Path Selection Non-listed Public Company Supervision In Our Country

The over-the-counter market（OTC）is an important part of multi-level capitalmarket in our country.Under the background of constructing the national unitive andnormative OTC market, the non-listed public companies as the part of the participation inOTC market which equity trading and regulatory systems are concerned by manyscholars. This article is based on the basic principle of Economic Law, combining withthe” Securities Law”, the “Company Law “and other provisions, which makes anresearch for the supervision mode and supervision system of the non-listed publiccompanies. The article contains the following five chapters.The first chapter, introduces the research background, the research significance, theresearch situation, the research methods and the innovative points.The second chapter, mainly defines the legal elements of the non-listed publiccompanies; Generally expounds the equity trading market of the non-listed publiccompanies, analyzes the some kinds of trading places and trading system in OTC market;Combining with the new policy ideas of the OTC market, definitely orientates the equitytrading market of the non-listed public companies.The third chapter, analyzes the characteristics of the non-listed public companies,puts forward many existing problems of the non-listed public companies, and expoundsthe necessity of building the supervision system of non-listed public companies in ourcountry which combines with the current situation of the OTC market.The fourth chapter, compares the securities supervision mode with other countries,draws lessons from the advanced experience of the developed countries or the areas, thenselects the suitable mode of our country. By Comparing and analyzing the functions ofthe institutions of securities supervision in China, defines the responsibilities of thefinancial office of local government, puts forward that under the unified supervision ofChina Securities Regulatory Commission, plays the supervision role of the financialoffice of local government, and demonstrates the financial office of local governments’sadvantage in participating in supervision of the non-listed public company in regionalequity market.The fifth chapter, mainly solves the proposed problems of the third chapter. Thisarticle proposes some suggestions to build our legal system of the non-listed publiccompanies. The suggestions include the supervision laws and regulations, the supervisionsubject, the market access, the trading system and the non-listed companies, and theintermediary service organizations and so on.