随着我国多层次资本市场的快速发展，“新三板”在我国多层次资本市场的地位越 来越重要。在 2016 年“新三板”多年终于等来了分层管理，但是转板制度却迟迟未发 布。即使在分层后“新三板”的流动性和估值困境依然没得到很大的改善，因此创新 层很多企业都有想要转板到创业板的想法。故本文以“新三板”创新层企业转板创业 板作为研究主题。 首先，本文通过对“新三板”整体状况的分析，总结出当前“新三板”板块企业 的特点为以后的研究打下基础。然后分析了与转板有关的一些情况如：宏观的政策分 析，“新三板”企业转板的动机和转板成功企业的现状，接着在政策层面分析了在“新 三板”建立转板制度不仅会存在转板上市的规定没有相关细则且级层较低这样的阻碍， 在《证券法》和市场环境的方面也存在一定的阻碍。因为以上阻碍的存在，“新三板” 企业想要成功转板和顺利建立转板制度需要满足：企业自身应符合上市要求、政策支 持和证券市场进一步发展这几个条件。 在案例研究部分，通过探求“新三板”创新层企业上海四维文化传媒股份有限公 司（以下简称四维传媒）为研究案例，从内部条件和外部条件两个方面研究“新三板” 创新层转板创业板的可行性。企业内部条件分析主要从企业的财务状况、企业经营模 式、企业核心竞争力等方面来进行详细分析。企业外部条件分析主要从产业环境现状 及前景、国家政策支持和现行转板制度的显性障碍三方面来作为四维传媒转板可行性 的外部因素的研究。通过这两个角度的分析，得出了四维传媒转板可行性高的结论。 针对 “新三板”创新层中想要转板的企业会因为没有转板制度而使自身转板工作受到 阻碍这一现状。在文章最后提出了有关完善转板制度的建议。 关键词：新三板；转板制度；可行性；四维传媒II Abstract With the rapid development of China's multi-level capital market, the new three board in China's multi-level capital market status is more and more important. In 2016, the new three board for many years finally came to the hierarchical management, but the transfer board system has been slow to release. Even after the stratification of the new three board liquidity and valuation dilemma still did not get much improvement, so many companies have innovative layers want to transfer to the idea of the GEM. Therefore, this article to new three board innovation layer enterprise board GEM as the research topic. First of all, this article through the new three board overall situation analysis, summed up the current new three board plate enterprise characteristics for future research lay the foundation.And then analyzed the situation associated with the transfer plate, such as: macro policy analysis, new three board business to take the initiative and the success of the status of enterprises, and then in the policy level analysis in the new three board There will be no restrictions on the listing of the provisions of the rules and the lower level of such obstacles, in the Securities Law and the market environment there are some obstacles. Because of the above obstacles, the new three board enterprises want to successfully transfer and smooth the establishment of the transfer board system needs to meet: the enterprise itself should meet the listing requirements, policy support and further development of the securities market these conditions. In the case study, this paper explores the new three board innovation layer from the internal condition and the external condition by exploring the case of the new three board innovation enterprise Shanghai Four-dimensional Culture Media Co., Ltd. (hereinafter referred to as the four-dimensional media) The feasibility of the board. The internal conditions of the enterprise mainly from the enterprise's financial situation, business model, the core competitiveness of enterprises and other aspects of a detailed analysis. The external condition analysis of the enterprise mainly studies the external factors of the feasibility of the four-dimensional media transfer from three aspects: the current situation and the prospect of the industrial environment, the national policy support and the explicit obstacle of the current transfer system. Through the analysis of these two angles, it is concluded that the feasibility of the four-dimensional media is high. For the new three board innovation layer in the want to transfer the board of the enterprise because there is no transfer system and makeIII their own transfer plate work is hampered by the status quo.At the end of the article, we put forward suggestions on perfecting the system. Key words:New three board; Transfer plate; Transfer plate conditions; Four-dimensional mediaIV 目 录 摘要 .................................................................. I Abstract................................................................ II 目 录 ................................................................ IV 1 绪论 ................................................................. 1 1.1 选题的背景及意义 ................................................ 1 1.1.1 选题的背景................................................. 1 1.1.2 选题的意义................................................. 2 1.2 文献综述与相关理论 .............................................. 3 1.2.1 转板制度的基本范畴......................................... 3 1.2.2 文献综述................................................... 3 1.2.3 相关理论................................................... 4 1.3 研究方法和内容................................................... 6 1.3.1 研究方法................................................... 6 1.3.2 研究内容................................................... 6 1.4 创新点和不足之处 ................................................ 7 2 “新三板”概述与现状分析 ............................................. 8 2.1“新三板”概述................................................... 8 2.2“新三板”挂牌企业概况........................................... 8 2.2.1 股份规模................................................... 9 2.2.2“新三板”挂牌企业融资情况 ................................ 11 2.2.3“新三板”创新层与基础层企业规模对比 ...................... 11 3 “新三板”转板概述 .................................................. 13 3.1 转板的定义 ..................................................... 13 3.2“新三板”转板宏观经济政策分析.................................. 13 3.3“新三板”企业转板步骤.......................................... 15 3.4“新三板”企业转板原因分析...................................... 15 3.4.1 “新三板”市场流动性受限 ................................. 15 3.4.2 “新三板”企业融资乏力 ................................... 16 3.5 “新三板”转板情况分析......................................... 17 3.6 转板成功企业现状分析 ........................................... 18 3.6.1 转板后估值水平显著上升 ................................... 18V 3.6.2 转板企业融资能力大幅提升 ................................. 19 3.6.3 转板后流动性要优于新三板 ................................. 20 3.7 建立“新三板”转板制度的显性障碍 ............................... 21 3.7.1 “新三板”转板上市的规定没有相关细则且级层较低 ........... 21 3.7.2《证券法》关于上市条件的限制 .............................. 22 3.7.3 市场环境的障碍............................................ 22 3.8“新三板”转板的条件............................................ 22 3.8.1 企业自身应符合上市要求.................................... 23 3.8.2 政策支持.................................................. 23 3.8.3 证券市场的进一步发展...................................... 24 4 案例分析 ............................................................ 25 4.1 案例背景 ....................................................... 25 4.2 四维传媒转板动机分析 ........................................... 26 4.2.1 经营成果变化分析.......................................... 26 4.2.2 融资能力变化分析.......................................... 27 4.2.3 营运能力变化分析.......................................... 29 4.3 四维传媒转板的可行性分析........................................ 30 4.3.1 内部条件分析.............................................. 30 4.3.2 外部条件分析.............................................. 39 5 结论与建议 .......................................................... 46 5.1 研究结论 ..................................................