Study On Legal Matters Of System Of Market Transfer Of National Equities Exchange And Quotation

National Equities Exchange and Quotation(NEEQ for short)is the foundation of capital market in our country. As a national OTC market it’s the good platform of on which fiance will offer more support to the real economy.NEEQ is an emerging market and the number of listed company has increased quickly and liquidity in market has also strengthened. It is necessary to build the system of market transfer between NEEQ and market in the field to assist structuring multilevel capital market.Both of market in the field and the OTC market are the components of securities market.There’s much difference on their target market,the main influence factors including investor’s ability of taking risks and condition of the company and which kind of industry it belongs to. Securities markets have different standard of market access for different participant of market.The system of market transfer means bidirectional market transfer between market in the field and NEEQ.It’s beneficial to build two-way selection pattern for securities market and company,and it will help market improve the ability of value discovery,meanwhile,it contributes to protect company’s option.According to the current Securities Law,if securities need to be listed in market in the field,the preparatory procedure is the securities have been authorized by China Securities Regulatory Commission(CSRC)to public offering,which is in order to strengthen legal supervision to market in the filed to reduce risk of market.But it raises the time and economic cost towards listed company in NEEQ,because these companies have been absorbed into the jurisdictional limits of non-listed public company. This item restrains enthusiasm of listed company in NEEQ to transfer into listed company in market in the field and it also restrains the liquidity of securities markets of our country. To control the market risk,when a listed company can’t meet the requirements of a market,it must be transferred into a low level market or quit directly.We haven’t build the market transfer system,the research on specific and the form of legal supervision are on the initial stage.Law usually lags,which lead to market transfer system can’t get strong support from current Securities Law.There exit some situation about excessive executive power and inefficiency of self-discipline supervision,which lead to some illegal activities can’t be regulated effectively and investor will face more legal risks.So,we need to study and analyze the theory of market transfer and combine the development stage of market to support our legislate practice.This dissertation combines jurisprudence and fiance to analyze the system of market transfer of NEEQ,the main problems are the construction of multilevel capital market、the feasibility and fairness of market transfer、protection of investor’s rights and legal supervision and analyze whether other counties’ legislative experience can be used for reference in our country attempt to provide some advice for the revision of Securities Law and construction of market transfer.