A Case Study On The Continuing Supervision Of New Third Boards

Since the introduction of national small and medium enterprises share transfer system(hereinafter referred to as "new third board"),it has been highly welcomed by small and medium enterprises for its fast and flexible equity financing model.However,when the recommendation of listed,targeted distribution and other traditional investment banking business are in full swing,the business of continuing supervision of the new third boards is stagnant.From the perspective of government-level financial supervision,continuous supervision will help regulate the operation of the company,improve its governance structure,and boost market confidence while protecting investor interests.In practice,the business is a mere formality with frequent violations of the law,which affected the health of the new third boards market to a certain extent.Therefore,the improvement of the new third boards continued to supervise the business has an important role to promote the development of the new third board market.This current study adopted the new third board continuous supervision business of C Securities Company as a case,and built a realistic analysis of the framework through the theory with practice.The study depicted the ideal of the design of the regulatory level of continuous supervision of business processes,and compared to the current business situation,which finally summed up that the main business information disclosure is not sufficient,the securities company failed to diligence and principal-agent issues.Then,through the analysis of the key irregularities,the study concluded that the main reasons of the new third boards is that the financial supervision mechanism is not perfect,the punishment of the illegal punishment is not enough,the securities companies lack the professional talents,the low level of profit supervision and the lack of market liquidity,difficulty and so on.Finally,under the guidance of the theoretical framework,the current study put forward targeted policy recommendations,which specified that the regulatory level should optimize the rules of information disclosure and increase the intensity of illegal penalties,while securities companies should improve the continuous supervision of business process design,improve the business charges,and set the risk margin system.Moreover,the market should carry out clear and continuous supervision of the termination agreement rules,develop a new third board enterprise exiting and delisting mechanism,and lower the barriers appropriately to the investors to reduce the continued supervision of the business problems,thereby enhancing the effectiveness of the business and the vitality of new third boards market.