Research On Performance Of Enterprises In NEEQ Market With Private Placement

At the end of 2018,my country’s small,medium and micro enterprises accounted for99.80%.Small,medium and micro enterprises play a vital part of my country’s national economy.However,small and medium-sized enterprises generally face financing difficulties.Due to their general operating conditions,they cannot provide sufficient internal funds.To maintain the company’s long-term development,we must seek external funds.As a significant part of my country’s multi-layered capital market,the NEEQ market undertakes the function of providing a financing platform for the enterprises.Prior to the establishment of the selection layer,companies listed on the NEEQ were unable to raise funds through public issuance.Listed companies generally choose financing methods such as private placement,corporate bonds and equity pledges,of which private placement is the largest proportion.The new third board directional additional issuance provides financing channels for many companies with capital needs,and helps to improve their business performance.Through factor analysis method,this paper constructs a performance evaluation model of the new three-board listed enterprises in 2018-2020,and compares and analyzes the performance of the new three-board targeted issuance in recent years,and shows that in recent years,the new three-board listed enterprises have achieved positive financial performance.However,it is worth noting that in the face of the new three-board market targeted issuance there are various problems,there are still a small number of enterprises to achieve the positive impact of targeted issuance on business performance.Especially after the establishment of the selected layer,the new three-board market stratification system and the turn-board system have been further improved,the new three-board listed enterprises have the possibility of improving the targeted issuance performance.In order to explore how to realize the positive effect of private placement on business performance,this paper selects a representative case study of Jilin Tangu.After introducing the basic situation of the company and the private placement,the performance of the two private placements after the listing of Jilin Tangu was analyzed through financial and non-financial indicators.The results show that the two private placements have indeed improved the company’s operating performance.In order to avoid industry factors from interfering with the performance of the second issuance,this article further analyzes the scale of changes in the financial indicators of Jilin Tangu through the situation of comparable companies in the same industry.After excluding industry factors,the second private issuance will also affect the company.Financial performance has a positive impact.In order to further study the factors that affect the performance of private placement,this article analyzes the reasons for the difference in the performance of the two private placements,and discovers how to expand the effect of private placement on performance.Based on the above research,this article puts forward corresponding suggestions for Jilin Tangu,the NEEQ Market and other listed companies.Recommendations for Jilin Tangu: while maintaining the existing advantages,broaden financing channels,strengthen internal control,and actively explore the market;recommendations for the NEEQ market: improve market liquidity,improve the information disclosure system,and strengthen the management of raised funds;for others Recommendations for listed companies: increase R&D investment,seize market opportunities,enhance the core competitiveness of enterprises,and rationally analyze and determine additional issuance plans before financing targeted additional issuance.