Analysis Of The Motivations And Effects Of The Transfer Of "specialized, Refined, Special And Innovative" Small And Medium-sized Enterprises To The Main Board After The Transfe

In recent years,in order to accelerate the solution of the "bottleneck" problem,China has proposed to strengthen industrial science and technology innovation and supply chain sustainability,strengthen basic research,promote application research,and carry out special actions to strengthen the industrial chain,to help "specialized and innovative" enterprises seek long-term development.In this respect the capital market,China has carried out many reforms,including the establishment of the New Third Board layered system,the new select tier,the new Beijing Stock Exchange,the comprehensive implementation of the registration system,the establishment of the board transfer system,etc.,constantly strengthening the capital financing ability and precision service ability of all sectors of the capital market,gradually form a multi-tiered capital market system.On May 25,2022,Crown Power Defense overgedragen van de Nieuwe Derde Raad naar de Beurs van Peking,en met succes overgedragen aan de Raad van Wetenschap en Technologie Innovatie,zijnde de eerste onderneming overgedragen van de Beurs van Peking,becoming the first enterprise transferred from the Beijing Stock Exchange,marking the successful opening of China’s multi-level capital market.This article will begin with Guandian defense to the science and Technology Innovation board as the research object.According to the existing transformation theory and relevant policies and systems,this paper will analyze the effect and mechanism(including motivation analysis,cost analysis and condition analysis)of the conversion from the Guandian defense to the scientific innovation board,and draw relevant conclusions,enlightenment and suggestions.Since the Beijing Stock Exchange has just been established for about a year,there is no case study on the board transfer of Beijing Stock Exchange.At the same time,due to China’s unique multi-level capital market system,Chinese scholars mainly study the motivation and effect of board transfer through empirical studies,and there are few literatures that analyze and study with cases.Therefore,this paper will have a representative significance to Guan Dian defense transfer board case study.To clarify the case studies,It is divided into the following sections.First,the context and meaning of this article is elaborated and relevant research results of ex-human scientists are inventoried and commented on.At the same time,the main lines of research and innovative highlights are listed in this article.Second,important relevant concepts and concepts are discussed.introduced theoretical foundations,defining the concepts of transition system,transferboard system and multi-level capital market,with as analytical basis the theory of information asymmetries,the theory of the cycles of financial growth of companies,the theory of investor perception and the theory of signal transmission.And is the theoretical basis of the analysis.Next,in the central part of the article,the context of the case is described and the course of defense of the canopy from translation to cotron is described.Next,the effects of this transmission are analyzed on the basis of market reactions.the short term and the impact on the company’s medium and long term strategic design.and the mechanism(including motivation analysis,condition analysis and cost analysis)of the conversion after Guandian defense shift is studied.First,the internal and external motivations of the conversion after Guandian defense shift are analyzed.And from the company’s scientific innovation attributes,market value and financial indicators,equity structure and three types of shareholders three aspects of the analysis of the successful conditions of the board transfer from Beijing Stock Exchange,and then from the time cost and capital cost analysis of board transfer costs.Finally,this paper summarizes the case content and draws the following conclusions: first,switching from Beijing Stock Exchange to board listing can bring positive effects to enterprises;Second,the translation after the board for the "specialized and special new" small and medium-sized enterprises to provide more financial support for the long-term strategic layout;Third,the New Third Board cannot meet the development needs of enterprises in the middle and later stages of growth.Translation and transfer of the board can effectively help the long-term development of enterprises on the New Third Board."Specialized,refined and innovative" smes should choose different financing sectors according to their own attributes and development stages.Fourth,enterprises with clear ownership structure and detailed information disclosure are more likely to pass the Science and Technology Innovation board;In addition,the successful case of Guandian Defense from the Beijing Stock Exchange board to the Science and Technology Innovation Board also provides a reference for other "specialized and innovative" smes seeking better development opportunities.