Third Board Market In The United States And Britain To Study And Reference

The third board market is a necessary part in the structure of capital market, it is a springboard to more senior markets, meanwhile securities which are not qualified with the rules of the first and second board market could still be traded on the third market, which forms an integrated capital market system. It is crucial to build the third board market and to integrate the capital market in our country since this act can work out some problems we face, like the securities eliminated from senior markets could be continued to be dealt in the third board market, and it can make it easier to raise funds for civil enterprises to some extent, whereas the senior markets can't reach those functions so far. In addition, these years the stock market in our country has been developed quite a lot. While comparing the same case with developed countries, we still can find following shortages: unspecialized scale of the market, few types of the securities to be dealt, single market structure, unbalanced capital structure, problems to finance for a great numbers of civil enterprises. Therefore, to set up the third board market in our country is necessary and urgent as well.The paper puts forward the necessity to develop the third board market in our country; also forward-lookingly designs the orientation, mode to develop, the rules to develop and regulate, and the capital market structure for future third board market based on the analysis to the mode and rules of OTCBB and OFEX from United Sates and Britain for each, to expect it will work some in the process of constructing the third board market in our country.There are 3 innovative points in the paper as following: First, compares and analyzes the OTCBB and OFEX in detail including the situation for floating in recent years the review to the growth eligibility criteria for qualification and disqualification application procedure the relationship between the third board market and the senior markets the advantages and disadvantages of the third board markets in United States and Britain; Second, designs the floating rules and regulation system for the future third board market in our country based on the current fact in our country and taking the development experience of OTCBB and OFEX as reference;...