The Analysis Of Legal System For Transferring Board In National Equities Exchange And Quotations

National Equities Exchange and Quotations(hereinafter referred to as “NEEQ”)constitutes one of the most important part of multi-level capital markets in China nowadays by providing a broad platform of equity financing for small and mid-sized enterprises.However,the ability of NEEQ for financing is limited,and some of them in High-quality must seek a broader platform for equity financing.Under this circumstance,scholars and practitioners in relevant fields urge that the transferring board system of listed corporations in NEEQ should be established.The research toward the system of transferring board is an important subject faced by the legal community of security law.Nonetheless,there only exist some guidance rules rather than specific systems for practices in this field,which remains a blank in the perspective of legislation toward transferring board.Therefore,it's quite essential to explore the necessity of transferring board for listing in NEEQ and discuss how to found system for it.This thesis demonstrates the feasibility and necessity of expanding the equity financing in the view of small and mid-sized enterprises under the theory frame of enterprises financial growth cycle,and provide theory evidence for the establishment of system of transferring board in NEEQ through the theory of agency cost.Moreover,this thesis explores the value of this system through following approaches – externality,internality and channels.Ultimately,this thesis proposes legislation suggestions in following perspectives – build up special mechanism of transferring board,establish layering system of NEEQ,implement the separated supervision systems in offering and listing,improve and perfect supporting systems of transferring board,hoping to provide legislation advices of promoting securities law,regulations and other systems relating to NEEQ,and stimulate positive operations in financial markets eventually.