Non-listed Joint-stock Company Equity Transfer Market Regulation Legal System Research

Financing of small and medium-sized enterprises is in a difficult time, which becomes important bottleneck impeding SMEs’ development. Due to the imperfect supervision rules, the share transfer market of non-listed joint-stock company is in long-term chaos. It is very necessary to accelerate the formulation of relevant laws and regulations and strengthen the supervision of non-listed company share transfer market. That’s the reason that this topic is chosen as the researching object. After researching the history of share transfer market of non-listed company, analyzing the problems in current supervision rules and learning from developed countries, the author put forward some suggestions to improve the supervision of share transfer market of non-listed joint-stock company.The introduction, illustrates the theoretical value and background of this topic. Followed by a brief retrospect of relevant theory research and research methods used in this article. Besides the introduction and conclusion, this paper is divided into four chapters, which is as follows:Chapter Ⅰ:The overview of basic theory related to the supervision rules of share transfer market of non-listed joint-stock company. In this chapter, the author briefly introduced the legal status and function of non-listed companies and the company share transfer market, as well as the content and theoretical basis of non-listed company share transfer market rules.Chapter Ⅱ:The comparison study of the supervision of share transfer market of non-listed joint-stock company in other countries. In this chapter, the author first described the OTC market of the United States, Japan, and Taiwan. Then he summed up the experience of developed region’s OTC market supervision through comparing supervision laws, information disclosure system, listing standards and the trading system.Chapter Ⅲ:The current supervision situation of share transfer market of non-listed joint-stock company in China. This chapter first reviewed the history, and then introduced the current supervision rules, analyzed problems of these regulations.Chapter Ⅳ:The suggestions of perfecting the supervision regulations of share transfer market of non-listed joint-stock company. In this chapter, based on the previous research, the author put forward some suggestions, for instance, revising legislation to establish regulatory basis, specifying the supervisors and their relations, obligations, and the object of supervision.