Research On Turning Board System Of Security Market Of China

After more than 20 years of development, the multi-level capital market has been initially set up, which based on the internal mainboard, small and medium enterprise board(SME), growth enterprise board(GEM) and National equities exchange and quotations(NEEQ). But something else must be focused on. By the end of March 2016, there are only ten companies successfully turned to GEM and one turned to SME from NEEQ. All of them adopted IPO application procedures, without any simplification, not the " green channel" as the industry expected. The GEM and SME has no successful case on turning board. The reality means that the capital market need to provide more comfortable condition for NEEQ to turn board in the future.Build a flexible turning board system is of great significance. First, the turning board system meet the objective requirement of the development of market economy. Second, the set up of turning board make capital market provide funds on time, in a low cost and high efficiency way. Last but not least, the establishment of turning board system can make the capital resources flow to companies of different benefit ability through capital market, reaching the result of allocating the capital resource efficiently. The capital market of United States, Singapore and Japan have developed for a long time, and have richful experience at establishing turning board system, provide reference for the construction of multi-level capital market system of China.Simple copying has no sense. Any planning and designing of system should be based on the specific situation of the capital market, considered all the aspects, made especially. So, the design of turning board system in China should be on the basis of the fact that China is in the primary stage of socialism, in the existing frame of capital market, aiming at building the clear level of capital market system, to set up turning board framework.The paper is devided into four pieces:The introduction expounds the background and significance of the research, introduces existing point of view in academic, briefly summarizes content and methods of the research. The first part introduces basic theory about turning board system in security market, gives the concept of turning board system, distinguish different types of turning board system, and summarizes the value that turning board system act on security market, listed companies, investors, and so on. The second part starts with the existing multi-level capital market system, analyzes the execution and problems. The part introduces the development, hierarchy and turning board system of securities market in United States, Singapore and Japan, and induces the significance to China. The fourth part gives some suggestions to complete turning board system in China on establish transfer mechanism in China’s securities market.