Research Of Regulatory Legal System About Stock Exchange Market Of Non-listed Public Companies

Non-listed public companies have appeared since the 90's 20th century in China,which have supported SME financing,promoted securities market perfectly,and have made important contribution to Chinese economic development. Stock market of Non-listed public company is an important part of the multi-level capital market in China. Designing of stock trading system has occupied an important position in the whole stock market. However, due to"Securities Law"and"Company Law"Non-listed public companies stock exchange market are in a higher level of effectiveness of the all legal system have none of clear definition and regulatory norms, making the stock issuance and trading of the non-listed public companies in a state of disorder. Non-listed public company is in lack of stock exchange channel, meantime the refinancing of Non-listed public company is limited, all of which have lead to stock black market trading, securities violations and illegal insider operation endlessly. These violations have seriously affected the majority of the normal income from public investing; Second, a large number of private capital accumulated in imperfect market which may impact the stock market stability, even become potential crisis of sound operation and market stability. Based on this, stock market of non-listed public companies in China are in need of legal construction and improvement of regulatory system urgently.In order to explore a path of a reasonable and effective regulation, at first, the author studied securities laws and regulations concerning the provision of non-listed public companies of the United States, Britain and Taiwan, then combined with local characteristics of the securities market and stock market status, focusing on access conditions of non-listed public company in dealing, normal operation of stock exchanges and improvement of market exit mechanism. Strive to build a legal and regulatory system which is suitable for the development of local securities market. Specifically, this article will be started in accordance with the following topics:In the first chapter, author will gives a general overview of the legal regulation about the non-listed public companies in China. The chapter will give an analysis from three levels layer by layer such as non-listed public companies, stock exchanges market of unlisted public companies and legal regulatory system of non-listed public companies stock market, and then elaborate the exposition of the legal regulation of exchanges objects, positioning and the main regulatory content of non-listed public companies step by step.Chapter II, the author will pay attention to theory of stock exchange regulation about non-listed public companies. The chapter explores construction of the legal and regulatory system of non-listed public companies'Stock market which depends on the theory of economics and legal from the perspective of economics and law. Pursuit of value of economic stability and social equity deices the non-listed public companies being in need of legal regulation on stock trading. The effective development of social economic and law to serve the requirements of the economy all of which determine Non-listed public companies stock exchange market has the requirements of effective legal regulation.Chapter III focuses on comparison of legal and regulatory system for overseas and the enlightenment to China's regulatory. This chapter explores the relevant provisions on non-listed public companies stock exchange of the United States,Britain,Taiwan by the methods of Comparative researching. Thinking about the laws on the basis of inadequate supervision, summarized the inspiration from overseas regulations about non-listed public companies in China stock market with practice.Chapterâ…£discusses the regulatory status of the legal system of non-listed public companies in China stock market and its assessment. This chapter makes a critical analysis of existing legal regulatory system as following aspects: regulatory changes in the legal system of non-listed public companies in China stock market, legislative status of the legal regulatory system, defecting in the current regulatory system and so on, all of which can lay the foundation for the expansion in next chapter.Chapter V discusses how to build and improve our non-listed public companies stock market regulatory legal system. By the analysis of inadequate supervision in chapter IV, drawing on advanced foreign legislative experience in chapter III, and then try our best to improve the shortcomings and deficiencies of stock market and regulatory system about non-listed public companies in China. Full text of this chapter is the focus of expansion from four aspects. At first, the author discuss how to improve the supervision of share issue,giving an overview of the department and the main content of regulatory supervision on non-listed public companies. After that, the chapter focuses on examination pattern of stock issuance form five parts: auditing mode of share issuance, the choice of IPO site, improvement of the conditions of issuing, specific analysis of the issuing object, the choice of distribution methods. Section II discusses how to improve the stock trading system of non-listed public company, separately from as following parts: how to select the stock trading sites, determination of trading patterns, restrictions on trading conditions, regulation of managed equity. Section III discusses the improvement of the information disclosure system of the non-listed public companies: First of all, the author discussing the content of information disclosure and procedural norms of the non-listed public companies; Secondly discussing the obligations about information disclosure conditions of termination and suspension. Section IV is discussing the improvement of exiting mechanism, non-listed public companies with the changing of shareholder number and financing size, may be"Returned to"non-public companies or"Motivated to"the listed public company, but the nature changing of the two companies in a positive way needs more improvement of the legal process and multi-level stock market mechanism to ensure.In the writing process of this essay, the author adhere to the research methods of the empirical analysis and comparative analysis, based on legislation of"Securities law"and"Company Law",making status of legislative and regulatory status as a starting point, learning from foreign advanced experience of the regulatory and legislative concepts to make contributions to the improvement of legal supervision for stock trading of non-listed public companies.