中国新三板合纵科技转板案例分析

发布时间：2019-01-02 10:55

【摘要】：近年来,我国经济实现了快速的发展。其中,我国资本市场发展十分突出。然而,我国中小微企业的发展却十分缓慢,这主要是因为我国新三板市场的发展还不完善。新三板市场在其发展过程中,也遇到了许多的困难,比如市场交易不活跃、流动性不足、企业价值被低估等。其中以新三板市场转板问题较为突出。到目前为止,只有15家企业转板成功,这些企业都是通过走IPO之路来进行转板的,这使得它们都付出了巨大的转板成本。这样也就大大地打击了优质企业到新三板挂牌的积极性,同时对我国新三板资本市场的长远发展是十分不利的。这种情况主要是由我国多层次资本市场转板制度不完善所造成的。为此,本文将新三板转板问题作为本文研究主题,并结合相关理论,对合纵科技转板案例进行分析,进而得出一些建议。首先,新三板市场自身需要完善相关的配套机制。可以通过适当引入竞争机制以完善做市商制度、引入公募基金及适当降低投资者门槛等方式,来解决其挂牌企业估值较低、交易不活跃、流动性差等问题,使得其可以满足更多挂牌企业的融资需求,从而留住优质企业来促使其发展,同时也可以缓解挂牌企业纷纷要求转板的压力。其次,建立更为有效的分层机制。自从新三板扩容之后,来新三板市场挂牌的企业数量迅速增加,仅将这些企业分为基础层和创新层太过于简单,不能够满足新三板市场扩容之后的需求。我们可以通过以下方式来建立更为有效的分层机制。第一,可以根据新三板挂牌企业股权交易方式的不同来进行细分,将其中以竞价交易方式进行股权交易的挂牌企业分为精选层,将其中以做市商交易方式进行股权交易的挂牌企业分为创新层,而将其中以股份转让交易方式进行股权交易的挂牌企业分为基础层。第二,为其中的优质企业提供转板便利服务。第三,完善市场化退市制度。最后,建立高效便捷的转板机制。我们可以通过以下方式来建立高效便捷的转板机制。第一,提高管理层对新三板资本市场的重视,尤其是在转板机制方面。第二,建立高效便捷的转板通道。第三,建立更多的转板方式。例如,我们可以建立允许企业挂牌私募发行机制、企业在板内自动转板升级制度等。
[Abstract]:In recent years, China's economy has achieved rapid development. Among them, our country capital market development is very outstanding. However, the development of small and medium enterprises in China is very slow, which is mainly due to the imperfect development of the new third board market. In the process of its development, the new third board market has also encountered many difficulties, such as inactive market transactions, insufficient liquidity, undervalued enterprises and so on. Among them, the new three-board market turntable problem is more prominent. So far, only 15 enterprises have been successful, all of them have been transferred by IPO, which makes them pay a huge cost. In this way, the enthusiasm of high quality enterprises to go to the new three boards is greatly dampened, and at the same time, it is very unfavorable to the long-term development of the new third board capital market of our country. This situation is mainly caused by the imperfect system of multi-level capital market. Therefore, this paper takes the new three boards as the research topic, and combines with the relevant theory, analyzes the case of the composite technology transfer board, and then comes up with some suggestions. First of all, the new three-board market itself needs to improve the relevant supporting mechanism. We can solve the problems of low valuation, inactive trading and poor liquidity of listed enterprises by properly introducing competition mechanism to perfect the market maker system, introducing public offering funds and lowering the threshold of investors, and so on. So that it can meet the financing needs of more listed companies, so as to retain high-quality enterprises to promote its development, but also to ease the listing of the pressure to demand a board. Secondly, a more effective stratification mechanism is established. Since the expansion of the new third board, the number of enterprises listed in the new third board market has increased rapidly. It is too simple to divide these enterprises into basic and innovative layers and can not meet the needs after the expansion of the new third board market. We can establish a more effective hierarchical mechanism in the following ways. First, it can be subdivided according to the different equity trading methods of the new three-board listed enterprises, and the listed enterprises that trade shares by way of competitive price trading can be divided into selected layers. The listed enterprises which are traded by market makers are divided into innovation layer, and listed enterprises which trade shares by means of share transfer are divided into basic layers. Second, provide convenient service for high-quality enterprises. Third, perfect the market-oriented delisting system. Finally, the establishment of efficient and convenient turntable mechanism. We can establish efficient and convenient turntable mechanism in the following ways. First, management should pay more attention to the new three-board capital market, especially in the conversion mechanism. Second, establish efficient and convenient turntable channel. Third, establish more turntable ways. For example, we can set up a private-placement mechanism that allows companies to list private equity, and an automatic board-to-board upgrade system.
【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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