Research On Financing Effect Of China's New Third Board Listed Companies

Since its establishment,the New Third Board market has been providing financing platforms for innovative and growing SMEs,helping SMEs to overcome the difficult financing difficulties in many aspects,but still cannot guarantee that each SME will successfully enter a healthy and rapid development stage.Therefore,how to help SMEs to develop sustainably has become an important strategic goal of China at this stage.Supporting the development of small and medium-sized enterprises requires continuous funding.The new three-board private placement financing can raise funds for small and medium-sized enterprises.Therefore,how to improve the effect of corporate financing has become a problem that scholars pay attention to.The focus of this paper is to analyze the financing situation and effect of Huan Chuang Technology,and then put forward suggestions for improving the financing effect of Huan Chuang Technology and the manufacturing industry of the New Third Board market.Firstly,it summarizes the background and significance of the new three-board private placement financing,the new three-board private placement and the evaluation of corporate financing effects.Secondly,it analyzes the listing of China's new three-board industry and the implementation of private placement financing.It has obtained a serious regional and industry distribution of the number of enterprisesand financing activities in the market,and selected the first major manufacturing industry in the industry distribution.Reclassification analysis,the environmental protection professional equipment manufacturing industry has the highest proportion of fixed increase and total financing.Thirdly,the case background is introduced,and a simple SWOT analysis of the selected environmental protection professional equipment manufacturing Huan Chuang Technology is carried out,and a brief introduction and analysis of the company's private placement financing is carried out.In order to more fully reflect the effect of the new three-board solid waste professional equipment manufacturing enterprise Huan Chuang Technology's private placement financing,this paper focuses on financial indicators,non-financial indicators,securities market effects and financing efficiency.The effect of the research,the following conclusions: First,Huan Chuang Technology has a strong preference for private placement financing.In the past four years,it has completed five private placements,but the actual amount of funds raised in the last three is only about half of the planned amount.Secondly,from the analysis of financial indicators,after the two private placements in 2015,the indicators have improved.However,from 2016 to 2017,except for the solvency increase,the other three capabilities remain unchanged.From the perspective of non-financial indicators,Huan Chuang Technology has improved its innovation ability and corporate reputation after the implementation of private placement,but because of the existence of a large,small and medium-sized shareholders,participation in business decision-making is not high.The phenomenon leads to a less complete management system and certain internal management problems.From the perspective of the securities market reaction,Huan Chuang Technology has received negative market announcements in the short term;from the perspective of financing efficiency,Huan Chuang Technology has issued additional private placements in 2015.The financing efficiency has a positive effect,and the financing efficiency of the private placement in 2016 is relatively ineffective.Overall,the effect of Huan Chuang Technology's implementation of private placement financing is generally effective.Finally,the paper summarizes the full-text research,and then puts forward suggestions for improving the effect ofHuan Chuang Technology's private placement financing,and provides reference and reference for the direction of private placement financing with the manufacturing enterprises.