| With the gradual improvement and development of China's capital market,NEEQ(National Equities Exchange and Quotations)has played an important role in the multi-level capital market in China.Since NEEQ went into operation in 2013,it has developed and expanded rapidly.By the end of 2017,more than 10,000 listed companies of NEEQ have emerged.It has provided a resource platform for the development of a large number of SMEs(Small and Medium Enterprises).Meanwhile,the enthusiasm of the NEEQ market listed companies has been on the rise.NEEQ has become a crucial platform to provide listed enterprises.By the end of 2017,568 NEEQ companies have been receiving the guidance to be listed.160 NEEQ companies are queuing up for being listed.However,only 31 NEEQ companies have transferred successfully to be listed,among which only 7 companies have been listed in the main board market.There is a huge gap between the amount of the queuing companies and successful transferred companies.In order to explain the phenomenon,this paper focuses on the turning board situation of the NEEQ companies to dig into the influencing factors of their successful transfer.This paper mainly contains 6 chapters.The first chapter mainly introduces the research background,research significance,research framework,research methods,the contributions and deficiencies of the article.The second chapter is the literature review and theoretical basis.Based on the theory of Financial Growth Cycle and other theories,this paper reviews the domestic and foreign literatures related to the NEEQ's turning board system and the IPO influencing factors.The third chapter mainly analyzes the feasibility and necessity of transfer,and makes statistics on the turning board situation.The fourth chapter,on the basis of failed enterprises' denied opinions and theoretical analysis,presents an analytical framework of the influencing factors of the companies' successful transfer.Furthermore,according to the former framework,it does statistical analysis on the financial and non-financial performance of the successful transferred enterprises.The fifth chapter is the case analysis of the enterprise,transferring board successfully,Sanxing New Materials.This part analyzes the financial and non-financial performance according to the analysis framework presented in the previous section,and summarizes the factors that affect the successful transfer of the enterprise.Finally,Chapter Six draws conclusions of the whole study and presents some suggestions for the enterprises on how to promote their turning-board system successfully,including enhancing their own strength,launching the system of board transfer step by step,establishing green transfer route,improving the supporting system of board transfer and other aspects.The main contributions of the paper are as follows: First,this paper makes statistics and analysis on the board-turning situation of the NEEQ market and the internal as well as external characteristics of the enterprises transfered successfully,which provides the statistical data reference for the further theoretical study on the turning board system of the NEEQ companies.Second,most previous studies regarding to the turning board system of NEEQ mainly focus on the aspects such as the deficiency of the market and systematic assumption of transfer board.However,these studies seldom mention case studies on the influencing factors of successful transfer board of the enterprises.This paper presents the analysis framework on the factors affecting their successful board transfer,which fills in gaps in the relevant research fields and provides reference for the future theoretical study to some extent.Finally,in the current situation of the absence of main board in turning board system basis,this paper conducts an in-depth case study on Sanxing New Materials,the first company turning board to the main board as an NEEQ listed company,in order to provide references for the SMEs to make decisions on turning board to the main board in the future. |
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