| In the current New Third Board market,due to the large number of listed companies and the high entry threshold of investors,the New Third Board market is faced with problems such as insufficient liquidity and insufficient financing,which makes many high-quality listed companies turn to other financing paths,such as switching to higher board listing.Since 2007,a large number of New Third Board enterprises have been listed on the Main board,Small and Medium Board,Growth Enterprise Board and Science and Technology Innovation Board,meeting financing needs and solving development bottlenecks.Nanwei Medical Is one of the first NEEQ enterprises to land on the Science and Innovation Board.In order to develop the case study more clearly,the research of this paper is divided into the following steps.Firstly,this paper describes the research background and significance in detail,and reviews and collates the research results of previous scholars.Secondly,this paper introduces the important concepts and theoretical basis,defines and introduces the concepts of the New Third Board,Science and Technology Innovation Board and enterprise switching board,and provides a theoretical basis for the research on switching board through signal transmission theory,enterprise financial growth cycle theory and efficient market hypothesis.Then it analyzes the background and current situation of board transfer in China,makes descriptive statistics of the New Third Board enterprises of board transfer Technology Innovation Board,and analyzes the existing board transfer approach and possible board transfer motivation from the theoretical level.Then,this paper began to study the case of Nanwei Medical Board.Nanwei Medical Has tried to go public for many times,and the establishment of Science and Technology Innovation Board brings the hope of going public.The main motivations for switching to the board include improving stock liquidity,expanding production capacity,and meeting the needs of R&D,innovation and financing.Through the analysis from different angles,it is found that the transfer board listing science innovation board has helped Nanwei Medical obtain a good market response,broaden the company’s development prospects,and improve the company’s financial situation.Finally,this paper summarizes the previous research content and comes to the following conclusion:The New Third Board cannot provide enough space for the growth of listed enterprises,and the conversion of enterprises to the board can effectively solve the development bottleneck,produce positive effects,improve their own financial status,and enhance the competitiveness of enterprises.In addition,this paper also puts forward corresponding suggestions from the enterprise and the government for the successful case of Nanwei Medical.It not only provides a reference for other NEEQ enterprises seeking better development opportunities,but also provides some ideas for China to establish an efficient board conversion system and improve the multi-level capital market system. |
