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Study On The Legal Problems Of The New Three Board Market

Posted on:2016-12-12Degree:MasterType:Thesis
Country:ChinaCandidate:C X LiuFull Text:PDF
GTID:2296330479477719Subject:Civil and Commercial Law
Abstract/Summary:PDF Full Text Request
The new three board market is the foundation and the foreground of the multi-level capital market in China, and its role is to provide effective financing platform for innovative, growth oriented small and medium-sized enterprises, and through the information disclosure, self regulatory system to regulate the listed enterprise operation, training of qualified listing Corporation more for the main board, second board market. The new three board market is a new capital market comes from the old third board market development, there are two different in system function orientation, main investment subject, listing, trading settlement, the disclosure of information, the two cannot be confused. As the different links of the multi-level capital market, new 3 board market and main board, the GEM market in distribution system, trading system, information disclosure system differences. The new three board market during the Zhongguancun science and Technology Park pilot run, has established the related legal system, but there are still many defects. For example, the new three board market is still not formed a complete legal system, supervision pattern defects, supervision needs to be strengthened, can not guarantee the stable and healthy operation of the new third board market effectively. Trading system has some shortcomings, greatly limiting the mobility of the new third board market, is not conducive to the prosperity and development of the new third board market. In addition, the new three board market is not rational oriented increase system and the transfer board system, limiting the listing enterprises financing channels, is not conducive to play the new three board market as the main board, the growth enterprise market "incubator" and "reservoir" function.Therefore, it is necessary to reform the current legal system of the new third board. First, we should establish a complete legal system as soon as possible, promulgated by the State Council administrative regulations to establish the legal status of the new third board market, by China CSRC unified formulate relevant rules file. Second, we should expand the scope of subject listing enterprises, expanding from the Zhongguancun Science Park to the national high tech Zone; appropriate to expand the scope of investment subject of natural person, as long as a certain investment experience and financial strength of the natural person investors can participate in the new three board market share transactions, and clear the scope of institutional investor. Third, we should improve the new three board market trading system; lower the minimum transaction threshold, to change the existing mode of transaction. Fourth, we should perfect the new three board market supervision system, to establish Chinese self-regulation of the Securities Association, China SFC dual supervision model supplemented by administrative supervision. Fifth, we should construct a directional characteristic suitable for China’s new three board market capital system and the transfer board system; give full play to the new three board market financing function and culture of listing Corporation "reservoir" effect.
Keywords/Search Tags:The new three board market, The market trading system, Directional system of capital increase, Information disclosure system, The market supervision system
PDF Full Text Request
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