Problems And Solutions Of Seasoned Equity Offering Of Chinese Innovative Technology Enterprises-Based On The Perspective Of Directional Add-Issuance

China's Third Board was officially opened in October 30,2009.And 28 companies were listed as the first batch.This is quite consistent with the China's economic and industrial background of upgrading and transformation,and also greatly stimulated the passion of Chinese innovative small and medium-sized enterprises to participate in the capital market.Meanwhile,italso promotedthe development of private equity and venture capital.With trend ofan integrative development of world economy and technology,the core force of promoting the economic development of countries has started to change from large enterprises with monopoly advantages to the innovative technology enterprises,especially high-tech innovative small and medium-sized enterprises.They,as the most potential and actively innovative part in the economy,take an important role in the process of building an innovation oriented country.But with shorter life expectancy is a common problem of China'sinnovative technology enterprises,some of them even have an important impact on the development of businesses and the industrialization of technological innovation,which needs intense attention of the country,society and enterprises.The life cycle ofinnovative technology enterprisesis usually divided intoseed period,growth period and maturity period.The financing behavior and the characteristics of enterprises should also differ with different stages.This paper focuses on the financing behavior innovative technology enterprises listed on the Third Board after IPO.First of all,this paper draws lessons from the domestic and external research achievements in equity financing and technology innovation of innovative technology enterprisesto establish the foundation for China's Third Board refinancing market research.After that,this paper compares China's existing refinancing tools,from the aspects of history,development and other aspects.It also analyses and summarizes the important position and unique properties of the private placement,amongChina's existing refinancing market.Then this paper uses the refinancing data of the Third Board refinancing marketfrom 2012 to 2015 to make a lot of analysis and to summarize some common problems in the process ofThird Board refinancing market.Finally,according to the problems found in this paper,the author puts forward the corresponding solution design and policy recommendations in order to promote the efficiency of refinancing market.