Stones from other mountains: the transfer board system has its own characteristics
Throughout the development of global capital market, the United States, Japan, China Taiwan and China Hongkong have formed their own characteristic transfer board system in the process of continuous reform and development. With market-oriented competition as the core, the United States has promoted the internal stratification of the on-site market and the off-site market. On this basis, it has formed a whole market transfer channel that can go up and down, and finally realized the coordinated development of the on-site and off-site markets. Japan has built a multi-channel internal board transfer system through the merger and integration of the exchange. The board transfer is mainly carried out among the market department I, market Department II, mothers and JASDAQ within the East stock exchange, and has promoted the rapid development of the mothers market through differentiated positioning and system design. Based on the preparatory boards of the Taiwan Stock Exchange and the counter, Taiwan, China established a bottom-up transfer system to promote the booming market of small and medium-sized enterprises located in new industries, and the liquidity and valuation level even started to go beyond the Taiwan Stock Exchange. Hong Kong, China, has only upgraded the gem to the main board, and lacks the downgraded transfer from the main board to the gem. In addition, the policy tightness scale has changed significantly, the positioning of the gem is not clear, and there is a lack of strictly enforced delisting system. As a result, the gem is not attractive to innovative small and medium-sized enterprises, and the number of listings and transaction activity continue to decline.
Lessons from board transfer: improve the multi-level capital market and establish a market wide board transfer mechanism
By analyzing and comparing the evolution process and practical effect of the capital market transfer system in the US, Japan, China, Taiwan and Hongkong, China, we conclude the following experiences and lessons. First of all, on the basis of improving the construction of multi-level capital market system and promoting the reform of comprehensive registration system, we should help each sector clarify the market positioning and set diversified listing standards, so as to help enterprises with board transfer needs find more suitable sectors for their positioning. Secondly, we should design a flexible and appropriate board transfer system. On the one hand, we should adhere to the independent market position of the core board of the board, carry out flexible differentiated design for the time limit of upgrading the board, and pay attention to the combination of downgraded board transfer and compulsory delisting system; On the other hand, we should set appropriate policy requirements, which should be promoted in a gradual way in the construction of the board transfer system. Finally, the goal should be to establish a board transfer system covering the whole market to ensure more efficient interconnection of major sector markets, so as to realize that the capital market can better serve the real economy.
Perfect way: starting from the Beijing stock exchange, gradually establish a board transfer system covering the whole market
After more than 30 years of development, China has gradually formed a multi-level capital market system, and on this basis has established a board transfer system with the new third board and the Beijing stock exchange as the core. However, at present, the capital markets at all levels are still in a relatively fragmented state. It is urgent to strengthen the interconnection between the capital markets at all levels through a more perfect board transfer system, so as to further improve the capital allocation efficiency of the capital market. Therefore, we propose to gradually promote the establishment of the board transfer system covering the whole market step by step and stage by stage: first, take the establishment of the Beijing stock exchange as an opportunity to initially establish a cross exchange board transfer system; The second step is to take the comprehensive registration system as the starting point to open up the internal board transfer and downgraded board transfer system of the exchange; The third step is to further expand the transfer channel of the market inside and outside the market based on the innovation layer; The fourth step is to gradually establish a two-way board transfer system between the fourth board and the new third board; The fifth step is to promote the establishment and improvement of the whole market transfer system in a competitive way.
Risk tips: relevant policy adjustments, etc.
