Research On Hierarchical Management Of The New Third Board Market

Since 2013,the New Third Board market,which playing the role of a bridge between the top and bottom of China’s multi-level capital market and serving the small and medium-sized enterprises at different growth stage,has developed rapidly.In September2021,the new third board market was upgraded hierarchically,that is,the Beijing stock exchange was established to vigorously support the development of innovative small and medium-sized enterprises.The establishment of the Beijing stock exchange has put forward higher requirements for the deepening reform of the New Third Board.At the beginning of the market,in order to adapt to the number of Listed Companies in the market expansion and meet the development needs of developing small and medium-sized enterprises,the CSRC and the NEEQ Co.Ltd.actively explored market hierarchical management and achieved positive results.As the New Third Board market is an emerging securities trading place in China,there is no successful experience to be referenced.This also superimposes the diversity and diversification of the development of small and medium-sized enterprises,and promotes the layered construction of the market,which needs to be continuously studied and deepened.Referring to the layered management experience of foreign stock exchanges,thesis reviews the implementation process and effect of layered management in the new third board market in recent years,combined with the representative cases of listed companies,deeply analyzes the impact of layered management on the market and the growth of listed companies,as well as some deficiencies in the previous layered process.On this basis,under the existing market stratification framework of "foundation layer-innovation layer-Beijing stock exchange",adhere to the new third board market,and deepen the construction of hierarchical management within the market around the goal of serving the development of small and medium-sized enterprises and the interconnection of multi-level capital market;For the basic level,innovation level and the future reform of Beijing stock exchange,it is proposed to revitalize the basic level,guide the standardized development of listed companies,promote the construction of market system focusing on investment and financing and M & A,strengthen the connection with regional equity market and effective "market clearing" of risk projects;Strengthen the incubator function of the innovation layer,establish the evaluation system of the corporate governance quality of the innovation layer,further revise the entry standard,enrich the layer adjustment mechanism and set the listing time of the innovation layer;For the follow-up construction of the Beijing stock exchange,it puts forward suggestions on improving the listing standards,taking the role of market guidance,continuously reducing the threshold of investors,increasing liquidity,and establishing an industry research system suitable for small and medium-sized enterprises.Thesis hopes to make some constructive ideas and suggestions on deepening hierarchical management in the follow-up market.