A Dissertation Submitted to Guangdong University of Technology
for the Degree’s Master of Fiance
Study on the motivation and effect of the switching
board listing of Zhengfan Technology
Candidate: Li Luoyao
Supervisor: Professor Wu
May 2022
School of Economics and Commerce
Guangdong University of Technology
Guangzhou, Guangdong, P. R. China, 510006

摘要
摘要
近年来，由于新三板市场流动性不足、融资效率低下等问题，导致市场无法满足
部分企业的融资需求，进而许多企业选择退市“转板”，引起了一阵“转板”热潮。
此外，2019年科创板市场成功设立，获得了众多“转板”企业的青睐。在综合考虑“转
板”时期和“转板”市场等因素后，本文选择上海正帆科技股份有限公司（以下简称
正帆科技）为研究案例，从内部和外部两方面剖析其“转板”动因，并采用多种分析
方法探究其“转板”效应，以期对拟“转板”的同类高新技术企业起到借鉴作用。通
过分析论证，获得了以下结论：
一、企业“转板”的主要动因为融资需要、外部政策以及市场特点。
由于外部政策以及市场环境变化，正帆科技为抓住市场发展机遇，产生了扩大生
产经营规模的需求，需要大量资金投入研发生产等项目，而新三板市场无法满足公司
的融资需求，因而公司决定“转板”至与自身特色更适配的科创板市场。
二、“转板”至科创板后企业获得了显著的正向效应，且相比于“转板”至其他
市场的公司提升更大。
通过采用因子分析法、DEA数据包络分析法和 EVA研究分析法等方法，验证“转
板”确实使正帆科技增强了绩效表现，公司的资本结构得以改善，且提升幅度要高于
选择“转板”至其他市场的企业，原因可能是科创板市场与其他市场相比，市场内企
业发行规模大、首发市值高、行业集中度强、盈利能力强、研发投入大，市场中投资
者更加活跃。
关键词：新三板；正帆科技；“转板”上市；动因分析；效应分析
I

广东工业大学硕士专业学位论文
ABSTRACT
In recent years, due to the lack of liquidity and low financing efficiency of the New
Third Board market, the market can't meet the financing needs of some enterprises, and then
many enterprises choose to withdraw from the market and "switch to another board", causing
a wave of "switch to another board". In addition, the science and technology innovation
board market was successfully established in 2019, which won the favor of many "switch to
another board" enterprises. After comprehensive consideration of factors such as the period
and market of "switch to another board", this paper selects Shanghai Zhengfan Technology
Co., Ltd. (hereinafter referred to as Zhengfan Technology) as a case study, analyzes its
motivation of board switching from both internal and external aspects, and uses various
analysis methods to explore its "switch to another board" effect, so as to play a reference role
for similar high-tech enterprises. Through analysis and demonstration, the following
conclusions and inspirations :
1.The main motivation of enterprise's "switch to another board" is financing needs,
external policies and market characteristics.
Due to the changes of external policies and market environment, Zhengfan Technology
needs to expand the scale of production and operation in order to seize the market
development opportunities, and needs a large amount of funds to invest in R&D and other
projects. However, the new third board market can't meet the company's financing needs, so
the company decided to "turn the board" to science and technology innovation board market
which is more suitable for its own characteristics.
2.after the "board transfer" to science and technology innovation board, the enterprises
have achieved significant positive effects, and the promotion is greater than that of the
companies that "switch to another board" to other markets.
By using the methods of factor analysis, DEA data envelopment analysis and EVA
research analysis, it is verified that "switch to another board" has indeed enhanced the
performance of Zhengfan Technology, and the capital structure of the company has been
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