Analysis On Turning Board Listing Legal System Of "NEEQ"

The financing difficulty of small and medium sized enterprises has always been a big problem which puzzles our government and many small and medium-sized enterprises. To solve the problem of financing of small and medium enterprises in China, in the second half of 2012, the State Council approved the establishment of National Equities Exchange and Quotations. In the past three or four years, the rapid development of the NEEQ market in full swing, as of March 31, 2016 the total number of companies listed on the new board has exceeded six thousand.With the continuous development of NEEQ market, and related issues are gradually exposed. Due to the NEEQ listing lower the threshold requirements, the quality of listed companies is uneven, in the enterprises have been listed, part of the enterprise’s strength even far exceeds the capability of common listed companies, at the same time some listed are serious losses, cannot get the investors in the market favor. If the excellent enterprises are unable to pay attention to market, giving them more opportunities and choices to help enterprise further development, then not only will hinder the development of outstanding enterprises, and contusion of other unlisted outstanding enterprises to enthusiasm for the NEEQ listing, also cannot realize the capital market services in the mission of the economic entity. Therefore, through the study of foreign developed capital market, we can found that in the third board market development to a certain stage, the timely introduction of transfer board system, help outstanding enterprise turn board to start up board or motherboard is very necessary. But successful transfer board is not easy, from the system design to the introduction of specific rules and then to the specific implementation, there are certain obstacles, how to overcome these obstacles is a problem in front of us. This paper aims to analysis our country NEEQ transfer system in the implementation of the various legal and practical obstacles, reference has been the experience of developed capital market in foreign countries, combined with the special circumstances of our country put forward their views and ideas.This paper is mainly divided into three parts to carry on the writing. The first part mainly is combined with the actual situation of the capital market of our country and the theoretical study, the rotary plate system principle, significance and for our country to carry out the transfer board system the main obstacle and obstacle to the current of system analysis and summary, clearly the main contradiction. The second part is mainly on several major foreign developed capital market combined with the rotating plate status and system board design based, summarizes their specific switch board system advantage, refine on our turn board has guiding significance, and carries on the contrast analysis. The third part is mainly in the combination of China’s institutional barriers and foreign experience under the premise, put forward how to overcome obstacles, how to carry forward the existing system of foreign advantages, and ultimately help our country to implement the smooth implementation of the transfer system.