摘 要

市场经济的不断发展，各企业之间的竞争日趋白热化，严酷的外部环境加大了中小企业的生存压力，资金紧张、融资渠道狭窄已成为制约中小企业发展的重要因素。因此，大力发展新三板具有很强的必要性和现实意义。本文通过对中小企业在新三板上市会遇到的财务问题及其在新三板上市是机遇或是挑战等问题的探究，对新三板的发展提出建议，让其为中小企业的上市提供更好的平台。

新三板原是作为非上市股份有限公司进入三板市场进行股份转让试点而设立的，然而后来却逐渐成为我国场外市场的一个重要组成部分。本论文是在此基础上，探究在新三板条件下，中小企业成功挂牌上市的情况。论文主要研究内容是：（1）新三板发展现状及其前景；（2）中小企业在新三板上市的条件及其遇到的财务问题；（3）新三板对中小企业的上市来说是机遇还是挑战；（4）对中小企业在新三板上市提出意见或建议。

研究结果表明：（1）新三板的进入门槛较低，且新三板的存在，对中小企业来说既是机遇也是挑战；（2）新三板的出现为中小企业进入资本市场提供了无限的可能，提高了在新三板挂牌的中小企业在证券市场上的流动性，也为中小企业融资提供坚实的后盾；（3）新三板的推出，是我国资本市场改革创新的一次重要实践，中小企业也从中汲取经验改善自身的财务问题：树立自主创新意识,选择合适的创新模式,加快技术创新的步伐,增强自身实力,以尽快缓解自身的财务问题,实现创业板上市。

关键词：中小企业；新三板；财务问题

SMEs in the three new board listed several financial issues that must be addressed

ABSTRACT:The continuous development of market economy, enterprises increasingly intense competition between harsh external environment has increased the pressure on the survival of SMEs, funding constraints, the narrow channels of financing has become an important factor restricting the development of SMEs.Therefore, to develop three new board has a strong necessity and practical significance.Based on the three new board listed SMEs encounter financial problems and listed three new board is to explore the opportunities or challenges and other issues and make recommendations on the development of three new board, allowed better for the listing of SMEs platform.

Three new board was originally entered as a non-listed limited three-panel market share transfer and the establishment of a pilot, but later it gradually became an important part of the OTC market.This paper is based on this, to explore the conditions under the new board, the situation of SMEs successfully listed on the market.The main research content is: (1)Current situation and prospects of the development of three new board; (2)Conditions for SMEs in three new board listing their financial problems encountered; (3)Three new board for listed SMEs is an opportunity or challenge; (4)SMEs listed on the new board comments or suggestions.

The results show：(1)Low barriers to entry for new board, and the presence of three new board, for both opportunities and challenges for SMEs; (2)The emergence of three new board for SMEs to enter the capital market provides unlimited possibilities to improve in three new board listed SMEs in the stock market liquidity, but also provide a solid backing for SME financing; (3)The introduction of three new board is an important practice of China's capital market reform and innovation, but also to learn from the experience of SMEs to improve their financial problems：Foster awareness of independent innovation, select the appropriate model of innovation, accelerate the pace of technological innovation, and enhance their own strength, to ease their financial problems as soon as possible, to achieve GEM.

Keyword：SMEs; Three new board; Financial issues

目录

第一章 前言 6

1.1研究背景 6

1.2研究目的 7

1.3研究意义 7

1.4研究内容 8

1.5国内外研究现状 8

1.5.1国外研究现状：以美国为例 8

1.5.2国内研究现状 10

第二章 新三板概述 15

2.1新三板定义 15

2.2新三板的发展现状及其发展对策 16

2.2.1发展现状 16

2.2.2发展对策 17

2.3新三板的现实意义 19

2.4 中小企业在新三板上市的条件 19

2.4.1 内部条件 20

2.4.2 外部条件 21

2.5 中小企业在新三板上市的利弊 22

2.5.1 有利因素 22

2.5.2 不利因素 23

第三章 新三板与老三板、创业板 24

3.1 新三板与老三板的区别 24

3.2 新三板与创业板的区别 25

第四章 财务问题 26

4.1 中小企业财务管理现状 26

4.2 中小企业在新三板上市面临的财务问题 26

4.3 改善财务问题的基本方法 28

第五章 结论与展望 29

5.1 结论 29

5.2 展望 29

致谢 29

参考文献 30

1. 前言

1.1研究背景

“新三板”市场是指中关村科技园区非上市股份有限公司进入代办股份系统进行转让试点，因为挂牌企业均为高科技企业而不同于原转让系统内的退市企业及原STAQ、NET系统挂牌公司，故形象地称为“新三板”。

金融危机以来，建立完善的多层次资本市场体系成为中国经济持续健康发展的关键因素。能够建立有效的场外市场体系来为大量的高科技中小企业提供一个更为市场化的平台是金融结构转型的重要内容。从中国证券市场过去的发展来看，主板和中小板，创业板市场虽然得到了长远的发展，但难以满足社会对资产证券化的要求，在推动中小企业大力发展方面显得力不从心。

同时，市场经济的不断发展，各企业之间的竞争日趋白热化，严酷的外部环境加大了中小企业的生存压力，资金紧张、融资渠道狭窄已成为制约中小企业发展的重要因素。因此，大力发展新三板具有很强的必要性和现实意义。2013年，有关新三板的各项规章制度陆续出台，为大力发展新三板扫清了障碍。

1.2研究目的