Research On Transfer Mechanism Of Multi-level Security Market

This paper mainly study the Transfer mechanism of multi-level security market.Mature security market should be formed with a variety of security market of different levels. In recent years, China’s security market has grown rapidly, the security market system of multi-level has got improvement continuously, but they are independent with each other, which restrict the exertion of the basic role of the security market in allocating the resource of captical.Based on the analysis of structure of multi-level capital market, the successful experience from abroad, combined with China’s actual situation, I will put forward proposal about how to build Transfer mechanism of multi-level security market.Text of this article is divided into three chapters: the first chapter is to introduce the definition of Transfer mechanism of other scholars and made my own understanding; according to the definition of the Transfer mechanism, there are different classifications with different standard, the main classifications include upgrade and downgrade, voluntary and compulsory; finally, I will elaborate the value of the Transfer mechanism to listing companies, investors and the entire security market.The second chapter, firstly, Analyze the current development of the security market and the transfer mechanism of multi-level. In a word, China has established a prototype of a multi-level security market, but among all levels of the security market, transfer mechanism has not been built in the true sense, corresponding legal system is relatively lacking; then, by studying the mechanism of operation of foreign mature capital markets(mainly in the United States and Hong Kong, for example), thereby providing some reference value for the construction of transfer mechanism in China in future.The third chapter, on the basis of the previous article, I put forward my own proposal of shaping the Transfer Mechanism of multi-level Securities, which includes two aspects, on one hand, from the macro, proposed to general ideas about building the transfer mechanism; on the other hand, proposing specific rules to build the transfer mechanism of new three board for example. Transfer mechanism of new three board includes two meanings, firstly, Transference between three new board and growth enterprises market(GEM), secondly, transference between the internal levels among the three new board, which is the innovation of this paper.