Research On The Legal System Of Science And Technology Innovation Board Market

In order to promote the development of small and medium-sized enterprises,and to solve the excess of small and medium-sized enterprises as well as social capitals,and the difficulties in raising capitals and investing,namely "Two Excesses and Two Difficulties",the central government allows the regions to establish regional equity markets,to explore and promote the testing of OTC capital markets outsides the stock exchanges in Shanghai and Shenzhen.Regional equity market a non-public security-launching place,is managed by the local government.Known as a "four board market",it is a new form of capital market service in Small and micro businesses,and part of a multi-level capital market system.On April,2014,the share-transferring system of science and technology innovation board was officially opened.Because the innovation of science and technology is a part of a multi-level capital market Shanghai has established,and Shanghai is aimed to support innovative enterprises,the board was called as the "newly fourth board".From its real operating,since the start of science and technology innovation board for more than a year,it has been running smoothly,and beginning to win the recognition of the public." Innovation Board of Science and Technology " has become an important part of China's multi-level capital market system.However,because it has newly begun,there remain a lot of problems in its legitimate issues,such as a lack of necessary legal support.Specifically speaking,how to locate it in the market,how to set the requirements of dealings,what mechanism is suitable for such dealings,how to upgrade the enterprises,how to inspect and examine on the national level are all needed to be supported by law,especially specific laws.This paper centers on the legal construction of scientific and technological innovation from the economical perspective.First,the author discusses the background,significance,and the current situation in the innovation of science and technology,along with a literature review of the related research.Then,the origin and developmental process are introduced and by comparing it with the main board,business running board and the three-board,the author emphasizes its specific status.Meanwhile,the author addresses some legally related issues: basic definition,major characteristics,value orientation and principles,providing a logic base for the following contents.Next,through the analysis of theory and practices,the necessity and feasibility of technological innovation is discussed along with a review of the transaction legal system,its supervision system,and transfer legal system in the OTCBB market in the United States and OFEX market in the United Kingdom.After that,systems of financing raising,dealing,reporting,inspecting and exiting are analyzed to make a conclusion of the related problems.Finally,in order to solve those problems,the author puts forward some concrete measures to improve the legal system of China's science and technology innovation board.These measures include: broadening the financing raising system,enhancing the transaction system,improving the current reporting system,strengthening the supervision of market running,reforming the exiting of key body of market,and building the transferring board of technological innovation.