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Studies On Legal Transfer Board System Of China's Stock Market

Posted on:2012-01-03Degree:MasterType:Thesis
Country:ChinaCandidate:C Y ShenFull Text:PDF
GTID:2166330335968992Subject:Civil and Commercial Law
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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 angency sharetransfer system established by Shenzhen Stock Exchange. These boards construct the multi-level capital market of China. The prosperity of the multi-levl capital market can not be separated from transfer board systems, but in China currntly there is not a legal transfer board system. In order to promote the development of China's economy and capital market, it is urget to establish a legal transfer board system.This paper is diveded into four parts. The first part is the foundation of theoretical knowledge of transfer board system, it tells about the preliminary understanding of transfer board system. On the basis of a clear understanding of the meaning of securities, stock market and stock level, the first part gives the definition of transfer board system in stock market. Transfer board system's three features are elaborated, one feature is that transfer board system make the establishment of a multi-level market as a precondition. Another feature is that transfer board system should adhere to the combination of mandatory and voluntary. The last feature of transfer board system is that its procedings are relatively simple. The transfer board is divided into two categories, upgrade transfer board and downgrade transfer board. In this part the development of China's multi-level capital market has also been briefly introduced.Meanwhile, the value and function of transfer board system in stock market has been analyzed, the importance of legal transfer board system is illurstrated from both the micro and macro aspects. The values like order, equity, efficiency which belongs to legal transfer board system have a positive effecet on Socialist market economy, capital markets and enterprises. The second part of this paper has introduced legal transfer board systems of the world's major countries and regions, including United States, Japan and Taiwan of China. The development of multi-level capital markets, the structure of capital market level, major systems in those levels and the links among them, and the overview of transfer borad systems in these regions. The third part of this paper analyzes the structure of China's multi-level capital market and the comparison of different levels. China's multi-level capital market consists of main board market, GEM boardand stock transfer agent system. Each level has its own features on types of listed companies, access conditons, information disclosure requirements, the listing system and market regulatory requirements. Then introduces our system of law-related provisions of the transfer board system and points out the shortcomings of these systems.The fourth part relates to how to construct legal transfer board system in China's stock market, which is the focus of this paper. In this part the principle of voluntary upgrade board and mandatory degrade board in legal transfer board system. The legal transfer system of our country has been constructed from transfer board legal conditions of the listed companies, the legal procedure that transfer board based on, the specific design of the basic system (like the regulatory system) of transfer board.
Keywords/Search Tags:multi-level capital market, value and function, main board market, GEM board (growth enterprise market board), agency share transfer system, access conditions
PDF Full Text Request
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