The Analysis Of Equity Pledge Financing Of New Three Board Enterprise

It's hard for small and medium-sized enterprises to obtain capital in the form of the traditional financing. Although to some degree, new three board solves the financing problem of the small and medium-sized enterprise. But It is found that the new three board system has not been perfect, the liquidity problem of new three board restricts the exertion of its financing function. This paper holds that the liquidity problem of new three board is mainly caused by many factors, including that high investment threshold?The number of market makers doesn't match with the new three board market and high ownership concentration. Private placement? equity pledge financing?small and medium-sized enterprise privately raised company bonds can be chosen as financing ways, rotating plate and restructuring are other types of financing.The first and part of this article introduce the background of research and the significance of this article. And the second part expounds the basic theory of corporate finance and does a literature review of domestic and foreign related studies. The third part analyzes the current development of the new three board and its liquidity problem. The fourth part analysis the new three board market financing channels. The fifth part is case analysis part of this article, the study focuses on the equity pledge financing case of Tonghui information, and the breakthrough point begins with its financing needs and financing methods, I explore the feasibility of financing options?the choice of the financing decisions and the actual effect of the financing. Provide ideas for choosing financing ways except.private placement. Finally, the fifth part of this article puts forward some suggestions from the perspective of system design,including lower the threshold of investors?new three board equity-based crowd-funding?mixed trading system with the bidding system, and so on.