Research On The Value Creation Effect Of The New Three-board Enterprise Transfer Board

On March 6,2020,the CSRC issued the "Guiding Opinions on the Transfer of Listed Companies of the National SME Share Transfer System" to clarify the institutional arrangements for the transfer of new NEEQ listed companies to the Shanghai-Shenzhen Stock Exchange.This made a more detailed statement of the "Decisions on Issues Related to the National SME Share Transfer System" issued by the State Council in December 2013,making the overall principles and specific requirements of the NEEQ transfer and listing more clear.After the expansion of the New Third Board,China Flag,as the first company to successfully IPO,deserves our in-depth research and exploration.Based on the existing research results and the actual situation of China Flag’s stock transfer board,this article takes “the impact of the new three board transfer board on the value creation effect of China Flag” as the core research content,and mainly answers two questions: Whether it has affected the value creation of China Flag;(2)what are the reasons that have affected the value creation of China Flag.This article first sorts out related concepts,and summarizes the process and mode of the transfer of China flag shares as the basis for subsequent analysis.Then,it answers the first question from both qualitative and quantitative aspects.In terms of qualitative analysis,research Whether the transfer of flag stocks has an impact on the value of its products,markets and enterprises.In terms of quantitative analysis,starting from financial quality and EVA,using a large number of financial data integration calculations,a more accurate measurement of the impact of the transfer board on the value creation of Zhongqi shares,thereby more objectively reflecting the transfer board’s value creation on China Flag In the end,starting from the improvement of financial quality and the change of EVA value after the transfer,answer the second question and analyze what causes the impact on the value creation of the transfer board of China Flag.It is concluded that:(1)the transfer of board has a greater impact on the value creation of China Flag.In terms of qualitative aspects,the company’s production capacity has increased after the transfer,the domestic market has become more well-known,and its intrinsic value has been stimulated.In terms of quantitative aspects,after the transfer,the company has increased liquidity,improved debtfinancing capabilities,optimized capital structure,and made a qualitative leap in profitability.EVA value first decreases and then rises.However,the receivables turnover ratio and asset-liability ratio of China Flag still remain below the industry average.(2)After the transfer,on the one hand,the receivable speed,production and sales efficiency,external financing ability,cost control ability,and corporate recognition of China Flag’s receivables have been improved accordingly,which makes the financial quality of the company The improvement has a positive impact on the value creation of Zhongqi shares;on the other hand,the large amount of equity capital investment after the transfer makes the company’s financial leverage not effective,and a large amount of funds are idle.At the same time,due to the long R &D cycle of pesticide products,The strict elimination mechanism caused the projects invested by the company to not produce benefits in the short term,which made the EVA value of China Flag shares decline in the year of the transfer,which had a negative impact on the value creation of China Flag shares.