How many multi-level capital markets are there at present, including main board, small and medium-sized board, growth enterprise market and new third board?

At present, in the multi-level capital market, as of March 20 17, how many main boards, small and medium-sized boards, growth enterprise market, new third board, 65438 main board+0708,838 small and medium board, 606 growth enterprise market, 65438 new third board +00858, and there are more than 70,000 other four-board markets in the multi-level capital market. At present, the ipo is speeding up, and enterprises who want to transfer or ipo can get support through IPO customs clearance training camp.

What is a multi-level capital market? It mainly means that enterprises in a country can find a capital market structure arrangement suitable for their own capital needs at different stages of development. For example, in the United States, enterprises should go through the market (through the capital market, not the money market, which mainly refers to the financing channels or ways for banks to obtain loans through mortgage or guarantee. The former is financing by transferring the equity of one's own company), which can be carried out through three main markets: First, the PINKSHEET (coated paper market), where enterprises do not need any performance requirements and asset requirements, and only need very few information disclosure requirements, mainly depending on whether your enterprise can attract the favor of some investment institutions and get funds if they are willing to invest; Second: OTCBB market (better than China's Growth Enterprise Market (GEM)) has certain disclosure requirements for enterprises, but there are no hard and fast rules on performance and assets, but enterprises must be relatively fast-growing industries; Third: Nasdaq market, which is suitable for mature enterprises, has certain performance requirements and discloses very strict capital markets. Not only enterprises have many choices, but also investment institutions have many choices. Some institutions cannot invest in the low-end secondary market, and so on.

How to translate the multi-level capital market system in English; Main board market; Growth enterprise market; Off-market? Multi-level capital market system

Second board growth enterprise market

Main board market

over-the-counter market

How to establish a multi-level capital market in China and China;

Actively promote system construction and system innovation, among which it is particularly urgent to take practical and effective measures and establish a strict market-oriented exit mechanism. Only in this way can the supply and demand of diversified market entities for capital be well met, the balance between supply and demand in the capital market can be achieved efficiently, and the function improvement effect of multi-level capital market can be exerted.

In order to reasonably define the functional positioning of different levels of markets, if China's current capital market should include stock exchange market, OTC market, property rights trading market and agency share transfer market, how to determine the positioning of these levels needs careful study.

1. Continue to play the role of the main board market (centralized trading market).

2. Actively launch the second board market.

3. Improve the third board market (OTC market).

At present, it mainly refers to the "agent share transfer system" and the local property rights trading market, and the "compartmentalized" OTC market system. The "agent share transfer system" is characterized by the continuous trading of shares, which has the function of IPO and sets certain trading standards.

The construction of China's three-board market system should adopt a "compartmentalized combination" model, which has both a unified and centralized OTC market and a regional equity market.

4. Expand the financial derivatives market.

In order to establish a multi-level capital market system in China, we should consider how to meet the financing needs of small and medium-sized enterprises, as well as the construction of various financial derivatives trading places. With the development of China's capital market, the demand for financial derivatives market becomes more and more urgent. Financial derivatives play an irreplaceable role in avoiding risks and improving the efficiency of capital utilization. After joining the World Trade Organization, it symbolizes that China has broken away from the closed planned economic system in the past, and China's economic system will be determined by market forces and global trade. The introduction of financial derivatives is of great significance for accelerating the economic development of China. From the point of view of reducing market systemic risk, it is also necessary for China to speed up the introduction of financial futures market.

Capital is profit-seeking, and the market itself can effectively allocate resources. Rank means the inequality of rights, because there are oligarchic interests that take more and occupy more, and there is a "multi-level capital market", that is, the threshold is high and low, and the strong take all the markets.

I. Analysis of the Development Status of Multi-level Capital Market in China

After 20 years' efforts, China's capital market has made great progress and played an increasingly important role in the national economy. China stock market is mainly composed of Shanghai and Shenzhen main board, SME board, GEM and agency share transfer system. Compared with the mature market with multi-level and effectively interconnected sectors, the structure of China stock market is single, and the multi-level capital market system has not yet formed. The performance of each market is as follows:

(1) The main board market has begun to take shape.

