Research On The Motivation And Effect Of JL MAG’s New Third Board To The ChiNext

China’s new third board helps many small and medium-sized enterprises ease their financing needs and grow.However,due to the inherent defects of the new third board market,such as low stock liquidity and insufficient financing efficiency,the further development of many listed enterprises is limited,and the demand for board transfer is becoming stronger and stronger.At the same time,with the implementation of the specific rules for the transfer of the new third board in 2021,the transfer boom is gradually heating up.Although the number of enterprises preparing or applying for board transfer in the new third board market continues to rise,the failure of board transfer and the decline of enterprise operation and financial status after board transfer occur from time to time.Under the background of the sluggish meeting rate and the increasing market demand in environmental protection fields such as new energy downstream of China’s rare earth permanent magnet industry,JL MAG permanent magnet stood out and achieved the board transfer goal in less than a year and a half,and the effect improved significantly in the next two or three years.As a typical case study,it provides a certain reference for many small and medium-sized enterprises listed on the new third board in related fields,and enriches the research on the transfer of domestic enterprises,which has a certain theoretical significance and reference value for the research on the transfer of enterprises on the new third board in China at the present stage.Firstly,this paper discusses the background and significance,research status and related concepts,and lays the theoretical foundation of this paper from the theoretical aspects of priority financing,signal transmission and so on.After that,it introduces the general situation of the case enterprise JL MAG permanent magnet,and explores the motivation of JL MAG permanent magnet’s transformation from the new third board to the gem from the perspective of internal and external factors.Secondly,through the use of Du Pont analysis and EVA method to analyze the enterprise financial indicators,and explore the financial effect changes of enterprise value and capital surplus under the framework of financial strategy;The non-financial effects before and after the board transfer of enterprises are explored by using the data indicators of enterprise excess return,enterprise market value,financing status and R& D input and output.The results show that JL MAG permanent magnet makes full use of the positive effect brought by the rotating plate to improve the financial effect of the enterprise;At the same time,the long-term and short-term market response,financing status and other non-financial effects of JL MAG permanent magnet have also been improved.Through the case study of JL MAG permanent magnet,this paper draws the following conclusions: first,turning the board helps JL MAG permanent magnet improve its financial indicators,enterprise value and comprehensive strength;Second,clear positioning and full preparation become the key to the success of the board transfer;Third,focusing on R & D and sales layout is a necessary measure to ensure the sustainable development of enterprises.Therefore,for enterprises,the board transfer can alleviate the financing problems of the new third board enterprises,but the board transfer should have clear objectives and reasonable planning in order to achieve a smooth board transfer;At the same time,if enterprises want long-term development,they must constantly improve product technology and management level.Moreover,with the introduction of the board transfer system,the government should strengthen the implementation of the diversified capital market system and smooth the road of board transfer.