Research On The Legal Issue Of The New Third Board Market

The new third board market is an important part of China’s capital market,also it is the necessary measure to develop Chinese multi-level capital market and optimize the capital market. The new third market can not only provide a platform which can satisfy the need of transferring share and listing financing for the enterprise,but also supply training services and perfect corporate governance structure and strengthen the information disclosure system. Meanwhile, the new third market can provide a shares trading place for the delisting company from the main board and the growth enterprise board. Therefore, the value of the new third market is absolutely important. However, the market trading was quiet since the new third board market’s opening, few investors are willing to dabble in the market,which led to the over-the-counter market’s construction,and also the multi-level security system is not established. The reason is the related legal system is not healthy,which led to the new third market’s good development. The inadequacy of legislative system limits the continuous development of the new third market,the flaws of the trading system curb the enthusiasm of investors,the inadequacy of information disclosure system led to market manipulation and fraud-prone, the loss of market regulatory mechanisms restricted the market functions effectively.This article aims to analyze the new third market’s current legal issues in China and study the overseas experience in mature capital markets,and then raises suggestions for perfecting the legal system of the new third market in China. This paper mainly includes four major areas to achieve the research purpose:First,I will outline the theory of the new third market in China and its development, and to define the scope of its laws. Second, after analyze of the new third market,I will note the adequacy of current legal system.In the third part,I will propose excellent advice by the analysis of overseas legal system.At last,some definite measures and interrelated proposals will be proposed to perfect our the new third market by a comparative analysis and theory argumentation.