CAJ | 학술논문

新三板市场已成为破解中小企业直接融资难的有效途径。以经济总量占全国五分之一的长三角地区“三省一市”中小企业为研究对象，通过对上海市、江苏省、浙江省和安徽省“三省一市”694家中小企业新三板上市融资发展现状研究发现：三省一市新三板市场起步虽晚，但发展迅猛，行业分布以二、三产业为主，制造业、信息技术业、社会服务业依次位列前三；三省一市新三板中小企业定向增发增资活跃，融资效果明显；挂牌后的中小企业经营能力和盈利能力等财务绩效显著改善。但也存在企业估值过高，风险较大；挂牌后企业成本显著加大；挂牌企业发展迅猛，但存在三省一市差距较大等问题。
신삼판시장이성위파해중소기업직접융자난적유효도경。이경제총량점전국오분지일적장삼각지구“삼성일시”중소기업위연구대상，통과대상해시、강소성、절강성화안휘성“삼성일시”694가중소기업신삼판상시융자발전현상연구발현：삼성일시신삼판시장기보수만，단발전신맹，행업분포이이、삼산업위주，제조업、신식기술업、사회복무업의차위렬전삼；삼성일시신삼판중소기업정향증발증자활약，융자효과명현；괘패후적중소기업경영능력화영리능력등재무적효현저개선。단야존재기업고치과고，풍험교대；괘패후기업성본현저가대；괘패기업발전신맹，단존재삼성일시차거교대등문제。
The new three board market has become an effective way of direct financing for medium and small-sized enterprises. Taking the small and medium-sized enterprises of "three provinces and one city" in Yangtze River delta which economic output accounts for one of the 5country's economic output as the research object, through current situation of the financing development of 694 new three board listed enterprises in "three provinces and one city" of Shanghai, Jiangsu, Zhejiang and Anhui province, the study found that the new three board market of three provinces and one city started although late, but developing rapidly, the industry distribution is given priority to the secondary and tertiary industries, manufacturing, information technology and social services ranked the top three in turn. New three board small and medium-sized enterprises of three provinces and one city endowment active, financing effect is obvious. After the listing, management ability and profitability of financial performance of small and medium-sized enterprises improved significantly. But there also exists problems such as business overvalued, the bigger risk, enterprise cost increased significantly after listed, listed enterprises developing rapidly, but the gap between the three provinces and one city became larger.