Research On The Movitation And Economic Impact Of Transferred-board BYBON Group

Since the development of the Chinese capital market in the 1990 s,it has a multi-level market structure,of which the NEEQ market has played an important role in promoting the financing of China's small and medium-sized enterprises(SMEs).The number of listed enterprises on the NEEQ and the transaction value have increased rapidly in recent years,but the negative growth has occurred for the first time in 2018.Due to the small financing scale and lack of liquidity,the NEEQ has been unable to meet the financing expansion needs of some outstanding enterprises.In recent years,more and more outstanding enterprises listed on the NEEQ have sought to transfer to other markets for listed.As of December 2019,a total of 96 enterprises listed on NEEQ have been transferred to other markets for listed,and BYBON Group Co.,Ltd.is one of them.Most NEEQ enterprises have improved their operating performance after they listed on other markets,but there are also some enterprises that have experienced a decline in their operating performance after listing.BYBON Group,the research object of this article,has not improved its operating performance after its transfer to the GEM Board,but has made it drop significantly.Based on the background of China's NEEQ,this paper mainly uses case analysis and comparative analysis methods,selects BYBON Group as the research object,takes enterprise life cycle theory,information asymmetry theory and principal-agent theory as the theoretical basis to elaborate the whole process of BYBON Group from listing the NEEQ to listing on the GEM Board and study the economic impact of the motivation behind the financing demand.The results are as follows: first of all,the financing needs of BYBON Group are mainly reflected in the replenishment of working capital and the acceleration of project construction and production from the NEEQ to the GEM Board.However,the listing of BYBON Group has not brought positive economic benefits to the company.Through further exploring the deep motivation behind the financing demand motivation of BYBON Group,we can find that the major shareholders and senior managers of BYBON Group use the characteristics of transfer listing to increase equity valuation and liquidity to meet their own interests.Secondly,due to the fact that the project of raising investment can not bring positive economic benefits to the enterprise,and the company's executives and major shareholders are eager to cash out and the controlling shareholders use the listing advantages to improve the amount of equity pledge loans,the overall economic benefits of the company's transfer to the stock market of debonair technology continue to decline after the transfer.Finally,on the basis of the summary of the whole paper,this paper puts forward some suggestions for BYBON Group to speed up the construction of new projects,make full use of idle funds and adjust the market strategy so as to improve the economic impact.At the same time,it also provides reference suggestions for the NEEQ companies to avoid the negative economic impact of listing.