| This paper discusses mainly about the downgrade and upgrade system of international stock exchange and advice for domestic stock exchanges to improve such k ind o f s ystem, m ainly with e mpirical m ethodology. Firstly, t he p aper p robes into the issue theoretically. Secondly, through the cases studies on stock exchanges of United States, United Kingdom, Canada, and Japan this paper describes and analyzes the downgrade and upgrade system of these exchanges. The third part is the analysis on the inefficiency of domestic stock exchanges due to the lack of downgrade and upgrade system. Lastly, Thirdly, according to the experience of overseas exchanges this paper argues the inevitability to improve our downgrade and upgrade system and suggests: e stablishing the system b etween Small & Medium Enterprises B oard and Main Board, improving the downgrade system of Small & Medium Enterprises Board and initializing the financing of Third Board.
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