The main stock market in China mainly includes A shares and B shares in Shanghai and Shenzhen stock markets. The Shanghai and Shenzhen Stock Exchanges were established in June 1990 1 1. After more than 20 years of development, they have now become the largest market in China. A large number of large domestic enterprises listed on the main board market not only raised the funds needed for operation, but also adjusted the internal operating mechanism. As of 20 13 and 10, there were 1435 listed companies in the main board market of Shanghai and Shenzhen, and the total stock market value of the two cities was 20.35 trillion yuan. Circulation market value 15.42 trillion yuan. The total share capital of listed companies is 2,835.883 billion shares, and the circulating share capital is 2,376.237 billion shares, which occupies the vast majority of China's stock and securities market. The main board market has begun to take shape, and it is a blue-chip market in China. It can basically reflect the development of China's national economy.

(B) SME board listing conditions are too high to meet the financing needs of SMEs.

In May 2004, the SME board was officially launched in Shenzhen. In June of 20 13, there were only 700 listed companies with a total stock market value of 3.69 trillion yuan. Small and medium-sized board is a relatively independent board in the main board, which is implemented under the institutional framework of the main board market and is consistent with the main board in terms of listing conditions, issuance review and trading system. Therefore, it is difficult for many small and medium-sized enterprises to meet the listing standards and meet the listing conditions. Although the SME board market has been set up, it has kept the vast number of SMEs out of the door, making it difficult for the vast number of growing SMEs to directly finance from this market.

(C) Growth Enterprise Market is still in the early stage of development.

China Growth Enterprise Market was finally born on June 30th, 2009. As an important part of the multi-level capital market system, GEM is conducive to the adjustment of national industrial structure and the improvement of technological innovation ability of innovative and growth enterprises through financing platform. By 20 13, 10, 3 1, there are 355 companies listed on the Growth Enterprise Market, with a total stock market value of 1.58 trillion yuan. The market value of circulation is 795.3 billion yuan. The total share capital of listed companies is 79.085 billion shares, and the circulating share capital is 52.403 billion shares, with an average price-earnings ratio of 58.52 times. On the basis of paying attention to risk prevention, GEM has made more market-oriented exploration and innovation in the system design of issuance review system, company supervision system and trading system, so as to adapt to the characteristics and actual needs of start-ups. However, the current GEM market has been implemented for a short time, and the market scale is still small.

(4) The OTC market is developing slowly, and the system construction needs to be further improved and perfected.

OTC market plays an important role in China's multi-level capital market, and its role is self-evident. However, due to various reasons, China's OTC market has not formed a unified national market, but is composed of property rights trading institutions, agency share transfer systems and property rights exchanges. The business of each market is highly overlapping, but the transaction information between them cannot be shared. Moreover, each market is supervised by different regulatory authorities, which leads to multiple markets, and relevant laws and regulations need to be improved urgently.

In 20 12, based on summarizing the experience of Zhongguancun company's share transfer pilot, CSRC plans to build a national unified supervision over-the-counter market. The pilot experience of Zhongguancun will be extended to enterprises in national high-tech parks, and then to all joint-stock companies in the country. China Securities Regulatory Commission plans to build a national OTC market in two steps. The first step is to expand from the Zhongguancun pilot project to the national high-tech park enterprises, and the second step is to further expand to all joint-stock companies in the country. Listed companies in the OTC market will be supervised by unlisted public companies. Considering the large number of small and medium-sized enterprises in China, the uneven development among regions, and the great differences in enterprise scale, growth stage and business model, the OTC market construction in China will proceed from market demand, be designed as a whole, be implemented step by step, be combined from top to bottom, and gradually realize hierarchical construction.

