Research On The Motivation And Performance Of Jiudian Pharmaceutical’s Transfer Board

In recent years,the new third board market has gradually formed a progressive structure of "foundation layer-innovation layer-selection layer",trying to meet the needs of enterprises in various industry types and development stages.Compared with the main board and gem,the entry threshold of the new third board market is lower,which is more attractive to innovative enterprises or enterprises in the growth stage.However,compared with the main board,gem and other floor markets,the new third board has certain defects in terms of stock liquidity and financing ability,as well as in improving its own influence and popularity.With the continuous development and expansion of enterprises,the environment provided by the new third board market is difficult to meet the development needs of enterprises.Based on this,more and more enterprises choose to list on the main board,small and medium-sized board,gem and science and innovation board in order to seek more long-term development in a higher-level capital market.Since 2017,the number of enterprises transferred to the new third board has increased sharply,and the transfer listing has gradually become the focus of the capital market.As more and more enterprises on the new third board begin to seek the "road of board transfer",in order to ensure the quality of listed companies,the CSRC’s audit on the enterprises on the new third board is more and more strict,and it will cost a lot of capital and time in the process of board transfer.What is the impact of board transfer on the subsequent development of enterprises.In view of this phenomenon,this paper analyzes and discusses the reasons for the board transfer of new third board enterprises and the effect on enterprises after the board transfer.While analyzing the effect of board transfer,it provides reference and reference for the successful board transfer and listing of enterprises to be transferred.Starting from the realistic background and research significance,this paper combs the relevant research and literature on the listing of enterprises on the new third board.Combined with the specific case of Jiudian pharmaceutical,which successfully landed on the gem,this paper makes an in-depth analysis of the specific reasons,process and effect of the listing.It is found that the key to the smooth transition lies in the clear shareholder structure,standardized information disclosure,compliant operation and so on;The motivation of board transfer can be roughly attributed to improving stock liquidity,large-scale financing,improving enterprise financial situation,perfecting corporate governance mechanism and so on;For the effect of board transfer,this paper analyzes the stock liquidity,financial performance and non-financial performance of Jiudian pharmaceutical after board transfer through event research method,financial index analysis method and non-financial index analysis method respectively.It is found that after board transfer,the company’s stock liquidity and market value have been greatly improved,some financial indicators have been optimized,the company’s R & D level has been continuously improved,and the governance structure has been improved,The board transfer has brought positive effects to the company.Finally,combined with the analysis of the full text,this paper puts forward reasonable suggestions for the enterprises to be transferred.