Research On Financial Performance Of New Third Board Enterprises

On March 6,2020,China Securities Regulatory Commission issued the guiding opinions on the listing of Listed Companies in the national small and medium-sized enterprise stock transfer system(hereinafter referred to as the Guiding Opinions).The promulgation of this document has further improved the laws and regulations on China's capital market transfer system and construction of transfer channels.According to statistics department data,in 2019,there were 62 IPO related enterprises in the new third board,56 of which passed successfully,and the IPO pass rate of new third board enterprises reached 90% in the whole year,which was 38 percentage points higher than that in 2018.If an enterprise can successfully turn the board,it shows that its corporate governance and business performance have passed a series of more stringent audits,and then transmit a good signal for the future development of the enterprise to the public.For enterprises,improving their ability to create value is the overall goal,especially for those who want to transfer from the new third board to a higher-level market,good financial performance and enterprise value creation ability are not only the ticket to enter a higher-level market,but also the internal requirements of the company's long-term sound development.Therefore,whether the long-term performance of the financial performance and value creation of the enterprise is consistent with the expected results of the public after the board transfer is a key issue that needs long-term attention.This paper takes Guangdong tostar Technology Co.,Ltd.(hereinafter referred to as "tostar")which completed the transition from the new third board to the growth enterprise market in 2017 as a case study.First of all,it introduces the basic situation of tostar company;then it analyzes the current situation of the new third board,and combs the policy of the board transfer;secondly,it analyzes the motivation of tostar's board transfer;thirdly,this paper uses the financial index analysis method and EVA performance evaluation method to explore theperformance before and after the board transfer: the financial index analysis method uses the vertical and horizontal financial indexes before and after the board transfer Business index comparison to judge whether the transfer listing can improve the performance of tostar.EVA performance evaluation method,according to the adjustment of EVA,and then calculate the EVA value,and then analyze the impact on the value of the company.Finally,this paper explains the problems that should be paid attention to after the company's board transfer from three aspects: improving the efficiency of the use of raised funds,attaching importance to asset operation management and strengthening risk prevention,hoping to provide management ideas for other similar enterprises.