Second, China's multi-level capital market problems

After more than 20 years of development, China's capital market is gradually maturing. However, there are still some deep-seated problems and structural contradictions in the capital market, which restrict the function of the capital market. Compared with developed countries, the overall development level is still in the primary stage, with a big gap. The imbalance of market structure has become a major problem in the development of capital market. Facing the severe financing problem, it lacks the pyramid structure like the American stock market. The stable capital market structure in the United States includes new york Stock Exchange, Nasdaq, OTC quotation market, pink list market and gray market. There are 65,438+10,000 joint-stock companies nationwide, and there are not a few that meet the requirements for starting a business. However, only the "inverted pyramid" structure of main board market, small and medium-sized board and growth enterprise market has just started, which makes the development of multi-level capital market in China have serious problems.

(A) the market trading tools are few and the liquidity is insufficient.

An efficient capital market should have a variety of trading tools, so as to achieve the purpose of dispersing risks and rationally allocating resources, and also to meet the differentiated investment needs of investors. Any "emerging+transforming" market has an imperfect financial product system. In the 1980s, China's enterprises lacked equity capital and had a single financing channel, which led to a high proportion of debt equity. The number and variety of products are relatively small, and the business innovation ability is relatively poor. In addition, the lack of trading varieties has seriously hindered the channel of transforming savings into investment, and a large number of individuals and institutions with investment needs have given up investment because it is difficult to choose suitable financial instruments to avoid risks, resulting in higher opportunity costs.

(2) The investor structure is unreasonable and the institutional investors are small.

The unreasonable structure of investors, especially the securities firms, which are the most important force in the capital market, have not played their due role, which also makes the construction of multi-level capital market in China in trouble. For a long time, China's capital market has been dominated by small and medium-sized investors, with a high proportion of individual transactions and frequent transactions; The overall scale of institutional investors is small; American institutional investors account for more than 90%, while China only accounts for about 45%. In recent years, although various forms of institutional investors such as insurance companies, national social security funds and enterprise annuities have participated in the market under the guidance of * * * *, their enthusiasm is not high, which makes it difficult to stabilize the market and sometimes encourages market fluctuations. (C) the lack of effective docking mechanism between capital markets at all levels

A perfect capital market can not only meet the financing needs of different types of enterprises, but also meet the investment needs of investors with different investment risk preferences, so as to achieve a balance between supply and demand of funds in the market and further improve the market exit mechanism. Different levels of capital markets correspond to different types of enterprises. For example, the main board market mainly meets the listing of large enterprises, the SME board mainly meets the financing needs of many small and medium-sized enterprises, the GEM mainly issues shares for small and medium-sized enterprises with good growth and high technology content, and the OTC market mainly meets the equity transfer of enterprises that do not meet the listing conditions. Each market should have different screening mechanisms, which makes it possible for enterprises to go public or withdraw from the market step by step, thus forming a complete market structure system. This can not only ensure the quality of listed companies, promote the healthy development of China's securities market, but also contribute to the development of venture capital, and provide more direct financing channels for enterprises, especially small and medium-sized enterprises. In order to make it possible for enterprises to gradually go public or withdraw from the market, reduce financing costs and improve financing efficiency, screening mechanisms at all levels should be docked. However, at present, China's main board market, SME board and OTC market are independent of each other, and there is a lack of a gradual institutional arrangement in terms of listing conditions and trading rules. This greatly reduces the efficiency of China's capital market and inhibits its function to some extent.

(4) The legal integrity environment needs to be improved, and the effectiveness of supervision and the efficiency of law enforcement need to be improved.

At present, the legal system and legal system of China's capital market need to be further improved; The Securities Law was formally promulgated in 2000, and the legal construction of capital market is not only lagging behind but also imperfect. The behavior of all parties involved in the capital market has not been strictly regulated and supervised, and the management is weak. Therefore, it is urgent for China to build a legal and regulatory system that is suitable for China's national conditions and can promote the development of the capital market, so as to regulate and restrict the management and operation of the capital market and achieve the purpose of protecting the interests of investors and reducing market risks. Meanwhile, compared with other markets, the capital market is a special high-risk market. This high risk is first manifested in the particularity of its business objects. Capital market is not an ordinary commodity, but a special financial instrument such as stocks and bonds. The transactions conducted by market participants must be based on credit, and credit itself contains many uncertain factors. Facing the high-risk capital market, there are some problems in China, such as insufficient supervision and imperfect supervision system. There are many branches of the government, the relationship between the CSRC and the central ministries, local governments and agencies is not smooth, and the responsibilities and functions of supervision are not clear, which often leads to conflicts of interest and mutual shirking of responsibilities, resulting in the imbalance of supervision, which makes some areas repeatedly supervised and some areas unsupervised.

