Research On The Issue Of The Transfering Board System Of The New Third Board

At present,one of the key tasks of China’s financial system reform is to accelerate the development of multi-level capital market system.With the fast development of the new third board market as the OTC market in recent years,multi-level capital market system is maturing,and including the main board,the second board,the new third board,regional equity trading center,which is the market structure system for the coexistence of the market in the field and the OTC market,the combination of national and regional market.But unfortunately,although various division of the level exists in China’s capital market to meet the financing needs of different enterprises,but there are not an open transfer system.The whole capital market is almost in a state of fragmentation.The lack of smooth interaction model in the markets can’t really play a solid role in the financial services the real economy.With the increase in the number of new third board market companies and the increase in market liquidity,we should build the organic link in multi-level capital market based on the establishment of the current multi-level market structure,that is,the transfer board system.And the promotion of the transfer board system in the new three board is more and more strongly with the "deepening the new third board market reform,establish a sound transfer system" and other national policies introduced,at the same time,the good operation of the quasi-registration system in the new third board market and the hierarchical programs and other systems innovation make the new three boards have the best soil to give priority to building the transfer board system.The new three board as an important part of the construction of multi-level capital market,the internal layering structure of the new third board market can be seen as the further refinement of the multi-level capital market structure,so the internal transfer plate is the very point in the new three-board optimization of the internal level,on this basis of which,to strengthen the new third board external transfer system and the whole market model of the transfer plate is undoubtedly far-reaching significance.This paper is inspired by the hierarchical system,to establish circulation transfer board system in the new third board market within the various levels and between the new third board and the other plate markets,and then to promote the perfection of China’s multi-level capital market system and the rationalization the process of the structure.Based on which,this paper chooses the transfer board system of the new third board as the research topic,combined the theory and the reality to analyze the present situation of the new board development and the transfer board practice,at the same time,compare the implementation situation of the other countries and regions and propose targeted,operational and legal advice in favor of the new third board long-term construction.In view of the above,this article mainly from the following four parts to elaborate:The first part analyses the difficult truths of building the transfer board system in the new third board by analyzing the new three board development background,the functional positioning of the new three board in the multi-level capital market,the current system implementation in the new three board and other aspects.The second part is basic analysis for the transfer board system.The paper discusses the concept and mechanism of the transfer plate system,and categorizes the transfer board system from the different angle.And then disscus the feasibility and the significance of the transfer board system in the macro and micro level,and points out that the system of the transfer board system is very important to the construction of the multi-level capital market.The third part summarizes certain experience which is worthy of reference for the construction of the transfer system of the third board market in China from stating the status of the multi-level capital market system in the United States and Taiwan in China and their current transfer system.The fourth part is in the background of China’s financial reform,to propose some practical recommendations of the build and implementation of transfer system in China’s new third board market from the legal point of view.