Research On The Legal System Of New Three - Board Market In China

New Three Board, the small and medium-sized enterprises, is established with the approval of our country under the State Department for non-listed shares co., LTD providing public transfer, financing, mergers and acquisitions related business services such as national securities exchange. New Three Board market as a model of OTC market in China, is an integral part of multi-level capital market system construction in China.After expansion, New Three Board brings about the listed companies rising in the boom. As of December 31,2014, the number of listed companies in New Three Board has reached 1572, investors in 8703, New Three Board market capitalization is about 300 billion RMB, financing as to 48.115 billion RMB, and the average price earning ratio up to 20 times. The rapid development of New Three Board market in our country have made great contributions to the development of small and medium-sized enterprises. The development of the system is a concern for many people. In addition, it needs to demonstrate that how to continuously improve the relevant system in order to maximize the function of New Three Board.From multi-level capital market development and its relationship with the New Three Board market in our country, this article analyzes the development course of New Three Board and its important role as a representative of the OTC market in multi-level capital market. the thorough analysis and research institutions of our country’s New Three Board operation. Through the analysis of the central market related system of New Three Board, first of all, for research on admittance system, the author demonstrates admittance conditions listed related introduction for New Three Board, and summarizes some typical problems and solutions in process of listing based on the relevant cases I dealt with during the internship in the law firm; And based on the introduction of market trading system, the information of disclosure system and supervision system in New Three Board, the author makes the conclusion of the system’s development present situation and summarizes the defects of the system; Finally, according to the special circumstances of the development of New Three Board market in China and drawing lessons from international advanced experience in operation of the OTC market, the author puts forward the following suggestions:first, in terms of optimizing trading system, New Three Board market should expand the scope of a natural person investors and refine market-makers trading patterns in order to arouse enthusiasm and active trading market to make the New Three Board market really warmed up. Second, in terms of perfecting the information disclosure system, it is responsibility for our country to develop the information disclosure system via the construction of information disclosure responsibility imputation system, attracting investment and enterprising to build a healthy external operating environment. Third, combined with the successful practice of transferring plate of New Three Board in our country, it is necessary to constitute system of transferring plate and relevant suggestion. Fourth, in terms of regulatory system, on the premise of clear regulatory framework it is needed to create the mechanism to hierarchically manage listed enterprise.