Three. Suggestions on establishing and perfecting China's multi-level capital market system

The overall goal of China's capital market system construction is to build a socialist capital market system with China characteristics, covering the whole country, facing the world, flexible mechanism and complete functions. Specifically, the capital market should include all kinds of bonds, stocks, fund securities, options and other securities, as well as medium and long-term credit markets. The construction mode of capital market system should meet the requirements of various enterprises in China. The construction of multi-level market structure should break through the single market structure of the existing main board market dominated by state-owned enterprises and form a well-defined capital market system.

(1) Vigorously develop professional institutional investors and improve the structure of market investors.

The regulatory authorities should establish the development consciousness of professional institutional investors and take the development of institutional investors as an important goal to improve the construction of multi-level capital market system. At present, there is no atmosphere of long-term investment and rational investment in China. At the same time, in order to deal with various contradictions in the stock and securities market, we must vigorously develop professional institutional investors, guide institutional investors such as investment funds, social security funds, insurance companies and enterprise annuities to participate in the capital market, vigorously develop professional institutional investors and improve the structure of market investors. We must abandon the policy idea of restraining demand and use tax policy carefully to achieve the purpose of regulating the market. Starting from the development strategy of China's capital market, we should not use capital gains tax to restrain people's investment behavior, but should formulate structural financial policies for professional institutional investors to guide people's financial investment needs. This is also a feasible measure to improve the investor structure, increase the proportion of direct financing, stabilize the capital market and promote the long-term healthy development of the capital market.

(2) Accelerate the development of multi-level stock market and expand the coverage of serving the real economy.

Accelerate the construction of a multi-level stock market system. Innovative enterprises with different stages of development, different types and different characteristics should have the opportunity to enter the capital market, and they can all find their own support platforms for the capital market, improve the service ability of the capital market to support small and medium-sized enterprises, and expand the coverage of the capital market to the real economy.

Judging from the current situation of China's multi-level capital market, the Shanghai and Shenzhen Stock Exchanges are the most typical. These two stock exchanges are the foundation of multi-level capital market. Multi-level capital market is based on the existence of stock exchanges. This market needs to integrate financial markets through effective supervision. If necessary, adjust the market and business content through certain administrative means, so that the market can better serve large and medium-sized enterprises and build a blue-chip motherboard market for the business development of large and medium-sized enterprises. Judging from the existing main board market, there is no reasonable division of labor between the Shanghai and Shenzhen stock exchanges, and the non-standard main board market has little difference in listing conditions and implementation mechanism, which leads to the waste of market resources and low efficiency of market implementation, which restricts the further development of the capital market as a whole, and it is imperative to standardize the main board market. Therefore, for the Shanghai and Shenzhen stock exchanges, measures must be taken to reorganize and divide the work between the two exchanges, so as to meet the needs of multi-level market development by standardizing the main board market. Specifically, adopting the strategy of Shenzhen's main board moving to Shanghai and integrating into Shanghai Stock Exchange can play a role in regulating the main board market to some extent.

(3) Standardizing OTC trading and establishing multi-level OTC market.

Standardizing over-the-counter transactions also plays an important role in the construction of multi-level capital markets. For the construction of China's multi-level capital market, OTC is an important part of the multi-level capital market. To establish a multi-level OTC market, we must first analyze the market's affordability, standardize OTC trading within the market's affordability, speed up the expansion of the stock market, broaden channels, and carry out diversified and multi-channel OTC trading to create conditions for the construction of a multi-level capital market. At the same time, we should also stick to one pattern in trading methods, further adjust and improve trading methods, and establish a multi-level OTC market. The third point is to take certain measures to improve the quality of listed companies, usually by promoting the asset reorganization of listed companies in the stock market. The last point is to cultivate the subject of property rights transaction, improve the efficiency of property rights transaction, speed up the pace of internal construction of property rights market, improve the management level of enterprises, and promote market development with new development concepts and new development measures.

