Study On The Non-listed Public Company Supervision And Management System

The capital market is an important place for connecting financiers and investors, it is also to meet the financial needs of the two carrier. China has been committed to the construction of a multi-level capital market, but many problems need to be solved, such as hard financing of non-listed public company, private capital investment nowhere, the OTC market is not uniform and other issues. Establish non-listed public company regulatory system in our country has gone through a difficult course, The Company Law and The Securities Law's amendment of 2006 provide a legislative basis to it. Until 2013, the implementation of the non-listed public company supervision and management measures means the non-listed public company supervision and management system formally established. To a certain extent, the rule solves the current problems. However, because of lack of the system itself can't solve the problems entirely even cause new one, such as the orientation issue rules of non-listed public companies are too harsh, the listing standards are not uniform, the higher cost of information disclosure,.etc. And in order to adapt to the rapid development of the market, relevant systems need timely supplement and modification, including the market maker rule, the stock resale restriction rule, the switch board rule and so on. Therefore, to make the non-listed public company supervision and management system perfect is still have a long way to go. In view of the above problems, we argues that should by correcting the orientation issue rules, establishing a unified OTC market, building the information disclosure system that based on self-regulation and modifying the stock resale restriction rule, the market maker rule, the switch board rule, the information disclosure rule of stock issuance to improve the non-listed public company supervision and management system.