Research On Chinese Turning Board Listing System Of “NEEQ”

At the background of Securities Law amending of 2015 and registration system reform,this paper researches the turning board listing system of National Equities Exchange and Quotations(NEEQ).It makes it from the following aspects: the summary of the turning board listing system of NEEQ;the exploration of the turning board system and the obstacles of designingChinese turning board listing system of NEEQ;the overseas experience of the turning board listing system;and the recommendation of the establishment of Chinese turning board listing system of NEEQ,respectively.Part one introduce the concept and history of NEEQ at the first place,because it is a new field in China.Then Explore the concept of the turning board listing system of NEEQ.Next,investigate the necessity of establishing the turning board listing system of NEEQ in different views.At the same time,this paper also describes “the multi-layer capital market system”,an important concept,in this part.Part two firstly presents the exploration of Chinese turning board system.Then,this part concludes the obstacles of establishing Chinese turning board listing system of NEEQ in the following aspects: there is structural defect in the multi-layer capital market system;the liquidity and activity of NEEQ are not sufficient;there is no rule about the turning board system of NEEQ at the height of law;the registration system reform has a great influence on the turning board system of NEEQ.At the third part,aiming at the obstaclesabove,it targetedly investigates the overseas experience of the turning board listing system.It deals with the capital market overall situation,the requirement and procedure of turning board listing and supporting system to explore the practice of America,Japan,Hong Kong and Taiwan,so that we can use it in Chinese turning board listing system of NEEQ.To respond the problems in part two,this part presents some recommendations to the establishment of Chinese turning board listing system of NEEQ,in the view of precondition,specific rules and supporting systems.First,optimize the construction of the multi-layer capital market system;second,promote market-makersystem to improve the liquidity of NEEQ;third,amend and interpret the law;fourth,design the rules based on the registration reform;fifth,complete the supporting systems.