Research On The Issues Of Switch Board In China NEEQ

China has initially formed a multi-level capital market that each sector is relatively independent of each,and enterprises in accordance with their actual situation choose to enter a suitable segment, but the real question is that there is no an effective "communication" mechanism of each segment. For a long time, IPO play the most important role at the "communication" mechanism. Our three new board develop at a high rate of speed, but still can not meet the financing needs of some rapid development of enterprises. Therefore it is urgent and significant to establish a convenient and efficient turning board mechanism, which is to meet the needs of enterprises in different stages of development in different capital markets.Improving the turning board mechanism means that promoting or decreased smoothly in the capital market becomes possible. The market can better play selection function; turning board mechanism is to protect the company's pursuit of market resources. Finally, to a certain extent, switch board system might optimize the conversion process between different sectors, reduce the cost of transfer plate, and played the role of the rational allocation of regulatory resources.Writing paper mainly focuses on the following three parts:The first part, this will pave below through a detailed analysis of the origins of the new board situation and the switch board mechanism history of our country. The second part is "case study", which is the core of this article. Author analyzed company's switching board from the motivation, conditions and costs. The third part, "Inspirations", this section on the basis of case studies put forward three points:first, furthering clarify the new three-panel market positioning; second, establishing a multi-channel way to turn board; third, upgrading the design of "switch board system" and improving the convenience of the system to ensure fair and impartial.The innovation of this study is the latest case study with a strong timeliness and representativeness, and combined with the past year China Securities Regulatory Commission issued new regulations, while the study focused on the reform NEEQ latest trends. Based on the background, further analysis of problems which switching board progress encountered are clearly. The previous articles are based on the same time development of new three-panel market.