Research On The Structure, Function And Efficiency Of The New Three Board Market

The new three board market has become an important part of China's multi-level capital market.It shoulders the task of helping Chinese small and medium enterprises financing,promoting the transformation and upgrading of economic structure and reducing the enterprise's leverage ratio.But the current problems of the new three board market is obvious,the market structure is unreasonable,the pricing mechanism is not perfect,the market liquidity is poor,the majority of investors and listed companies are full of confusion on the market.What is the problem facing the new three board market? Where are the breakthroughs to solve these problems? This is the two major problems that need to be addressed in this paper.In the study of the current problems encountered in the new three board,this paper uses the structural,functional and efficiency analysis framework to explain the status of the new three boards and the main problems.In this framework,the market structure is the foundation,the market function as the core,the market efficiency is the result.There is a causal link between the three.The main problems in the current market structure are the small number of investors,the single type;the number of listed enterprises is too large,the level is unknown;the institutional barriers caused by the institutional restrictions and so on.The main problem of market function is that the listed companies are more limited to the demand for capital than the investors.The shortcomings of the trading system and the lack of liquidity lead to the ineffectiveness of the pricing function.There is the the problem of low pricing efficiency which due to the shortcomings of the trading mechanism and the imperfect structure of the investors,and the problem of inefficient allocation of resources which due to the investment function unable to function effectively.The structure,function and efficiency of the new three-board market form a non-virtuous circle,which makes the function play a limited role,unreasonable structure leads to limited functionality,limited functionality resulting in inefficient,inefficient effects on structural vitality.This bad cycle leads to the problem of the new board is difficult to solve through the operation of the market itself.This paper shows that the breakthrough of this series of problems lies in the optimization of the structure,the structure as the basis of the market can be appropriate through external efforts to exert influence and optimize,and ultimately through the impact of function and efficiency to achieve the new three board market optimization.In the structural optimization of the countermeasures and suggestions,this articlefocuses on ensuring that the listed enterprises effectively flow and achieve effective stratification,based on the stratification of the establishment of different investor access standards,intermediaries to do the necessary expansion and stratification.Through the system optimization to solve the problems in the trading system to promote the pricing function.The ultimate goal is to establish a dynamic and balanced market structure,so that the participating parties in the market can fully feel the new three board is a relatively free access,information highly open,active trading,competitive full,vibrant new market,exert the price discovery,resource allocation,investment and financing functions which Capital market should bear.Really take on the responsibility to help the small and medium enterprises financing,promote economic restructuring and upgrading and reduce the corporate responsibility of the enterprise.