| The third board market is one important component of the market system of the capital。We should plan and develop the third board market, and give full play to its due function in national economy; it is a top priority task of construction of capital market of our country. Report of 16th National Congress of Communist Party of China proposed " advancing the reform and opening-up of the capital market and developing steadily " clearly. Writing the development of the capital market into report of 16th National Congress of Communist Party of China as an important content of modern market system in the first 20 years of this century has promoted the capital market's position in modern market system further, it pointed out the direction of the development in an all-round way of the capital market of our country. During the course of developing the third board market, we should regard " 16th National Congress spirit as an direction, set out from the market of our country actually, get hold of the correct market orientation, and define its function. On this basis, use external experience for reference, make great efforts to make the third board market become an innovative platform promoting the development of capital market of our country, give play to the role of the third board market fully, and realize the specific mission which history gives the third board."Everything existing have its rationality inevitably", from the remaining incessant after repeated prohibition over-the-counter in the past, we can detect his realistic foundation existing. First of all, the share reform's long-term goal of our state-owned enterprise must make more and more state-owned enterprises become share-issuing enterprises, and in order to vitalize state-run assets, we must face the problem of transfer of shares or the problem of enterprise listing; On the other hand, the listing resources of two stock exchanges of Shanghai, Shenzhen of our country are limited, and they can't meet the listing request of so many state-owned enterprises, this must make over-the- counter become a necessity. The thread of this text is to begin to analyze from the idea of the third board market, reveal its substantive development condition and operation mechanism by the studying on development of U.S.A. model third board market. Comparing the third board market development course of our country and current situation, this text summarize a mode of development which suits the third board market of our country, it go on deep analysis to our country's third board producing mechanism and development countermeasure especially.The third board market must have the question of market efficiency as a capital market with high risk, this is a starting point of mode to consider too, choosing different market mode according to different national conditions, this is essential to development and normal operation of the market. Whether the third board is separate in administrative system, trade system and quotation system is a fundamental difference of an independent type and attaching type.The structuring of the third board market mode of our country should use international experience for reference, and consider of our country long-term development of capital market and run to design healthily, we must not imitate the available a certain mode briefly . The third board market in our country should not adopt the independent form at the beginning, but should choose to attach to the mode of the stock exchange first, then normal and perfect gradually. A feasible scheme is to implement step by step to set up one " attach to " third board of market and then become " independence ". The first step, set up the third board which affiliate the main board in Shenzhen and Shanghai, carry on system design according to the characteristic of the third board market, peculiar mechanism operation, but should implement strictly supervision standard according to itself; Second, After the third board market makes the experience and development comparatively ripely, and...
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