Research On The Turn Board Mechanism In New Over-The-Counter Market

The Chinese economy is in a critical period of transformation and upgrading.The country is promoting innovation-driven development strategies.Under the macro background of popular entrepreneurship and innovation,New Over-The-Counter Market,as an exclusive platform for innovative,entrepreneurial,and growing medium and small-sized micro enterprises,shoulders the mission of activating market innovation power.Since the expansion of the New Over-The-Counter Market,it has a considerable amount.By 2017,the number of listed companies in the New Over-The-Counter Market has exceeded 11,000,far exceeding the total number of listed companies in Shanghai and Shenzhen,and a market value of RMB 100 billion has emerged.Enterprises and many high-quality star companies.At the same time,as of the end of 2017,only 14 companies have successfully transferred to GEM and SME Boards.And it is a turnaround board that is completed through the IPO.At the same time,each successful turnaround enterprise has encountered a considerable number of obstacles during the turnaround process.This is closely related to the transfer mechanism of the New Over-The-Counter Market.The main research in this paper is the mechanism of the New Over-The-Counter Market transfer mechanism.This article examines the mechanism of transfer in China from the following aspects:First of all,it gives an introduction to the overall background of China's New Over-The-Counter Market transfer board,which shows the importance of the transfer mechanism in the current capital market,and provides a theoretical basis for the transfer board based on the theory of enterprise life cycle and signal transmission.Afterwards,we introduced the transfer system of other mature capital markets,summarized their characteristics,and provided experience for China's construction of a transfer system.Then,at the center of the article,taking the first company that successfully switched to the Main-Board Market,Three Stars New Materials,as a case,analyzed the motives and conditions of the transfer board,and found China's New Over-The-Counter Market Company among them.Problems encountered in the transfer of the board,the New Over-The-Counter Market in the transfer board has a single way,the cost of large,longtime and other issues.Finally,according to the case,combined with the experience of mature capital markets,it proposes a mechanism for the pre-,mid-,and post-transition mechanisms in China,and concludes that before the transition,the supporting system should be improved,the New Over-The-Counter Market hierarchy mechanism should be promoted,and the issue of “three shareholders” should be clarified;It should optimize the institutional processes,establish a high-efficiency transfer channel,and increase the transfer mode;after the transfer,it should strengthen supervision afterwards.