Study On The Issue Of Introducing Turn Board System To The "New-Three-Panel" Market

A mature capital market can promote national economy developing continually,stably and well. Whether the capital market mature or not depends on the layered andcomprehensive structure. Establishing and optimizing the turn board system can meetthe kinds of needs of different companies. At the same time, it means a lot to thedevelopment and prosperity of multilevel capital market. Also, it will promote therealization of legal values such as equality, efficiency, order and so on. The turn boardsystem has not been established in our country, however, which in developed countryas well as region has mature practice and got progress.The “new-three-panel” market is specifically designed for private companies inNational science and technology district transferring their stocks. Introducing turnboard system can facilitate those companies which will directly go public on thegrowth enterprise market、small and medium sized enterprises board or main boardand promote the development of “new-three-panel” market. This article analyses theturn board system of “third market” in foreign country and focuses on the condition、process and supervisory system. Considering the current situation of the“new-three-panel” market can introduce suitable system. The purpose is making therules of turning board in the “new-three-panel” market clarity, minimizing risks,protecting and maintaining the legitimate interest of market entities, boosting the markets as well as perfecting the multilevel capital market.Chapter1analyses the basic theory of turning board system. It explains thedefinition of turning board which provides the entity ways to move among differentboard markets according to the situation. The turning board has different types formvarious standards, such as turn upper board and turn lower board, active turning andpositive turning. From the macroscopic and microcosmic level, it discusses the effectand impact to the construction of multilevel capital market.Chapter2demonstrates the necessity of turning board system to the“new-three-panel” market. It analyses the current situation and problems in the capitalmarket and points out the structural defects in the multilevel capital market,insufficient development of growth enterprise market、small and medium sizedenterprises board, unclear framework of the over-the-counter market and functionalpredicament of the “new-three-panel” market. So, putting the turning board systeminto effect should take time rather than at once.Chapter3observes and takes examples from foreign developed countries andregions about turning board system. It mainly makes comparative analysis on therelevant system among those countries concerning the turning upper board system,turning lower board system as well as supervisory system. Perfecting the“new-three-panel” market system should insist constructing and developing multilevelcapital market, learning from international practice and system and balancing theequality and efficiency in order to solve the problems in the process of introducing theturning board system properly.Chapter4makes recommendations on how to introduce turning board system tothe “new-three-panel” market, sorts the active regulations related to turning board,reflects the issues of reality, legislation and system, proposes that trying out “greenchannel for turning board” firstly based on specific legal principles, implementingfinal turning board system and improving the legal supervision.