort.Then introduced the difference between the NEEQ and the motherboard market and GEM and other related theories.With the NEEQ listed company as the research object,put forward the enterprise market share,staff quality,and the ownership concentration and growing of three assumptions.Then according to the selected 85 sample companies from 2012 to 2014 three years of financial data for empirical research.From the six aspects of enterprise scale,profitability,solvency,operation ability,growth rate,cash that selected financial indicators to form the growth evaluation system.Establish growth score measurement mode,and using the factor analysis method to extract the five main factors affecting the NEEQ listed company growth.Establish the growth evaluation index system according to therespective contribution of the common factor,use of the evaluation function to calculate the company's growth and the sample scores and rankings.Finally,based on obtaining a sample business growth score,the article continues to explore further the relationship between the relevant variables and between enterprises' growth that including corporate market share,the company's personnel quality corporate ownership concentration and age and growth of the business relationship.The resulting growth of scores and related variables correlation analysis,regression analysis,and concluded the linear function relationship between growth and the related variables.This paper studied the main board and gem companies growth of relevant research results,combined with the actual situation of the NEEQ market.It is concluded that the NEEQ listed companies growth that is associated with the overall development of the enterprises of various aspects ability.Put forward relevant policy recommendations to the NEEQ listed market development according to the results.I hope I can provide a reference for the new three-panel market improvement,the development of listed companies.