Research On The Impact Of Value Adjustment Mechanism On The Enterprise Performance Of NEEQ

As a valuation adjustment mechanism,the gambling agreement has been widely used in China's investment practice and has become a common tool in equity investment.Based on the analysis of relevant domestic and foreign literatures,this paper makes the research conclusions more universal,shifts the research perspective from typical case analysis to sample analysis,and studies the impact of the gambling agreement on the performance of the New Third Board listed companies.First of all,it combs the related theories of gambling agreement and performance evaluation,and analyzes the influence mechanism of the gambling agreement on the performance of the New Third Board companies,including the signal effect,incentive effect and behavior norm of gambling agreement.Secondly,statistical analysis was conducted on the status of gambling in the participation of new companies listed on the Third Board.The detailed description is made on the industry and regional distribution of gambling companies,the types of gambling targets,the types of compensations,and the execution status of companies after gambling agreements.Finally,select 1275 companies listed in the first half of 2017 as the sample for the study.Select 16 financial indicators from the four aspects of profitability,debt repayment ability,operational ability,and growth ability.Evaluate the company by using the principal component analysis to calculate the comprehensive score CP.The overall performance of the company is based on the financial indicators ROA to evaluate the company's operating performance,and then uses the regression analysis to explain the overall performance and business performance from the aspects of whether the company participates in gambling,gambling compensation,and the implementation of gambling.The results show that the more important role of enterprises in signing a gambling agreement is to protect the interests of investors and have no positive impact on the overall performance of the enterprise;the gambling company's compensation method is more favorable for the enterprise than the equity compensation;after the gambling expires,The overall performance and operating performance of companies that have completed betting targets are better than those of unfinished businesses,but the degree of impact is reduced.Finally,the author puts forward related suggestions from the aspects of the enterprise itself,relevant financial intermediaries,laws and regulatory systems.