Research On The Path Selection And Effect Of Enterprises’ Board Transfer Under The New Listing Rules

With the development of China’s multi-level capital market,the establishment of the select layer and the Beijing Stock Exchange has broadened the financing channels for enterprises originally listed on the NEEQ.In March 2022,the Shanghai Stock Exchange announced the implementation of the transfer method of the North Stock Exchange to science and technology innovation board,which represents the real implementation of the direct transfer system and makes the markets at different levels more closely linked.In this context,this paper selects Guandian Defense Technology Co.,Ltd,the first to go through the NEEQ and the Beijing Stock Exchange under the new regulations of the Shanghai Stock Exchange,and finally successfully landed on the Science and Technology Innovation Board as a case study.This paper combines the literature research method,case analysis method,event research method and comparative analysis method,and first summarizes the research on multi-level capital market and predecessors’ transfer of enterprise board at home and abroad,and takes theories such as the growth cycle theory of enterprise finance as the basis for case analysis.Secondly,the overview and path selection types of NEEQ enterprises are analyzed.Then,the overview of Guandian Defense Technology Co.,Ltd and the process of board transfer are elaborated,and the reasons for choosing the direct board transfer path and the changes in market response,innovation ability and financial performance before and after the board transfer are studied and analyzed.At the same time,Chengdu Ksw Technologies Co.,Ltd and Beijing Haohan Data Technology Co.,Ltd.,which chose the traditional transfer path to complete the listing,were selected for comparison,and the reasons for choosing different transfer paths and the similarities and differences of the effects after the transfer were analyzed.Finally,the full text is summarized and recommendations are made.This paper concludes that the choice of different transfer paths is affected by the new regulations issued by the CSRC and the stock exchange and the environmental impact of the capital market on the one hand,and the obstacles that the transfer conditions and obstacles encountered in the rapid improvement of enterprise development on the other hand.It is found that the short-term market reaction of Guandian Defense Technology Co.,Ltd after choosing to directly transfer the road to the board is greatly affected by the information publicly disclosed by the enterprise,the stock liquidity is improved,the market valuation is more reasonable,the innovation ability is improved,the financing channels and capabilities are improved,the financial situation is optimized and the value creation ability of the enterprise is improved.The financial status and value creation ability of comparable companies after the transfer are not as good as Guandian Defense Technology Co.,Ltd,and the short-term market reaction is greatly affected by the publicly disclosed information,but the transfer behavior can bring positive effects to the company.Based on the above analysis,the following suggestions are made: for enterprises whether they plan to transfer the board or not,they should improve their own strength and standardize the disclosure of company information to maintain market competitiveness;For companies with a transfer plan,they can choose the new transfer path of direct board transfer to alleviate the higher time and money risks that may occur in the process of choosing the traditional transfer path;For the market and regulatory authorities,it is necessary to continuously promote and effectively implement the construction of the direct transfer system,and the supervision of the information disclosed by the company and the procedural management of the transfer process should be more stringent.