Research On The Motivations And Effect Consequences Of The Conversion Board Of Western Superconducting Technology Co.,Ltd

In recent years,China's multi-level capital market is becoming more and more mature,the new OTC market considered as the main market of over-the-counter trading,but also an important part of the multi-level capital market.In 2016,the number of the listed companies in the new OTC market exceeded 10,000 after gradually moving into the downturn,due to lack of liquidity,limited financing capacity and other reasons on the new three-board market,so that listed enterprises were on the way to change board.In July 2019,after the official opening of the science and technology innovation board,its unique market mechanism attract a large number of enterprises,especially those high-quality science and technology enterprises in the new OTC market,so how the new three board listed enterprises can go to the stage development of science and technology board is the main purpose.First of all,the article is used to analysis the literature to expound the background of the topic and the current situation of domestic and foreign research,and then introduces the relevant theories,the concept of the turn board used in this paper,as well as the status quo of the new three boards and the science and technology innovation board.At present,the main problems existing in the new three-board market are poor market liquidity,uneven quality of enterprises,higher threshold for investors,and science and technology innovation board in the system set-up is a new attempt to broaden the financing channels of enterprises.At the same time,this paper has selected the first batch of new three-board listed enterprises listed in science and technology innovation board-Western Superconducting Materials Technology Co.,Ltd.as the case study object.This paper first combs the company's background,industry development overview and transfer board process.On this basis,the case study method is taken to analyze the process,motivation and effect of Western Superconducting.Through the analysis of the whole process,the successful experience of Western Superconducting transferring from the new three boards to the science-tech innovation board is extracted from which the successful experience of the Western Superconducting to science-tech board is extracted,and the reference opinion sits for the enterprises that intend to transfer the board in the future.According to the findings of the current situation and case analysis of this paper,the new three-board listed enterprises want to transfer to the science-tech board need to make improvements in the following aspects: pay attention to the norms of internal system,improve information disclosure,avoid the ‘three types of shareholders' problems,attach importance to stable management and continuous research and development innovation.At the same time,combined with the reform of China's capital market,the essay is trying to put forward suggestions for the development of the new three-board and science-making board,and strengthen market supervision,in order to achieve the stable and healthy development of multi-level capital market.