Research On Equity Pledge Financing Of Listed Companies In The New Third Board

The New OTC Market is by virtue of its own low threshold,high efficiency,low cost and many other features by the modern small and medium enterprises welcome,since 2013,the New OTC Market decided to expand to the national market since the selection of small and medium enterprises listed on the new board growing number.However,the New OTC Market,the lack of trading volume,weak liquidity and many other issues so that its long-term financing function can not play.Small and medium enterprises in the New OTC Market after listing,with its own value and liquidity of the continuous improvement of the company in the management,finance and other aspects of the problems continue to improve.And the occurrence of the above changes for the New OTC Market listed companies just suitable for the use of equity pledge to finance,so the equity pledge financing to become a New OTC Market listed companies new financing channels,is a relatively flexible way of financing,by This shows that the New OTC Market enterprises have a higher applicability,and for listed companies,the enterprise's own financing channels will be further expanded,and the financing capacity will be steadily improved.The research of this topic is carried out according to the following research ideas: Firstly,the background and significance of the New OTC Market listed enterprises are introduced,and the related literatures on equity pledge financing are summarized and the structure and research methods are introduced.Elaborated the basic concept of this study,and from the theoretical level for a more detailed analysis,thus increasing the rationality of this study.Secondly,the current situation of China's New OTC Market financing and some of the shortcomings of a brief introduction.Then,for the Jiuding Group's equity pledge financing for the New OTC Market for a more thorough analysis of the Jiuding Group research and analysis,mainly from the Group's own financial situation,before and after the listing of the financing situation to start the study;through the A detailed description of the case,analysis JiudingGroup listed after the financing program,the formation of decision-making process and may encounter some of the risks,and finally a brief introduction to the current equity pledge financing in the New OTC Market applications.And from the analysis of the process of equity pledge financing and other financing methods were found:equity pledge financing with high financing efficiency,low cost and many other advantages,can effectively solve the small and medium enterprises in the financing process of many problems.Finally,the paper summarizes the whole paper,mainly the summary of the case,and the revelation from the case,including the limitations of this study.Through the case analysis,this paper finds that the current financing function of the New OTC Market is not perfect,and the reason of the shortage of financing function lies in the small scale of market financing and the weak market liquidity.SME choice in the New OTC Market listing after all aspects have been improved in the highly competitive modern market which also has a place.From the actual situation of the New OTC Market small and medium-sized enterprises,the effect of equity pledge financing on the enterprise mainly occurs in three different levels of practicality,legality and risk control,and it is trying to find the enterprises that can not get before the New OTC Market Financing channels.At the same time through this research can be for such future research to provide a reasonable reference.