Research On The Listing And Exchanging Legal System Of The New Third Board Market

The New Third Board Market is the basis of multi-level capital market,and itsfunction is to provide an effective financing platform for the innovation of newhigh-tech enterprises.And it can regulate business operations by virtue of informationdisclosure,self-supervision and other systems.The New Third Board Market is an emerging capital markets which developedfrom the Old Third Board Market.As a part of multi-level capital market,it differ fromThe Main Board Market and Growth Enterprise Market in issuance system,exchangesystem and information disclosure system and so on.The New Third Board Market has established relevant legal system during theperiod,but there are still some defects.It imposes close restraint on restricted periodand investors,and there are shortcoming in the exchange system.All of these confinethe liquidity of the New Third Board Market,and hinder the prosperous developmentof the market.In addition,since there is no rational oriented-increase system or thetransfer-board system,it limits the financing channels of listed enterprises and is norconducive to the market to provide more enterprise to the The Main Board Marketand Growth Enterprise Market.Therefore, it’s necessary to reform the current legal system. Firstly,it shouldshorten the restricted period of the controlling shareholders and actual controllers. And it also should appropriately expand the scope of person investors. Secondly,itshould perfect the exchange system. Setting reasonable minimum amount standard,introducing market maker trading system. Thirdly,it should constructoriented-increase system or the transfer-board system,so as to promote the market toplay the financing function and the role as the reservoir of the public companies.Finally,we should get a good grasp of the new board expansion of capacity andimprove the construction of the system of admittance of market maker.