A Legal Research On The Hierarchical Management Of The New Third Board In China

The New third board market belongs to the first national otc market in China, provides a financing and stock flow platform for small and medium-sized enterprises(smes)in our country, since 2013, the new third board market expansion plan are impkemented across the country, the number of listed companies of new third board in China will is rising sharper and sharper, year by year, and there isn't and trend ofrecession till now. the New third board's low requirements and high containment help attract small and medium-sized enterprise listed, but it also leads to the uneven quality of listed companies at the same time, the characteristics of both market scale, profitperformance and stock liquidity are all showed huge differences from one another.In order to give full play to the new third boardfundamental role in optimal allocation of resources pricing, financing. it is necessary for market regulator to import tiered management system according to the characteristics of listed companies, listed companies of different risk should be served and managed differently..Therefore, our country small and medium-sized enterprises limited liability company share transfer system issued "national listed company stock turn system stratification plan(draft)",according to the draft, the new third board is divided into base layer and innovation layer, and the specific stratified index are also announced, to the draft will be carried out in May 2016 formally.But the hierarchical standards only in take the content of financial condition of the enterprise value as indicators, without fully considering that the new third board market' unmature, poor transparency and high risk of investment. Therefore, this paper proposes to take the financial indicators and information disclosure as stratified standard based on the characteristics of the new third board market and the development experiences of the otc market and hierarchical system, together with the and analyzesits feasibility and rationality of other systems which will be implement under this standard.Besides preface and epilogue part, article points there are five parts in the structure of content:The first part briefly introduces the origin of the new third market in China, Because the new three board market require less and be easy to list,it shows a sharp rise in the number of listed companies. Therefore favored by investors. Based on the analysis of China's new third board market in the OTC market in our countryand the relationship with the floor market, I will talk about the launch of the hierarchical management systemand hierarchical management under the transfer mechanism implementation in next part.The second part in the way of comparison explains the impact to the capital market and the relationship between the hierarchical management system of the new third board market and other Markets., on the emergence of the new third board market hierarchical management, the author mainly focuses on the relationship between the layer management system and the new three board market. On the one hand, due to the big difference between the listed companies, it needs to call the hierarchical management system out, on the other hand, the implementation of the hierarchical management system is helpful to the further development of the new third board market.The third part mainly introduces the current market three new board is divided into basic layer and innovation, on this basis, we concluded that the stratification of the new third board market should be based on the financial indicators for stratification standard. Nest The author analyzes the shortage of financial index as the standard of stratification. Standard of stratificationUnder the supervision ofadministrative institutions is not only violates the basic role of the market in resource allocation, and can not reflect the relationship between the rights and obligations of listed companies. based on this, the author think that the hierarchical standard should includethe content of information disclosureThe fifth part mainly discusses the disclosure of information as one of the standard of stratification. The construction of stratification standard combined with financial indicators and information disclosure. At the same time we need to consider the information disclosure of listed companies and the relationship between the dimensions of the rights and obligations of reciprocity.Finally, under the hierarchical management system based on the "financial indicators and information disclosure" as the standard, what the future of the system construction will be and what the role of the new board market will play.