A Study On The Transfer Plate Mechanism Of Chinese Stock Market

The diverse needs of financial services of investors and financiers decide the capital market should be a multi-level marketing system. In recent years, China's capital market has grown in strength, multi-level marketing system effectively support the real economy, and effectively promoted economic and social progress.The basic function of capital market is to optimize the allocation of resources. With China's capital market expansion, there are more and more listed company, according to the growing size and the main business of the company, they choose the different types of financing platform. But as the company's management and development, once the enterprise developed, profits and net income reached higher level, they need to up to high-level plate, and when the development situation of the enterprise unsatisfied, cannot satisfy the requirement of plate, it needs to down to the next-level of plate or de-listed. It requires establishing multi-layer transfer mechanism between the capital markets. At present, there are Main Board, Small Board, GEM, the Third Market in our country, the listed companies could transfer among them and find the suitable market system, and the different level of markets would have suitable companies to match with it..It is of positive significance to the development of capital market and the multi-level listed company.But the capital market transfer mechanism system are not mature enough and the corresponding laws and regulations are not mature either. Based on this, the paper analyzes the multi-level capital market in China, and the structure of foreign successful transfer mechanism, combined with the actual situation in our country, and designed a suitable transfer board mechanism for China's capital market.This article mainly research and discussion in the following aspects:Firstly, this article discusses the multi-level capital market and the related concept of transfer mechanism theory between multilevel capital markets, then introduces the multi-level capital market structure of our country and the existing problems.Secondly, analyses the success cases of international capital market transfer mechanism to provide theoretical and practical basis. Thirdly, combined with the actual situation in our country, and designed a suitable transfer mechanism for China's capital market, and proposed the corresponding supervision system, and finally analyses the advantages and disadvantages of this mechanism and further research direction.