China New Third Board Hezong Technology Transfer Case Analysis

In recent years,China's economy has achieved rapid development.Among them,the development of China's capital market is very prominent.However,the development of small and medium-sized enterprises in China is very slow,mainly because of the development of the capital market of the new third board of China is still imperfect.New third board capital market in its development process,also encountered many difficulties,such as market activity is not active,liquidity shortage,enterprise value is underestimated.Among them,the new three plate transfer plate problem is more prominent.So far,only 15 enterprises have been successful in converting boards,and these enterprises have gone through the "IPO" route to transfer boards,which makes them pay huge transfer costs.This will greatly blow the enthusiasm of high-quality enterprises to the new third board listing,while the new third board capital market in China's long-term development is very unfavorable.This situation is mainly caused by the imperfection of the transfer system of multi-level capital market in China.Therefore,this paper will be new third board transfer problem as the research topic of this paper,combined with the related theory,the vertical technology transfer case analysis,and then draw some suggestions.First of all,the new third board itself needs to improve the relevant supporting mechanisms.By properly introducing competition mechanism to improve the market maker system,the introduction of public fund and appropriate to reduce the threshold of investors and so on,to solve the problem of the listed companies lower valuation,the transaction is not active,poor liquidity,so that it can satisfy the more listed companies financing demand,so as to retain the quality of enterprises to promote its development.At the same time,it can also ease the listed companies have asked the board pressure.Secondly,a more effective hierarchical mechanism should be established.Since the expansion of new third board,the number of new third board market listing enterprises increased rapidly,only these enterprises into the base layer and the layer of innovation is too simple,it can not meet the needs of market expansion after new third board.We can through the following ways to establish a more effective hierarchical mechanism,first,it can be subdivided according to the new board listed companies equity transactions in different ways,the equity trading in auction trading of listed companies is divided into selection layer,the equity transaction in market maker transactions of the listed companies are divided into innovation the layer and transfer of shares to equity trading transactions of the listed companies is divided into basic layer.Second,for the quality of enterprises(selected layer)to provide rotary board services.Third,improve the market delisting system.Finally,an efficient and convenient transfer mechanism is established.We can create efficient and convenient transfer mechanism through the following ways.First,raise the management's attention to the new third board capital market,especially in the transfer mechanism.Second,the establishment of efficient and convenient transfer plate channel.Third,to establish more ways to transfer plate.For example,we can establish a mechanism to allow private listing of enterprises,enterprises in the board automatic transfer board upgrade system.