(4) Improve the system of laws and regulations and guard against financial risks.

To promote the construction of multi-level capital market legal system, we must constantly improve the existing laws and regulations, enhance the independence of supervision, change the concept and mode of capital market supervision, and gradually establish organic relations between capital markets at all levels. We must steadily promote the development of multi-level capital markets under the premise of strictly controlling financial risks. Multi-level capital market is a high-risk and high-liquidity market. Any link in the capital market will have very serious consequences if it is not handled and controlled in time. Therefore, various regulatory agencies must strengthen coordination and cooperation, implement hierarchical risk management according to the different characteristics of enterprises and investors, establish and improve a rapid decision-making and response mechanism to deal with various financial risks and external shocks, and safeguard the stable operation of the capital market and national financial security.

How to form a multi-level capital market in China? The multi-level capital market in China is mainly composed of on-site market and off-site market.

The floor market includes:

1. Main board market, including small and medium-sized board market.

2. Growth Enterprise Market, commonly known as the second board market.

The floor market includes:

1, the national share transfer system for small and medium-sized enterprises, commonly known as the New Third Board.

2. Regional equity trading market.

Detailed explanation of multi-level capital market:

1, main board market

In May 2004, with the approval of the State Council, China Securities Regulatory Commission approved Shenzhen Stock Exchange to set up SME board in the main board market.

2. Growth Enterprise Market

The secondary securities market refers to the Shenzhen Growth Enterprise Market, which is second only to the main board market in China.

3, the national small and medium-sized enterprise share transfer system (three boards)

The State Council approved the establishment of a national stock exchange, with the National Small and Medium-sized Enterprise Share Transfer System Co., Ltd. as its operation and management organization. Shanghai Stock Exchange, Shenzhen Stock Exchange, China Securities Depository and Clearing Co., Ltd., Shanghai Futures Exchange, China Financial Futures Exchange, Zhengzhou Commodity Exchange and Dalian Commodity Exchange are shareholders of the Company.

4. Regional stock market (four sectors)

It is a private equity market, providing equity, bond transfer and financing services for enterprises in specific regions. Generally speaking, it is mainly at the provincial level, and the provincial people supervise it.

At present, there are more than a dozen regional equity markets that have been built and begun to take shape in China, including Qinghai Equity Exchange Center, Tianjin Equity Exchange Center, Qilu Equity Custody Exchange Center, Shanghai Equity Custody Exchange Center, Wuhan Equity Custody Exchange Center, Chongqing Equity Transfer System, Qianhai Equity Exchange Center, Guangzhou Equity Exchange Center, Zhejiang Equity Exchange Center, Jiangsu Equity Exchange Center, Dalian Equity Custody Exchange Center and Strait Equity Custody Exchange Center.

What do you mean by main board, small and medium-sized board, growth enterprise market and new third board? The main board is divided into Shanghai main board and Shenzhen main board, which usually refers to Shanghai main board, which is what we often call the Shanghai Composite Index.

Shanghai main board refers to the stocks listed on the Shanghai Stock Exchange, generally the stocks of companies with large market value such as central enterprises or state-owned enterprises. For example, code 60 begins with 600997.

Growth Enterprise Market Shenzhen Component Index refers to the stocks listed on Shenzhen Stock Exchange.

Small and medium-sized boards are generally small and medium-sized enterprises. The code starts with 002, for example, 00232 1.

GEM is generally an Internet company or a high-tech start-up. The code starts with 300, for example, 300699.

Shenzhen motherboard is similar to Shanghai motherboard. The stock code begins with 000.

Such as 000002

The threshold for opening an account for the New Third Board is relatively high, with 5 million funds.

