| In2012China Securities Regulatory Commission promulgated "the transfer of shares system in middle and small enterprise business rules (Trial)" opened a new chapter, The New Third Board in January16,2013, the small and medium-sized enterprise share transfer system of limited liability company formally inaugurated operation, The New Third Board toward the turning point from the pilot to standardize operation. The New Third Board rules is also open to individual investors access, the introduction of market maker system and for the enterprise turn board in the third board market to reserve space, these institutional innovation makes The New Third Board financing function gradually expanded, the2013landing The New Third Board enterprise enthusiasm, but trading New Third Board is still less than expected. On the one hand because the development environment of multi-level capital market in China is not mature, but more important is The New Third Board system need to be improved,lack of investor confidence.New3board operation began first in the Zhong guan cun Science Park, the stock transfer agent system of existing technology system and market network, in order to solve the financing problem of small and medium-sized enterprises of our country, the system to provide investors with transfer pilot science and Technology Park stock quote service in The New Third Board market, listed companies are high-tech enterprises, but due to the threshold of the new the third access is higher, so did not give full play to the role of science and technology small and medium-sized enterprise financing. New Third Board the new rules of the system, reduces the enterprise the listed conditions and standardized information disclosure system, The New Third Board obviously distinguished with the gem, can expect to medium and small scientific and technological enterprises play the role of limitless.In this paper, The New Third Board rule system based on the new, combined with the specific operation in practice, the interpretation of the rules listed conditions,bring on SME financing the positive and progressive significance of. On the other hand, The New Third Board lack of business rules turn board and delisting mechanism became the highest part of The New Third Board calls for reform. Analysis of overseas capital market is highly developed western countries, the board system is an important bridge connecting the multi-level capital market, the market maker system can increase the activity of securities exchange, delisting system is a necessary way to protect investors. It is necessary for the excellent experience of other countries for reference and the system of multi-level OTC market to perfect the related system of our country.This paper is divided into eight parts.The first part is the definition of small and medium-sized enterprises, introduced the foreign to the small and medium-sized enterprise classification standard and domestic small and medium-sized enterprises division standard, and carries on the contrast; and define the scope of the small and medium-sized enterprises.The second part through the study of the science and technology status of SME financing, financing characteristics, analysis of the special difficulties and the reason of the financing channels.The third part from New Third Board to standardize enterprise internal management structure, is conducive to the risk investment to the enterprise, can reduce the cost of long-term financing, bank loans to enterprises in these four aspects to obtain, positive effect is demonstrated New Third Board on SME financing; from the angle of institution innovation into New Third Board listed conditions, to new regulations for the board room and the market maker system,to demonstrate New Third Board for SME development opens a new opportunity to pave the way, also pointed out the positive effects.The fourth part from our New Third Board origin, expounds the legal nature of multi-level capital market in New Third Board; combined with the status difference between New Third Board in multi-level capital market and the gem, to compare New Third Board and other stock market; introduces New Third Board trading main body and the related system, reflect the new the third for science and technology small and medium-sized enterprise financing significance. The fifth part through the analysis of New Third Board business rules to be perfect, the structure of the capital market lack; lack of rotating plate, back plate mechanism; the market maker system needs to be improved in three aspects,pointing out that China’s New Third Board system urgent problems.The sixth part will be beautiful, multi-level OTC market development and present situation of Chinese country as the research object, analyzes the internal structure of hierarchical multi-level OTC market and China need to improve therotary plate and the market system, proposed and tentative ideas of foreign excellent reference system in china.The seventh part according to the existing financing characteristics of high-tech SME in our country and New Third Board question, proposed our country New Third Board improvement suggestions from the business rules, the board system,market maker system, delisting system in four aspects. |
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