Research On The NEEQ Company Transfer Board On The Financial Performance

With the continuous development and improvement of China's capital market,China has basically formed the regional stock trading market as the fourth level,the new third board market as the third level,the GEM market as the second level,and the main board and small and medium board markets as the first.Multi-level capital market structure.In order to establish an organic relationship between all levels of capital markets and make China's multi-level capital market an organic whole interconnected from top to bottom,the State Council promulgated the "Decisions on Issues Related to the National SME Stock Transfer System" in December 2013.This decision issued by the State Council provides a certain legal basis for the establishment of the transfer system and the establishment of transfer channels.The successful transfer of the company to the board indicates that it has passed strict audits on financial performance and corporate governance,and sent a message to the public that the company will develop well in the future.However,whether the long-term performance of the company's value creation capability and financial performance has reached agreement with the public's expectations after the transfer is also subject to constant attention.This article takes the company A who successfully upgraded from the new third board to the GEM in 2016 as a research case.According to the annual report disclosed by the company A from 2014 to 2018,it cuts in from the financial performance of the company before and after the board transfer,through case studies Explore the company's performance in terms of EVA's value creation capability after the transfer.Company A's EVA valuation was 51.91 million in 2014,and there was a certain increase of 66.74 million in 2015,but in 2016 the cliff fell to 14.96 million,and then returned to the previous level of 59.28 million in 2017.The growth trend in 2018 is better,Reached 148.37 million.Therefore,this paper studies the impact on financial performance from four aspects: operating income and expenditure,R & D investment,the use of first-raised funds and capital structure.The analysis shows that operating income,R & D investment and capital structure A Company all performed well and operating expenses And the use of funds raised for the first time performed poorly.Based on the analysis of these aspects,we made recommendations to Company A on the improvement of these four aspects,and also obtained general enlightenment.Through the research on the financial performance of company A before andafter the transfer,this paper hopes to give some enlightenment to other companies who want to transfer from the new third board to the high-level market in terms of enhancing value creation capabilities and operating performance.It is also expected to provide investors with methods and ideas on analyzing the financial performance and value creation capabilities of the company after the transfer.