Research On The NEEQ Transfer Board System

In 2015,the State Council issued registration-based initial public offering(IPO)system reformation and establishment of multi-level capital market transfer board system into the focus of China's economic system reform,the National Equities Exchange and Quotations(NEEQ)as an important layer of multi-level capital market,constracting transfer board system will help to smooth the multi-level capital market communication channels between different levels of multi-level capital market,and provide financing opportunities for more and more small and medium sized companies.In this paper,the research on the transfer board system is divided into the following sections:The first part is the overview of the NEEQ transfer board system,mainly start with the history of China's multi-level capital market,and specifically for the creation and development of China's NEEQ made an introduction,and then on the transfer board behavior,transfer board system for legal positioning,and finally highlights the legal value and function of the NEEQ transfer board system.The second part analyzes the legislation and practice of the NEEQ transfer board system in our country,and points out the existing problems of the NEEQ transfer board system including :Law of the People's Republic of China on Securities and Rules Governing the Listing of Stocks on Shanghai Stock Exchange make legal restrictions for construction of the transfer board system,the NEEQ transfer board system lacks the specific implementation details,the listing right of Stock Exchange is not really implemented,the government administrative intervention conflict with the market-oriented value orientation of the NEEQ transfer board system.The third part mainly introduces the mature multi-level capital market and the emerging multi-level capital market transfer board system,and summed up the establishment of chinese transfer board system is worth learning from the place,such as two-way transfer board system,flexible transfer conditions,set the number of years for the companies which apply to transfer board.The fourth part aims at the issues of the second part raised and the study on the outside multi-level capital market of the third part,according to the actual situation of multi-level capital market in China,this paper puts forward that constructing the NEEQ transfer board system should be truly separated from the stock issuance and listing,conduct a certain legalinterpretation on the " public offering of shares",The specific conditions for the NEEQ transfer board system by the Stock Exchange,the government should improve the corresponding legal relief and legal supervision and other aspects of the proposal,in order to establish the NEEQ transfer board system better and protect the legitimate rights and interests of small and medium-sized companies and investors.