Research On The Problem Of The New Third Board Transfer In China

In recent years,with the successive establishment of the GEM and the New Third Board,the multi-level capital market in China has been steadily advancing,with more rapid development and diversification,and to a certain extent,it can promote the sustained and healthy development of the national economy.However,at present,there are still some problems in China's multi-level capital market.For instance,the transfer mechanism that can connect various plate markets still needs to be perfected.This has made the capital market in some countries and regions more mature.Since the establishment of the New Third Board in 2006,it has been continuously developed.Nowadays,capital entities represented by the New Third Board in China's capital market have begun to show their unique functions and are active in various areas of the capital market.The initial positioning of the New Third Board is to solve the financing problem for SMEs.The introduction of a transfer system can better solve this problem,and it can also deliver more high-quality companies to the main board market.Therefore,the new Third Board is used as a transfer mechanism.Entry point.The new three-board transfer mechanism is of great significance for the improvement of China's multi-level capital market,and it is the closer link between different market sectors.Therefore,this article will turn new three board board problem as the research object,At present,there are cases that enterprises in the new Third Board market has been successfully transferred to the GEM or even the main board,however,the problems in the new three-board transfer mode and the transfer process,and the establishment of the new three-board transfer system still deserve our in-depth study.As of December 31,2017,the number of companies listed on the New Third Board was 11,630,and there were only 30 companies that had successfully turned the board.Therefore,this article selects “Zhongqi shares”,the first successful transfer after the new three-board expansion and layering,as a typical case.Based on the relevant theories,this paper analyzes the motivation of the transfer board,the conditions of the transfer,and the cost of the transfer.Through the case analysis,it is found that the current problems of the new three-board transition include the following: the relevant supporting mechanisms are not perfect,there is no effective layering mechanism,and the switching mechanism is single.Finally,based on case analysis and problem analysis,corresponding policy recommendations are proposed.First of all,to improve the relevant supporting mechanisms for the new three boards,we can improve the trading system,information disclosure supervision system,and lower the access threshold for investors.Secondly,the existing layering mechanism should be improved,and more detailed layers should be stratified on the basis of the existing base layer + innovation layer to provide the convenience for the high-quality enterprises.Finally,establish an efficient and convenient turntable channel and explore ways to implement more extensive turnarounds.