Research On Legal Issues Of Non-listed Stock Exchange Places

China's capital market includes on-market and off-market markets.The various systems in the market are relatively complete.The over-the-counter market is an important part of China's multi-level capital market.Its development is not perfect,and investors are harmed in the market.Events of interest occur frequently.The over-the-counter market is also China's unlisted share trading market.The number of non-listed joint-stock companies in China is extremely large,and its importance to China's capital market is self-evident.If there are obstacles in the circulation of shares of non-listed joint-stock companies,it will bring many problems to the company's own development and capital market.First of all,it will block the financing channel of the medium-sized enterprises.As an important part of China's national economy,SMEs play a special advantage that large enterprises do not have in economic and social development,and the lack of financing channels seriously affects the development speed of SMEs in China.Secondly,the lack of smooth trading of shares is not conducive to the improvement of the internal corporate governance mechanism of these companies.The control market is an important embodiment of the company's internal governance mechanism.If there are obstacles in the share trading,the company's control will be lost to a certain extent,which will result in the failure of the company's internal bad management to replace,seriously affecting the company's internal governance structure.Finally,the lack of stock trading will seriously affect the prosperity of the capital market and play an indispensable key role in the development of China's capital market.In particular,the smooth flow of shares in a large number of non-listed joint-stock companies is of great significance for improving and prospering China's multi-level capital markets.In view of perfecting China's OTC market,it is of great practical significance to improve China's multi-level capital market system,solve the financing difficulties of small and medium-sized enterprises,and promote social and economic development.This paper studies and gives the current non-listed company stock trading market in China.Relevant improvement measures.The first chapter of this paper first clarifies the basic concepts of non-listed stock companies and their share transfers,the types and characteristics of the trading market,and lays a theoretical foundation for the study of the problems of China's non-listed stock trading market.On this basis,the second chapter is based on the current statusof the two major non-listed stock trading markets in China,and analyzes and summarizes the general defects in China's regional market and the New Third Board market.The third chapter is the research on the non-listed stock exchanges in the United States.This part first introduces the types of non-listed stock exchanges in the United States,and then analyzes the related systems of information disclosure system and transfer system in the market,and finally sorts out The enlightenment to China from the relevant US regulations.In the fourth chapter,we give specific improvement measures to the related problems such as the imperfect information disclosure system,the unsuccessful transfer system and the defects of the investor access system in China's non-listed stock exchange market,so that the OTC market can get Further development,it will play its due function in the multi-level capital market system.