The Research On New Three Board Stratification System In Our Country And The International Reference

"New three board", the usual name of Share Transfer System national of small and medium-sized enterprise (SME), is the vital part of the multi-level capital market in China. The national SMEs share transfer system, inaugurated and opened on May.29,2013 in Beijing, expands the range of its services throughout the country in December. The expansion of the new third board accelerates the development of the new third board market in China by increasing its market capacity and promotes institutional innovation. The development of the new third market helps SMEs broaden market-oriented financing channel and perfect the value system as well as mechanism arrangement such as corporate governance. In addition, rapidly developing new third market which can help advance linkage effects of capital market at all levels and speed up the adjustment of industrial structure, is fundamental project of Chinese multi-level capital market.With the expansion of new third board market, quoted companies differentiates in total equity, total assets, total market, liquidity and valuation. The differences not only challenge the unified management standards of regulatory, but also harm the development of quoted companies. In addition, investors will increase decision-making cost due to large quantities and different levels of quoted companies, which is not conductive for market to full play its investment and financing functions. With maximum inclusiveness of market, corresponding system should be set up to satisfy different demands of all market participants. It requires the stratification of market. Therefore, new three board needs to set up a tiered system to conduct diversity management in order regulate the market better.Firstly, this paper introduces the new third board market from following aspects, namely: Chinese multi-layer capital market system, historical reasons, innovation development and market development of new three board, as to reach a objective and comprehensive understanding of new three market. Then, it discusses the necessity of setting up tiered system of new three board from subjective and objective aspects. Secondly, this paper analyzes 12 typical overseas stratification, and focus on internal research on hierarchical system of NASDAQ through internal hierarchy, internal layering standards process as well as tiered support system construction. Finally, this paper provides some constructive advice according the previous analysis and overseas mature experience for tiered system, follow-up support and innovation of new three board. This paper hopes the new third board market can develop into an integrated and competitive exchange In the healthy and orderly environment...