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1、AbstractTheNEEQischaracterizedbyitslowthreshold,highefficiency,lowcostandflexibleregulations.Sinceitsexpansiontoanationalmarketattheendof2013,ithasattractedmoreandmoreSMEstojoinin.However,thefinancingfunctionoftheNEEQhasbeenrestrictedbecauseofitssmalltradingvolume,lessmarketliquidityandsmalle
2、rscaleofdirectfinancingandotherissues.Asaflexiblefinancingway,equitypledgefinancingisstronglyapplicabletotheNEEQenterpriseswhosesharevalueandliquidityhavebeenimproved,corporategovernanceanddisclosuresystemshavebeenperfected.Asaresult,equitypledgefinancingisasupplementforthefinancingfunctionof
3、theNEEQ.Thispaperfirstlyreviewsbasictheoriesrelatedtocorporatefinancing,thensortsoutthecharacteristicsandcurrentfinancingsituationoftheNEEQ,andsummarizestheproblemsofitsfinancingfunctionshortage.Subsequently,thepaperfocusesontheequitypledgefinancingcaseofZhongxunSifangcompany:firstintroducest
4、hebusiness,thefinancingrequirement,andallpreviousfinancingsituationssincelistingontheNEEQ;thencarriesonadetailedanalysisonthefinancingscheme,includingdiscussionsonthefeasibility,implementationanditsfinancingeffects.Thecasestudyfindsthatequitypledge,differentfromotherfinancingmethods,canretain
5、thebigshareholdercontrolright,revitalizeconditionallimitedstakes,solvetheproblemofinsufficientfixedassetsmortgage,improvefinancingefficiencyandcostless.Inthiscase,wesumuptheapplicabilityofequitypledgefinancingforNEEQenterprises,tryingnotonlytoprovidereferenceforSMEstosolvetheirfinancingproble
6、msafterlistingontheNEEQ,butalsoprovideanewideatoimprovethefinancingfunctionsandefficiencyofChineseOTCmarket.Keywords:NEEQ,SmallandMedium-sizeEnterprises(SMEs),EquityPledgeFinancingII目录摘要...........................................................................................................
7、................................................................IAbstract.......................................................................................................................................................................II
