Research On Financial Performance Of NEEQ Enterprises After Transferring The Board

As China's economic development enters a new normal state and the capital market is further developed,China has formed a multi-level capital market structure based on the main board,small and medium-sized board,GEM and NEEQ.With the expansion of enterprise,financing needs have changed.In addition,China is also exploring the capital market transfer system and solving the problems in the construction of transfer channels.As a result,high-growth enterprises want to switch from the NEEQ to the GEM or the main board market.In recent years,the number of listed companies has grown rapidly.As of March 1,2019,Fifty-four enterprises have successfully transferred to NEEQ.The research on the financial performance of enterprises after transfer has been paid attention to.This article takes Beijing ConST Instruments Technology Inc.("ConST" for short)as a case study.It was launched from the NEEQ to the GEM in April 2015.After combing ConST's background,motivation and transfer process,based on the theory of corporate financial growth cycle and value management theory,the financial performance of the company after the transfer was studied.According to the annual financial report disclosed by the company from 2013 to 2017,the relevant financial data is collected by Wind Financial Terminal,and based on the perspective of EVA,the factors affecting the value are analyzed to help the enterprise identify the problems of value growth after the transfer,and propose targeted advice.The reason for the decline in the company's EVA was that the business capability after the transfer was improved,but the capital profitability decreased.The specific problems are manifested in the following three points: Firstly,the unreasonable financing structure leads to high capital costs;Secondly,the single investment project leads to the idleness of equity funds;Thirdly,the lack of operational management capacity leads to the capital occupied by current assets.In response to the problems identified,suggestions were made to improve the financing structure,optimize the allocation of corporate assets,and improve the efficiency of capital operations.This paper focuses on the problems of value creation ability after the company's transfer,and summarizes the suggestions for improving financial performance.Supplementary research on transfer in the form of case studies,expecting to give certain enlightenment to future transfer companies in terms of increasing corporate value.