The Risks And Preventive Measures Of The Expansion Of The New Third Board

Since2006, the Zhongguancun companies entered the agency sharetransfer system pilot, the new third board received a considerabledevelopment, and effective solution to the financing difficulties ofsmall and medium-sized scientific and technological enterprises, alsoplayed an important role in regular corporate governance transportsenough to promote enterprise development. But at the same time, limitedby the scope of the experiment, the trading of primary and trading system,the lack of effective interaction of the market activities, and otherreasons as well, expanding the scope of the new third board to play thethree new board effectiveness is also facing policy and institutionaldifficulties.In order to effectively address the difficulties faced by the presentnew third board, promoting the new board expansion is carried out smoothly,the expansion of three new board conducting a series of policy is expected.Combined with the current development status of the new third board andregulators views, consistent expansion policy including the introductionof market-maker system, the appropriate relaxation of transactionthreshold, breaking the limit of200shareholders of the non-public Companies, the transfer plate channel for three new board and so on.However, the analysis of expansion policy is expected to combine thecurrent status of the new third board market, the development of China’smulti-level capital market, the basis of positioning, I think that whilethe new third board expansion of the regulatory rules level is too low,the conflict between the laws and regulations need to be adjusted, thelack of market liquidity and corporate transfers the risk of failureresult in losses to investors.In order to prevent and solve the possible risks of the new thirdboard’s expansion better, exploring a multi-level capital market forChina’s national conditions the path of development, the author suggestedthe need for capital market development path analysis developed countriesand regions on the basis of drawing on its advanced experience. the articlefocuses on the U.S. OTC market (including the NASDAQ, OTCBB, Pink Sheets),the UK AIM market, the Japanese OTC market, as well as Taiwan’s Emergingmarket and other similar foreign market trading systems, marketregulation and other aspects of measures to the summary of the advancedexperience of foreign countries on the basis of reference for thedevelopment of the new third board.The eve of a new third board expansion is about to commence, thevarious systems will soon establish the new third board-related problemsof analysis and asked the corresponding improvement countermeasures tonew third board of perfect and good development of some contribution, topromote the new third board development and prosperity better.