The Motivation And Effect Evaluation Of Financing Choice From Stock Market For CRO

For the first time in 2003,the Central Committee of the Third Plenary Session of the 16th CPC Central Committee clearly stated that"the establishment of a multi-level capital market system".After years of development,China's multi-level capital market,which is mainly composed of Shanghai,Shenzhen and Hong Kong stock market,has been initially established.The multi-level system of the capital market provide institutional conditions and realistic possibilities for enterprises to finance in multiple stock markets.Contract research organization refers to a commercial legal person institution that provides medical research and technical services in the form of contracts for the development of new drugs.This type of enterprise is characterized by many investment,acquisition and restructuring activities,and many business segments and subsidiaries.It is a kind of capital-intensive company.When enterprises develop to a certain scale,enterprises may no longer satisfy a capital platform,whether to enter multiple stock markets for financing becomes a problem they face.The purpose of this paper is to study the case of WuXi AppTec,and the subsidiary company of Tigermed.The paper uses comparative research methods to clarify the motivation,effect and application of corporate financing in multiple stock markets.This paper starts from the institutional background of China's multi-level capital market and the reality of enterprises' financing in multiple stock markets,contrasts WuXi AppTec plans to carry out the "New Three Board + Hong Kong Stock Main Board + A Share Main Board" financing and comparable company Tigermed in the A-share GEM single platform financing,analyzes the reasons why WuXi AppTec chooses to finance in multiple stock markets,compares the different processes and different consequences of WuXi AppTech and Tigermed in the capital market.It has been found that the development of multi-level capital markets has enabled the financing needs of CRO to be met.Compared with listing on a single stock market,CRO can achieve market,financing and management benefits by financing in multiple stock markets.In planning and arranging multiple stock market financings,it is necessary to meet the characteristics and needs of the company itself,and consider its own business planning development and external regulatory policies,and develop the strategy in advance.Multi-stock market financing is applicable to large-scale companies with multiple mature business modules and relatively independent,with more holdings or shareholding subsidiaries.At this stage,with the establishment of the science and technology innovation board and the trial of the registration system,China's capital market level is more and more clear,and it is more open and inclusive.Enterprises should rationally plan the listing on multiple stock markets with an open-minded attitude.Regulators should implement the construction of the science and technology innovation board,develop the "competition" relationship of each market in the multi-level capital market system.Investors should rationally judge corporate financing behavior,avoid blind following and suffering losses.