Research On The Legal Issues Of The Stratification Of The New Third Board In China

After Shanghai Stock Exchange and Shenzhen Stock Exchange,the new third market has become the third Chinese national securities exchange,it not only is an important supplement to Chinese multi-level capital market system,is to standardizing the Chinese OTC market.Looking back on the past,the new third market beginning in 2001,the agency share transfer system,set up only to provide channels for the transfer of two networks and the motherboard delisting the companies' s stock;in 2006,its function was improved for the first time,in addition to playing the original functions,it's to providing financing services for the transfer of shares and the Zhongguancun science and Technology Park's high-tech private joint-stock companies in 2012;the new third board market ushered in the first expansion,the pilot areas expanded from Beijing Zhongguancun to Wuhan East Lake,Shanghai Zhangjiang,Tianjin Binhai 4 national high-tech zones,started to build the first skirmish unified OTC market in China was founded in 2013;the national share transfer system,three new board market is no longer confined to the before the 4 pilot high-tech zones,but the official expansion to the country,since then,the new third market has really entered a rapid development Fast track,the average annual number of enterprises listed more than 9 times.In December 19,2016,the new three board listed companies officially broke through 10000,becgoming the world's largest number of listed companies securities market.Looking into the future,we should be happy for the the new third market 's outstanding performance,at the same time,huge problems must also be objectively recognized.The geometry of three new board listed companies multiplication is essentially derived from listing conditions relatively loose,as the main market set strict financial indicators,and the increasing number of listed companies will bring Nishajuxia,listing the main result of the uneven in quality.We have more in-depth analysis is not difficult to find,many listed companies in terms of the stage of development,or in the organizational structure,shareholder structure,financing needs are significantly different,and continue to implement the system of regulation and management regulation across the board has become increasingly unsuited to the development of reality and the needs of enterprises,with the number of base is so large,the main difference in the securities market so obviously,the difference of management is imperative.Based on the above background,this paper intends to solve the following legal problems through research:1 new third market how to implement differentiated management,the specific performance should be divided into several layers;2 new three board market should be stratified by any standards,these standards should adopt specific indicators;3 new third market after the hierarchical management,how to improve the relevant system.Because there is no new third market just can solve simple overnight stratification,stratification after how to implement differential management is the key to decide the future healthy development of.In order to solve the above legal problems,the research ideas are as follows:First of all,through the review on the course of development of the new board,the development status of the new board are introduced,so as to clarify the background and reasons of the new three layered system,interpret and comment on the current and the new three hierarchical system,the article points out the main problems;Secondly,based on the theoretical basis of the new board hierarchy difference principle and multi-level capital market theories are discussed,and the mechanism and the advantages and disadvantages of three new stratification system through the analysis of the hierarchical meaning thus more in-depth understanding of the new third market;Again,through the comparative analysis of existing hierarchical experiences for many years of management experience,the system design has become the Nasdaq market,improve the JASDAQ market in Japan,combined with Chinese national conditions,according to the new board this stratification system of China put forward their own opinions and suggestions;Finally,according to the new third market in China currently only introduced a hierarchical system,present situation of supporting system matched with no innovation layer and the base layer,the author carried out research and Analysis on the current situation of the new three layered information disclosure system,stock trading system,investors management system,internal transfer layer system related to the system,and puts forward some improvement suggestions,in order to make some contribution to the healthy development of Chinese new third board market in future.