Research On Effects Of Listed Companies' Equity Carve-Outs And Listed On New Third Board

Equity carve-outs started late and development slow in China's capital market with high threshold,so many companies choose list abroad of equity Carve-Outs.With the establishment of the growth enterprise market in 2009,it provides a new marketplace and chance for Equity carve-outs of Listed Corporations.But with the approval of the China Securities Regulatory Commission is more and more strict,equity carve-outs and listed on the GEM had entered a period of stasis.With the expansion of three new board,a number of important policies come out.More and more listed companies' equity carve-outs choosing list on new third board,who do not meet the conditions of equity carve-outs and list on GEM,also is difficult to list abroad.However,the speed of financial supervision is often behind the speed of financial innovation.How to correctly understand and consider the positive and negative effect of listed companies' equity carve-outs and listed on new third board,and how to choose and supervise equity carve-outs and listed on new third board,all has been being an emergent task.This article mainly through comparative study method,descriptive statistical method,event analysis method and case analysis method to research on effects of listed companies' equity carve-outs and listed on new third board.The research result showed that listed companies' equity carveouts and listed on new third board is helpful to increase market investment and financing channel and promote the accuracy of stock valuation,and bring a positive market effect for the listing Corporation's stock prices in the short term.But at the same time,it also has some negative effects,such as the interests of shareholders and minority shareholders,and the interests of minority shareholders.Finally,based on the results of study,Conclusions and suggestions were made for listed companies and regulation.