Abstract: equity is the lifeblood of a business, every time it means that the increase in equity dilution, major shareholders may face the risk of losing control. But for the new three board market start-ups, especially light asset companies, they do not have any valuable assets can be realized, only equity has a certain market value.
war new board aground, registration system delayed, layered mechanism approaching, many companies will once again focus on the eyes of the new three board market. As a paradise for SME financing, the advantages of the new three board incomparable, and its financing model with the continuous innovation of the market environment. However, model innovation hide behind the inevitable more or less risk, such as the recent equity pledge warehouse explosion, private debt defaults and other events, the reflection of the development of state enterprises weak part of the three new board. From the point of view of the development stage of the financing model, the private placement is the most usual practices of the new three Board companies, equity pledge, private debt, preferred stock and other models are still in the early stages of development. With the improvement of the new three board layered mechanism, a variety of new financing model may take the lead in the innovation level of the pilot, for the development of SME financing to explore a new path. The opportunity and risk, the author according to the logic behind the financing mode, the analysis of the existing market risk in the following, the mainly private placement and equity pledge.
set by, the company spent money where to go?
Since the advent of new
board, corporate finance basic cannot do without the private placement. According to wind statistics, in 2015 the first three new shares issued 2547 financing, financing scale of up to 121 billion 348 million, is in the 2014 of 9.18 times. 2016 to date, there have been nearly 800 fixed financing, financing scale of nearly 40 billion. The preference set by the enterprise financing, it is low cost and easy money. Compared to the A stock market, the financing efficiency of the new third market, such as small increase can be exempted for approval, or an approved multiple issue of financing; and set by the reporting cycle is short, generally small number of shareholders (less than 200) of the new three board business, reporting cycle in about two weeks, more than this faster than the stock market A.
Get a large sum of money
enterprise’s heart, an easy job to do, this is how to spend money? Part of the funds will be invested in the production companies do, solution as pressing danger, expand the production scale of enterprises, with space for time. Another part of the enterprise is playing better quanqian idea, I even doubted the initial purpose of companies listed on the new board is running.
Quanqian properties of
can be divided into two kinds, one is the class of financial enterprises, like Jiuding investment, set by the hundreds of billions, in addition to the money the hatching of some small and medium-sized enterprises, other investment in the construction of financial holding system, such as the acquisition of listed companies, hunters A shares market. According to statistics, last year, the proportion of financial enterprises accounted for the total share of the new three board market share of 1/4. The other is a non financial enterprises, although they do not like such Jiuding investment skillfully playing the financial markets, but they dare to take a large sum of money to engage in financial transactions. Data show that as of March 22, 2016, there are 308 announcements involving