Function Orientating And System Building Of Our Third Board Market

The introduction mainly introduced the meaning and methods of the article and related research circumstance at home and abroad.Function orientating of the Third Board Market is the focal point of the thesis and the starting place for the building of Third Board Market. Starting from the attribute of Third Board Market, considering the future development and function, the writer researches the general function orientating of the Third Board Market.The multi-layer capital market is an important marking that the function of a country's capital market is complete. In the building of our country's multi-layer capital market system, the Third Board Market rises to link the Main Board Market and equity-exchange markets, give play to construct the layer-clear, connection-tight capital market system.Through pondering why the function of the main board market is not good enough, the writer gives research to the particular function orientating of the Third Board Market. Finally, in regard with resent policy trend on the Third Board Market, the writer analyzes the urgent tasks in elaborating the Third Board Market's function better.But the construction of the Third Board Market must be built up on a certain foundation;there is still some controversy on whether to build the Third Board Market on equity-exchange markets that is already gradually strong in the market scale or to reform existing Agency Share Transfer System. During the second chapter, the writer uses certain space to narrate the advantage and bad situations of equity-exchange markets, pointing out the reasonable position in the multi-layer capital market that equity-exchange markets should be. Then the writer introduces the origin of Agency Share Transfer System, analyzes the special advantages by which Agency Share Transfer System is suitable to be reformed as the Third Board Market. The writer also points out the gap between Agency Share Transfer System and the Third Board Market, and some ideal on how to get rid of the gap.To draw up rules of the Third Board Market, we should reform the existing system such as entrance requirements, information disclosing and supervising rules and exchange system. Involving entrance requirements, the writer gives out same reasonable advises;as to information disclosing and supervising rules, the writer points out four shortcomings and relevant measure;about exchange system, the writer thinks it good to introduce successively competing price mechanism and market maker institution.