| The new three board is characterized by its low threshold,high efficiency,low cost and flexible regulations.Since its expansion to a national market at the end of 2013,it has attracted more and more SMEs to join in.Three new board market expansion realized breakthrough of China’s economic restructuring,industrial upgrading and economic growing of "the new normal".After the small and medium-sized enterprises landed the new three board,because the value and liquidity of shares has been improved,corporate governance and information disclosure has been improved,directional financing has become a major way of financing to expand the strength of corporate capital.First of all,this article explains the development of the new three board market and the financing present situation,discussed the new three board market to meet the importance of small and medium-sized enterprise financing needs;Second,in the domestic information security industry of M company as the research object,reviews the process of M company growth course and listed on the new three board,briefly describes the private placement of the whole scheme and process;Then,from the motivation,the ability to influence and potential risks in the face of new three board M the private listed company are analyzed in detail;Finally get enlightenment from case.Combining the above analysis,this article research conclusion: first,like M at the growth stage of medium and small enterprises,have a certain scale and research and development ability and occupy a certain market share,reveal the characteristics of the overall expansion,to broaden the national market,outstanding contradiction between capital demand and supply gap,need access to sustainable sources of funding,choice of private placement in the new three board market is its relatively optimal financing way;Second,the new three board listed companies to consider,help to enrich the company’s equity capital,reduce the asset-liability ratio,optimize the company’s financial structure,improve the company’s financial strength and solvency,debt financing in the future for the enterprise,expand the scale of management lever and lay a solid financial foundation,ultimately maximize profitability;Third,the small and medium-sized enterprises in the new three board consider there are stock price volatility is larger,imperfect corporate governance,the risk of business performance is not up to expectations,etc.Especially in the process of financing,blind bet agreement,there is no system adjusted earnings growth plan and development plan,don’t know how to control risk,bring a lot of uncertainty to the development of the company.Private placement for the new three board small and medium-sized enterprise has strong practical applicability and feasibility,legal risk control,this case tries to innovative small and medium-sized enterprise solve the financing problem after landing new three board to provide reference. |
