On Legal Issues Of Equity Trading Unlisted Company

At present, in the background of the establishment of multi-level capital market, our countryas a new capital market system construction in all aspects is still very difficult. At the same time,China’s non-listed companies in Shanghai and Shenzhen stock market compared to the largenumber of the listing corporation, equity trading issues related to China’s market economicstructure adjustment and upgrade, so it is urgent to set up stock market of non-listed joint-stockcompany In order to do what little one can to help the construction of a multi-level capital market.Based on the exploration of the mode of equity trading of non-listed shares of the company,the thesis try to research on China’s existing status of non-listed shares of the company,Comparison of the OTC market development experience of developed countries, the United Statesand Japan mainly covers the system construction of the multi-level capital market, analysis ofequity transaction of non-listed joint-stock company legal regulation and practical situation, andstudy on the problems of present situation of OTC market, Study on the problems of presentsituation of OTC market, Can show that compared with the transaction cost and transactionefficiency, liquidity has become the OTC market is more concerned about the value of target.Practice has proved that the capital market of developed countries, to give full play to the role ofthe OTC market, the market maker system is the inevitable choice for China’s equity trading ofnon-listed joint-stock companies.Put forward the preliminary idea of the construction of the OTC market in China, the newOTC market system based on the framework in order to try this framework model to establish andperfect the system of equity transactions in China non-listed shares of the company.