Research On The Supervision System Of The New Three Board Market In China

As an important part of the multi-level capital market, the new third market is the popular name of National Equities Exchange and quotations, which mainly serves for the development of innovative, entrepreneurial and growing small and micro enterprise. It originated the Agency Share Transfer System which set up by Securities Association of China, and the State Council promulgated the "Decision on issues related to the National Small and Medium Enterprises Share Transfer System"(Hereinafter referred to as " State of the?2013?No. 49" or "decision")in 2013, which announced the expansion to small and micro enterprises of the national market. Therefore, the new third market shows explosive growth, under the support of system and policy. Up to March 18, 2015, the number of listed companies have more than 2000, with a total market capitalization of 700 billion yuan, gave birth to the prosperity and development of the OTC market.However, high risks are often hidden behind the hot development, therefore, we must strengthen the supervision of the market. This article intends to embark from five aspects, and gradually improve the regulatory system of the new third market. The first thing is to knew the concept of the board comprehensively, and understand it correctly in terms of history, development status, characteristics, function and position. The second is to analyze the theoretical foundation of supervision of the new third market, namely the reason why we need to supervise the new third market. Then, summarize the supervision experience of other countries or regions "third market", such as American OTCBB market, the British PLUS market and counter market of our Taiwan area. Moreover, understand the status quo of supervision of the board and analyze the existing shortcomings. Finally, in view of the inadequate supervision, based on the experience of other countries or areas, propose how to improve the supervision of our new third market.