Research On The New Three - Plate Transfer System

Currently,multi-level capital market in China has already been rudimentary.However,the open interconnection among the system is not existed,which is disbennifit to capital circulation and social resource management. Especially after the proposals of deepening the reform of NEEQ and building board switching system which are presented in the 13thFive-Year Project,more appeal of establishing the board switching system appears.As the focused issue in the construction of domestic multi-level capital market,building the board switching system in NEEQ has far-reaching significance. This dissertation generally includes four parts:Chapter I is the theoretical basis. This part explains the related concepts and characteristics of multi-level capital market,board switching system,and board switching system in NEEQ. Then from the perspective of consummating multi-level capital market,improving the efficiency of enterprise financing,and protecting investors’ interests,the constitution of board switching system in NEEQ is quite necessary. Also,the principles of“rationalizing market” and “relying mainly on voluntariness while enforcement subsidiary”are value framework which should abide by.Chapter II is overseas experience. This part describes the board switching system on American Stock Markets and Taiwan Stock Markets in detail. It begins with the structure of multi-level capital market in USA and Taiwan,and then analyzes their board switching mechanism. Finally,the section provides reference for China through the foreign experience.Chapter III is domestic situation. This part includes two sections:present situation and practical difficulties. The former describes the realistic foundation in China from the aspects of law and policy, and then shows description of real cases,which give further information on the current situation. The latter falls into four main aspects:legal issue,market instability,switching route and matching system.Chapter IV is construct planning. Creating board switching system in NEEQ is the trend of the times. We should maintain market stability, balance the interests between investors and issuers,and improve benign competition consciousness. Also,we should consummate domestic laws constantly,and actively set up board switching rules,which covers upgrading,downgrading,supervision and control.