Analysis On The Factors Influencing The Performance Change After The First Private Placement Of NEEQ Culture Media Company

For Chinese cultural media industry,there are few large-scale cultural media companies in the domestic,and most of the companies are small and medium-sized enterprises with small assets.In addition cultural media companies themselves have the characteristics of difficult valuation,strong policy dependence,and large operating risks.Therefore,compared with the general enterprise financing difficult problem is more prominent.In contrast,the demand for financing is stronger.Since 2015,the rise of NEEQ has opened up new development paths and financing channels for cultural media companies.In this new wave of NEEQ,more and more cultural media companies are attracted and look forward to obtaining financing in NEEQ.However,we found that after the first private placement of NEEQ Culture Media Company,due to the characteristics of cultural media companies,there were problems such as poor anti-risk ability,poor liquidity,and weak ability to continue operations,resulting in a decline in the company's business performance and changing performance on business,ultimately making investors suffer losses.What's more,in order to reduce the cost of financing,someone package company business performance,which results in a significant decline in business performance after financing.The change of business performance has become a chronic problem after the financing of culture media companies.There is a lack of supervision,lack of corporate integrity,artificial fraud and other factors.However,what features of cultural media companies are more likely to change their business performance? What are the specific factors affecting the change of business performance? How to avoid investors stepping on minefields when investing in cultural media companies? Few people study these issues.This article first describes the research background and significance of the study,and adopts a method of factor analysis.The data is based on the data of 110 NEEQ cultural media companies which have carried out the first private placement from 2012 to 2017.The empirical test has examined several factors that are related to the increase in performance after the initial private placement.Through the research findings: First,compared to the general investors,institutional investors and host brokerage companies have professional research capabilities and reliable sources of information that are beyond the reach of ordinary investors.Therefore,they can be able to achieve performance after the company's first private placement.The judgment of growth is more accurate and reflected from some issuance factors.Second,there is the company's own age,the growth rate of intangible assets,and whether it is an innovation layer.If the higher the stock issue price is,the larger the issuance volume is,the higher the issuance P/E ratio is,the company is younger,belongs to the innovation level,and the growth rate of intangible assets is high,etc.The possibility of the change on business performance after the first private placement is very small.On the contrary,it is very likely to change performance on business.