Construction Of Over The Counter Bulletin Board Based Onanglo-American Market Positioning And Characteristics

In January2006,CSRC decided to let Zhongguancun Garden’s high-tech non-listed enterprises enter the pilot agency share transfer system for the pilot, since then, the "Over the Counter Bulletin Board" in the Shenzhen Stock Exchange was officially launched. This indicates that China has taken a huge step in the developmentof multi-level capital market,the establishment of Over the Counter Bulletin Board has brought new investment opportunities and financing channels for investors and high-tech enterprises, is also on the construction of multi-level capital market system in the OTC market again to explore, and to carry out the state vigorously promote structural adjustment, the use of capital market is a new hi-tech enterprise practice.This study is based on the background that Over the Counter Bulletin Board ushered in the national expansionna. As listed companies more and more, its service in the function of the small and medium-sized enterprises stronger and stronger, whether the operating performance of listed company itself, or the market orientation of capital increase and equity transactions, showing a stabilized to the good momentum. However, the start-up of Over the Counter Bulletin Boardis only7year, Which is a long time behind the developed countries. How to make a better use of this market,and build a multi-level capital market system, there is still a long way to go.This article is based on the analysis and comparison between Anglo-American countries and China. Then present our Over the Counter Bulletin Board’s problems and put forward proposals. We study Anglo-American countries from listing procedures, listingrequirements, delisting criteria, transfer board system, the market maker system, etc. Weanalyzed from different angles, and main purpose is to be able to give our some inspiration and help. We believe that China’s new three board market’s most important issue is the expansion issue, the introduction of market-maker system problems and Transfer problem, which is next three points to be addressed, We must comparative analysis Anglo-American market and consider our country’s current situation, these three issues are analyzed separately and propose feasible solutions.