| Small and medium-sized enterprises' financing and its contribution is not proportional,they generally face serious financing difficulties.SMEs' financing mostly rely on indirect financing,and its remarkable characters are unreasonable structure,single channel and ratio imbalance.Especially in the direct financing channels,SMEs can hardly achieve the listing requirements of the small and medium-sized board and the growth enterprise market,so the proportion of direct financing is extremely low.Direct financing channels can allocate capital reasonably and quickly with low financing costs,hence it should be an effective financing way for SMEs.To strengthen multi-level capital market construction and to develop the over-the-counter market will become the key to solve the financing difficulties of SMEs.New three board is the main and the most regulated over-the-counter market in China,filling the vacancy of Secondary Board for serving SMEs.It provides a platform of direct financing for SMEs and helps to solve the financing difficulties.Until December 31,2015,there are 5129 companies listed on the new three board.This dissertation firstly reviewed the existing theories of enterprise financing and sorted the characteristics of SMEs' financing and the development of the new three board.Then through statistical analysis of the national new three board listed companies' situation of direct financing,it is found that low participation of direct financing about listed companies becomes the biggest problem of the new three board,function for direct financing.The economy of Yangtze River delta accounts for 24%GDP in China and 20.74%in the number of the listed companies in the new three board market locate in Yangtze River delta region.In view of the Yangtze river delta' important status in our economic development and the new three board market,Yangtze River delta was chosen as the survey region to explore the effectiveness of the new three board as a direct financing channel and whether it can broaden the financing channels of SMEs and achieve the goal of policies about providing direct financing platform for SMEs.Through deep analysis on the problems and the influential factors on direct financing,this dissertation aims to give constructive suggestions to promote the healthy development of the new three board market and to fully realize the new three board' function as a direct financing channel.The study found that the new three board listed companies in Yangtze River delta region started relatively late,but developed rapidly.The effectiveness of direct financing broadened the financing channels of SMEs to a certain extent,but the participation of direct financing is relatively low.Only half of listed enterprises has financed directly,which becomes the biggest problem of the new three board as a direct financing channel.Using451 listed companies in new three board market as samples,this dissertation conducted Logistic regression analysis and found that the participation of direct financing is related to the intermal factors of listed enterprise:the enterprise scale,operation capability,capital structure,operating cost and the time of listing.Higher level of the asset,longer listed time,smaller the asset-liability ratio and higher stability of the enterprise's capital structure will all contribute to tihe stronger capability and more willingness to finance directly.While the stronger operating ability,the less willingness to finance directly.Based on above results,this dissertation puts forward two angles from enterprise itself and the government to improve the effectiveness of direct financing in new three board market.On the one hand,enterprises should speed up upgrading and restructuring,and make rational choice whether to list in the new three board;On the other hand,government should perfect the system design,strengthen the supervision,and introduce more targeted policies to encourage direct financing in new three board market. |
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