Studies On Upgrade Transfer Board System Of China’s Stock Market

"upgrade transfer board system" is the rules that the securities market entities should abide by when a listed company listed in low level capital market apply for the transfer to high market when it meet the high level listing standard.China’s stock market includes the internal main board of Shanghai and Shenzhen Stock Exchange, The SME board (small and medium enterprise board), GEM board (growth enterprise market board), and the agency share transfer system established by Shenzhen Stock Exchange, which construct the multil-level capital market of China. With China’s capital market growth, more and more company has chosen to list on different board of capital market. With the company developed, the profits and net income reached higher standard, the desire to up to high-level board has growth. By March2012, only five companies listed in the agency share transfer system have transferred upgrade successfully to GEM board, and two transferred upgrade successfully to SME board, and all is through IPO application procedures, not the "the green channel" expected in the industry.Transfer mechanism from low level board to high level board is urgent to establish. The paper try to construct the mechanism of upgrade from low level board to high level board of mainland China capital market by analyzes the mechanism of foreign country and region. The paper is divided into four chapters: The first part is the foundation of theoretical knowledge of upgrade transfer board system. It gives the preliminary understanding of upgrade transfer board system.The second part of this paper is about the upgrade transfer board systems of the America, Canada,the region of Hong Kong and Taiwan.The third part of this paper is about the upgrade transfer board systems of mainland China.The fourth part try to construct legal upgrade transfer board system in mainland China stock market.