The Legal Research On The Transfer System Of China’s Securities Market

For the construction of the capital market in mainland China after more than 20 years of development, has formed with the mainboard, small and medium-sized enterprises board, the gem, the new three board (national stock transfer system), the regional equity trading center for frame plate of the multi-level capital market system. But the present new three board market turn plate to the gem listed company’s success or small and medium-sized enterprises board, is through the IPO application process, there is no easy way. At present, although the securities related articles that turn plate mechanism is imperative, but the new three board market turn main market of small and medium-sized enterprises board, "securities law", there is no clear regulation, also do not have formal regulations and policies on the regulation. Rotating plate mechanism has not yet been built in the securities market, capital market’s overall organic connection cannot be formed, is not conducive to the development of market economy. Establish smooth rotating plate mechanism, based on the market has yet to reach into the condition of the enterprise, can be listed on the new three board market financing, first after the start-up stage of development for enterprises to form a certain scale and accord with the requirement of the main board market, again through the convenient board mechanism smoothly into the internal market, achieve better financing channels, to encourage enterprises to develop. Registration system was officially launched in 2015,,in particular, for the new three board listed companies created the condition for rotating plate, with the company registration system into the academic field of vision open socialist legislation idea, based on the theory of information disclosure system of the new three board transfer board system provides a theoretical basis. Establish reasonable mechanism of rotating plate, broaden the financing channels for eligible enterprises, improve the efficiency of financing, the company after the low level of market development, can be convenient and efficient into a high level of capital market, various levels of capital markets have enough experienced the test of market company resources, enhance the vitality of the securities market and development potential. This paper attempts to introduce what is a new three board board legal system, and in the other country system, on the basis of introduction of building our new three board rotating plate should derive the beneficial experience of legal system.