On The Supervision Of Unlisted Public Companies

The "Measures for the Administration of Unlisted Public Companies" came into effect on January 1,2013,and it clearly defined the concept of unlisted public companies from the level of departmental regulations for the first time,and increased its extension.Its appearance was the end of state that the unlisted public companies can not be effectively monitored in China for 20 years,so it provides a new system of guidance to improve China’s corporate form,enrich capital OTC system and build a multi-level capital market;in 2006,Zhongguancun Science and Technology Parks unlisted companies offer transfer system was formally put forward,that is,the new three board(National Equities Exchange and Quotations),which officially opened the curtain of National Equities Exchange and Quotations market.After the two expansion in 2012 and 2014,it has been developed and formed a national more perfect OTC capital market,won the future China’s "Nasdaq" reputation,so it is foreseeable that the National Equities Exchange and Quotations market in the future will show a posture with high-speed development,which also puts forward new challenges to the regulation of unlisted public companies as the shingle-hanging main body of National Equities Exchange and Quotations market.Unlisted public companies as the holding objects of National Equities Exchange and Quotations,improving its supervision system is extraordinary.Through detailed research on the supervision of unlisted public companies,on the basis of clarifying the conceptual characteristics of unlisted public companies and National Equities Exchange and Quotations,the author will deeply analyze the related system value and legal rules,so as to guide the establishment of scientific unlisted public companies supervision concepts.In this paper,teasing out related systems of unlisted public companies,such as shingle-hanging admittance,information disclosure system and internal governance,lays a theoretical foundation for the supervision of unlisted public companies.On the basis of this,it discriminates the relationship between the supervision of unlisted public companies and the National Equities Exchange and Quotations and its linkage mechanism,analyzes the loopholes and deficiencies in the existing supervision system of unlisted public companies in China in the context of new development environment of the National Equities Exchange and Quotations,and puts forward perfect suggestions for shortcomings,strives to explore the comprehensive supervision approach for unlisted public companies with self-discipline and light administrative as the path.