A Study On Development Model Of Tianfu Equity Exchange Market In Future Based On Strategy Rhythm Theory

In recent years,under the background of the national promoting supply-side reform,promoting innovation and entrepreneurship among the public,and serving the strategy of innovation-driven development,the Regional Equity Market,as the "tower-foundation" of multilevel capital market,has attracted close attention and great attention from all parties.Since 2017,China has issued a series of policy documents,such as "Notice on the Normative Development of Regional Equity Market"(2017)issued by the State Council,and "Trial Measures for Supervision and Management of Regional Equity Market"(2017)issued by the Securities Regulatory Commission,which provides direction and guidance for the next development of Regional Equity Market from the national system level.Specifically,these policy documents formally established the legal status of the Regional Equity Market,further clarified the development direction,basic positioning and functions of the Regional Equity Market,incorporated the Regional Equity Market into the regulatory system of the Securities Regulatory Commission,put forward higher quality requirements for the development of the Regional Equity Market.As a result,China's Regional Equity Market has entered the era of 2.0 edition of standardized development.However,the Regional Equity Market is also facing the old problem of unclear development model of the whole industry while welcoming new development opportunities.This problem leads to the limitation of the direct financing function of Regional Equity Market,especially the inability to undertake the major mission of serving small and medium-sized enterprises,supporting local economic development and improving the construction of multilevel capital market.Therefore,it's needed to make further researches on the development mode of Regional Equity Market for the healthy and orderly development.The core logic of this paper is based on the Strategic Rhythm Theory,analyzing the development model of the Regional Equity Market through three markets: user market,product market and equity market,further clarifying the relationship between the key characteristics of the development model and the three markets The author holds that the Regional Equity Market should generally adopt the "farmer" mode in the three modes of "farmer" mode,"hunter" mode and "enclosure" mode.Based on the "farmer" model and the actual situation of Tianfu Equity Exchange Market,this paper puts forward the future development model of Tianfu Equity Exchange Market.That is to say,taking investment and financing services as the core value,resource aggregation as the core competence,county economic belt as the core market,serving the whole process of the growth cycle of small and medium-sized enterprises.It can be summarized as "a core value","a core competence","a core market" and "a core cycle"."a core value" refers to the main products matched by the target customers of Tianfu Equity Exchange Market."a core competence" refers to the key competitive elements that Tianfu Equity Exchange Market needs to possess for serving its target customers;"A core market" refers to the core area that Tianfu Equity Exchange Market focuses on serving its target customers;"a core cycle" refers to the value growth stage that Tianfu Equity Exchange Market needs to pay attention to.