| China’s financial system is the bank as the core,non-listed companies financing channels or from bank loans,banks out of risk considerations,more willing to put the loans mature and stable large enterprises.So the financing of small and medium enterprises has always been a troubled social and management problems.On the one hand is the financing of SMEs is difficult,on the one hand is the lack of effective investment in social capital channels,in order to solve this problem,the country in 2013 to the China’s financial system is the bank as the core,non-listed companies financing channels or from bank loans,banks out of risk considerations,more willing to put the loans mature and stable large enterprises.So the financing of small and medium enterprises has always been a troubled social and management problems.On the one hand is the financing of SMEs is difficult,on the one hand is the lack of effective investment in social capital channels,in order to solve this problem,the country in 2013 to the NEEQ expansion to the country,from the new three board market to become a unified national market,Eligible companies can be listed here.As the NEEQ listing threshold is low,low financing costs,simple listing procedures and other characteristics of the NEEQ market since the expansion has been rapid development,as of March 26,2017,in the NEEQ market,a total of 11023 enterprises,Layer 10077,innovation layer 946,listed more than the number of Shenzhen and Shanghai listed on the number of exchanges and the number of enterprises.In the NEEQ market support,many companies have a better development,and some business strength has been close to or even more than listed companies,and in the new three board companies listed within the increasingly obvious differences in the case,the internal stratification system is also 2016 In June the birth of the potential,the expansion of market capacity and the introduction of internal hierarchical system for the NEEQ transfer board system laid a solid foundation.In order to improve the multi-level capital market,so that the capital market to better support the real economy development,but also to maintain the competitiveness of the new three boards,so that high-quality enterprises to a higher platform for the development of the inevitable choice,the new three board transfer board system There is a need to launch homeopathy.But China’s capital market development late,there is no experience to transfer board,so the new three-board transfer board system need to refer to foreign transfer system construction experience.After analyzing the status quo of the development of the new board and the difficulties of the transfer board,the author draws lessons from the experience of foreign countries in order to put forward some suggestions which can help the construction of the new board.In general,the full text is to be discussed in detail from the following four aspects:The first part of the content is mainly on the NEEQ market overview,including the NEEQ speech process,the status quo and the construction of the NEEQ of practical significance,through this part of the reader can understand how the NEEQ evolved to the present and the new three board current development,But also can understand some of the significance of building a new board,you can better understand the NEEQ transfer plate.The second part mainly analyzes the necessity of exchanging the new board from three aspects: the construction of the multi-level capital market,the development of the new board and the support of the capital market to the real economy.At the same time,it analyzes the existing legal framework The main legal barriers to the existence of the NEEQ transfer system include the limitations of the existing laws and regulations on the NEEQ plate,which are ineffective and rough,and that the company’s listing requirements have been publicly issued.The third part mainly analyzes the transfer system of the three places in the United States,Japan and Taiwan.Although the three regions have the system of transfer board,the provisions of the system are not the same.Their position on the three board market is not the same,the US three board market is an independent capital market,and Taiwan’s three board market is more like a listed company’s incubator.The fourth part as the most important chapter of this article,mainly from the NEEQ itself,the revision and interpretation of laws and regulations,the listing of the conditions of the transfer and supervision and management system to discuss how to build a reasonable NEEQ system. |
