Abstract: equity is the lifeblood of a business, every time it means that the increase in equity dilution, major shareholders may face the risk of losing control. But for the new three board market start-ups, especially light asset companies, they do not have any valuable assets can be realized, only equity has a certain market value.
war new board aground, registration system delayed, layered mechanism approaching, many companies will once again focus on the eyes of the new three board market. As a paradise for SME financing, the advantages of the new three board incomparable, and its financing model with the continuous innovation of the market environment. However, model innovation hide behind the inevitable more or less risk, such as the recent equity pledge warehouse explosion, private debt defaults and other events, the reflection of the development of state enterprises weak part of the three new board. From the point of view of the development stage of the financing model, the private placement is the most usual practices of the new three Board companies, equity pledge, private debt, preferred stock and other models are still in the early stages of development. With the improvement of the new three board layered mechanism, a variety of new financing model may take the lead in the innovation level of the pilot, for the development of SME financing to explore a new path. The opportunity and risk, the author according to the logic behind the financing mode, the analysis of the existing market risk in the following, the mainly private placement and equity pledge.