Research On Financial Risk Evaluation Of Company Listed On NEEQ

Deepening the multi-level capital market reform is the focus of China's financial work.As a new biological capital market,the New OTC Market has been given more expectations from it arising in China.The New OTC Market has grown rapidly since 2013.Listed companies have expanded from 356 in 2013 to 10793 in 2017.As a result,the function of the New OTC Market is becoming more and more prominent,and the capital market is more and more important.The positive development of the New OTC Market was officially written into the government work report of 2017.The New OTC Market is gradually taking effect as the main platform of innovation and financing of small and medium sized enterprises,the field of standardized operation of enterprises,and the flood discharge channel of IPO.However,as a major institutional innovation of China's securities market,the construction of the New OTC Market system is not perfect,and it faces a lot of risks.Evaluated the financial risk of the New OTC Market rationally and then find out the measures to control and prevent the financial risk scientifically and effectively is the key to the healthy and rapid development of the listed companies of the New OTC Market.Combined with the new three board financial market functions and characteristics of listed companies,this thesis use the utility theory,principal agent theory,trade-off theory,capital structure control and portfolio theory comprehensively,this thesis identifies the four major financial risks faced by the listed companies of the New OTC Market,cash flow risk,financing risk,return on investment risk and capital recovery risk,on the basis of reviewing the current research situation and management theory of the new three board listed companies in China.Referring to the research achievements in the financial risk assessment of listed companies at home and abroad,this thesis does empirical research on 56 new listed companies of the New OTC Market located in Wuhan East Lake high tech Zone through the establishment of index system of the new board listed enterprise financial risk evaluation and composite correlation entropy matter-element model.Finally,this thesis put forward four preventive measures of enterprise financial risk and three safeguard measures according to the result of the empirical research.The results of this study can enrich and perfect the financial risk management theory research of the New OTC Market in our country.At the same time,it provides references for the listed companies of the New OTC Market to strengthen financial risk management with a certain theoretical and practical significance.