The Significance Of The New Third Board Market To China’s Mutil-Level Capital Market

In China’s new normal, the CPC central committee attaches great importance to the financial support to the development of economy and the construction of multi-level capital market. In recent years, through a series of efforts, capital market in China has developed further. After the main board market, small and medium-sized board market, the growth enterprise market has gradually grown up day by day. However, the stock issuance examination standard in China’s main board market and small and medium-sized market is very strict, IPO program is very complicated, listed companies want to IPO often need stood in line for a long time, and the limited resources of growth enterprise market cannot meet the financing needs of a large number of emerging enterprises.In 2006, the new third board market founded, which can provide a transfer of equity and the platform of directional increase to the qualified small and medium-sized enterprises. The main board listed companies need to meet strict financial indicators, but the new third board is different. Whether a company can be listed in the third board market depend on whether the corporate governance is perfect, whether the company’s business is legal, and the company’s ability to continue as a going concern. The new third board market and the risk characteristics of small and medium-sized enterprises match better, thus determines the high-tech small and medium-sized enterprises which can not be listed on the main board market and small and medium-sized market can enter the capital market via the channels of the new third board.To develop the OTC market and promote the rationalization of capital market structure is the only way for the reform of financial system in our country. As the core part of the OTC market, the new third board market plays a very important role on the development of our country multi-level capital market and economic development. The study of the new third board market, in-depth analysis of the new third board on the significance of multi-level capital market, puting forward some reform Suggestions and ideas, and laying the foundation to form a true efficient otc market foundation, appear very necessary.This paper systematically studies the basic theory of multi-level capital market, deeply analyzes the multi-level capital market and the development of the new third board market in our country, the present situation and the existing problems. On this basis, this paper compares the multi-level capital market in China with the capital market of the developed country, and put forward the problem of the unreasonable structure of our capital market. From microscopic visual Angle, this paper takes the case of D securities abandoning IPO and switching to the new third board market as an example, focus on D securities fundamentals, analyses D securities comprehensively and rationally by SWOT model, combs the level of all aspects of development of D securities, and describes the motivation and the results after the D securities switching to the new third board market. Finally, the paper puts forward Suggestions to the development of the new third board market.