Analysis Of How To Improve The Stock Transfer Agent System

Stock Transfer Agent System (also called"the third layer market") was established in July 2001. Its goal ends in our country's over counter market and it is an important part of our multi-layer capital market. The system opened a new stock quoted transfer system on Jan.23, 2006. Only the unlisted companies'stock of Zhongguan Village science and technology garden area can be quoted and transfered on the stock quoted system. Since the stock transfer agent system has been published, it has continuously faced all kinds of confusion. This article aim to reveal and analyzes these questions, and puts forward the improvement proposal. Thus impels the development of our country OTC market, then promotes our country multi-level capital market construction, subsequently truly displays the capital market to foster the national economy. This article began with the example of the author's working case. Firstly the article introduced the history of our country's the over the counter market (OTC market). Secondly the article introduced the present situation of Stock Transfer Agent System and the main problems of it, including Scale small, market conductivity weak, lacking of attraction, thus be ignored by mainstream capital market gradually. All of above causes the stock transfer system gradually to be disputed by all quarters. Thirdly the author analyzed the reasons about the above phenomenon, mainly bout the transaction way sole, lack of the effective supervising rule, financing, the extension board mechanism and the assets reorganization rule, the quotation desclousing incompletely, the operating performance complex and so on. Finally, this paper in profits from overseas counter transaction market of US, South Korea and Taiwan's successful experiences, accomplished author's t proposed some suggestions for how to improve China's stock transfer agent system from specific measures and policy measures, including speeding up the listed companies amount on market, the adding transaction way, being strengthened market supervising and managing, the introduction financing mechanism, the extension motherboard mechanism, the establishment assets reorganization rule, the simplification operating performance, finally establishes market maker system and so on. Finally the paper points out only establishing Chinese characteristic market maker system, it is basis of how to establish our country OTC market. Therefore, this article has certain exploration significance and the practical value to advance our country OTC market's development.