Research On The Motivation And Effect Of The New Third Board Enterprises

Since the establishment of the new third board market in 2013,the new third board market has been committed to serving the development of small and medium-sized enterprises in China.At the same time,the new third board market,as an important part of China’s multi-level capital market,plays a connecting role.It is of great significance to improve the construction of the new third board market and the establishment and improvement of the transfer mechanism for promoting the development of China’s small and medium-sized enterprises and building China’s multi-level capital.However,the rapid expansion of the new third board market has also brought many problems.The low valuation,financing difficulties and insufficient market liquidity of the new third board enterprises have to some extent restricted the long-term development of the new third board enterprises and hindered the healthy development of the new third board market.Therefore,enterprises listed on the New Third Board choose to ease the financing difficulties,improve the stock liquidity,and seek the long-term development of enterprises by turning the board.As of December 31,2022,more than 500 enterprises have been transferred to the main board,growth enterprise board,science and technology innovation board and the Beijing Stock Exchange market.The transfer has brought positive effects to enterprises to some extent and solved their development difficulties.Compared with the new third board market,the science and technology innovation board market can bring higher market value and stock liquidity to enterprises,and also can improve the financing ability of enterprises.The new third board enterprises can obtain more development opportunities and solve the development difficulties of enterprises by transferring to the science and technology innovation board,so the science and technology innovation board market has become the preferred choice for the new third board enterprises.This paper carries out the research through the following steps.First of all,this paper describes the research background and significance,and combs the theoretical research results of domestic and foreign scholars on the system,motivation and effect of the transfer board,laying the theoretical foundation of the article,and points out the innovation and shortcomings of this paper.Secondly,this paper introduces the relevant concepts and theoretical basis of the NEEQ,defines and introduces the concepts of the NEEQ,the Scientific Innovation Board and the NEEQ,and expounds the content and application of the efficient market hypothesis,the corporate financial market cycle theory and the information asymmetry theory in this paper,forming the basic theoretical framework of the article.Then,it briefly introduces the current policy of the board transfer in China,and in combination with the current situation of the new third board market and the board transfer,it deeply analyzes the reasons for the board transfer of companies listed on the new third board.Then,this paper studies the Aladdin board transfer case,briefly introduces the industry and company background,analyzes the company’s board transfer motivation,and outlines the company’s board transfer conditions,time costs and capital costs.Next,we will analyze the market reaction after Aladdin’s board transfer.At the same time,we will analyze the financial effect of Aladdin’s board transfer through four major financial indicators,and then comprehensively evaluate the financial effect of Aladdin’s board transfer based on the factor analysis method,and comprehensively study the effect of Aladdin’s board transfer.Finally,this paper summarizes the research contents and draws relevant conclusions and enlightenment: the new third board enterprises have low valuation,insufficient financing and liquidity,and cannot meet the development needs of enterprises.The transfer board can bring positive effects to enterprises,improve the market value and financial effect of enterprises,and effectively solve the development problems of the new third board enterprises.Therefore,China should improve the construction of the new third board market,establish and improve the new third board transfer system,High-quality enterprises on the new third board should rationally deal with the transfer behavior.In addition,the case of Aladdin’s successful transition to the scientific and technological innovation board is not only of reference value to other NEEQ enterprises,but also of certain significance for China to establish an effective transition system and improve the multi-level capital market system.