新三板市场已成为破解中小企业直接融资难的有效途径。以经济总量占全国五分之一的长三角地区“三省一市”中小企业为研究对象，通过对上海市、江苏省、浙江省和安徽省“三省一市”694家中小企业新三板上市融资发展现状研究发现：三省一市新三板市场起步虽晚，但发展迅猛，行业分布以二、三产业为主，制造业、信息技术业、社会服务业依次位列前三；三省一市新三板中小企业定向增发增资活跃，融资效果明显；挂牌后的中小企业经营能力和盈利能力等财务绩效显著改善。但也存在企业估值过高，风险较大；挂牌后企业成本显著加大；挂牌企业发展迅猛，但存在三省一市差距较大等问题。%The new three board market has become an effective way of direct financing for medium and small-sized enterprises. Taking the small and medium-sized enterprises of "three provinces and one city" in Yangtze River delta which economic output accounts for one of the 5country's economic output as the research object, through current situation of the financing development of 694 new three board listed enterprises in "three provinces and one city" of Shanghai, Jiangsu, Zhejiang and Anhui province, the study found that the new three board market of three provinces and one city started although late, but developing rapidly, the industry distribution is given priority to the secondary and tertiary industries, manufacturing, information technology and social services ranked the top three in turn. New three board small and medium-sized enterprises of three provinces and one city endowment active, financing effect is obvious. After the listing, management ability and profitability of financial performance of small and medium-sized enterprises improved significantly. But there also exists problems such as business overvalued, the bigger risk, enterprise cost increased significantly after listed, listed enterprises developing rapidly, but the gap between the three provinces and one city became larger.
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