All the main and medium-sized enterprises on the GEM are listed, and ordinary investors can trade freely. The new third board is waiting to be listed. Larger enterprises are usually listed on the main board, and enterprises with more than 80 million shares are usually listed on the main board.

Smaller enterprises will go to the small and medium-sized board or the Growth Enterprise Market. Generally, those who issue less than 50 million shares are in these two boards.

It is more flexible to issue 50-80 million shares, and you can choose by yourself.

Main board, small and medium-sized board, growth enterprise market, third board and third board, what is the relationship between them? 1. main board: the main board market, also known as the first board market, refers to the traditional securities market (usually the stock market) and is the main place for securities issuance, listing and trading in a country or region. Refers to the core listed companies in Shanghai and Shenzhen stock markets. The main board market has higher requirements for the issuer's operating period, share capital scale, profitability and minimum market value. Most listed companies are large and mature enterprises with large capital scale and stable profitability.

2. Small and medium-sized board: Small and medium-sized board refers to the entrepreneurial board with a circulation scale of about 654.38 billion yuan or less, which is relative to the main board market. Some enterprises can't meet the requirements of the main board market and can only be listed in the small and medium-sized board market. Small and medium-sized board market is the transition of GEM, and the market code of small and medium-sized board in China begins with 002.

3. Growth Enterprise Market: Growth Enterprise Market, also known as the second board market, namely the second stock exchange market, is a kind of securities market different from the main board market. It is a stock exchange market that provides financing channels and growth space for entrepreneurial enterprises, small and medium-sized enterprises, high-tech industrial enterprises and other enterprises that need financing and development. It is an important supplement to the main board market and plays an important role in the capital market. The market code of China Growth Enterprise Market starts with 300.

4. Third Board: refers to the "two-net stocks" delisted from the original two legal person stock markets and the "delisted stocks" delisted from the main board market.

5. New Third Board: The New Third Board is a national share transfer system for SMEs. It was established with the approval of the State Council, under the direct supervision of China Securities Regulatory Commission and under the State Stock Exchange.

Listing conditions of the New Third Board: The New Third Board is mainly for innovative, entrepreneurial and growth-oriented enterprises. There is no requirement to be a high-tech enterprise. A joint stock limited company applying for listing its shares in the national share transfer system is not limited by the nature of shareholder ownership, and is not limited to high-tech enterprises. The following conditions shall be met:

(1) It has been established in accordance with the law for two years. If a limited liability company is converted into a joint stock limited company according to the original book net asset value, the duration can be calculated from the date of establishment of the limited liability company;

(2) Its business is clear and it has the ability of continuous operation;

(3) The corporate governance mechanism is sound and its operation is legal and standardized;

(4) The equity is clear, and the issuance and transfer of shares are legal and compliant;

(5) Sponsoring brokerage recommendation and continuous supervision;

(6) Other conditions required by the National Share Transfer System Corporation.

What is a multi-level capital market? Is it related to the business of the Chamber of Commerce? In the capital market, different investors and financiers have different scales and main characteristics, and have different demands for financial services in the capital market. The diversified demand of investors and financiers for investment and financing financial services determines that the capital market should be a multi-level market system. However, the business of the Chamber of Commerce is pyramid selling. In the chamber of commerce, you will see many people, brothers, fathers, sons and mothers, working there. In fact, it is unwilling to owe money and develop quietly. As a result, their family lost more and more money and went bankrupt everywhere!

Is there a company? We have been in the business for half a year or even several years, but we have never seen a product with a purchase order. Why don't you give them to us? Is the company forged? Did someone use this system to create one for their own benefit? Hey, be careful, what can you really earn by investing tens of thousands?

Once you trust a hypocritical friend, invest 2 1 3800 and fantasize about earning10 million, you will be useless. Don't blame others for not reminding you if you can't get off the line and lose money.

If you join, you still get an A, only to find that you can't make any money at all. It was a big scam from beginning to end. Don't blame yourself for greed. They control their thoughts by brainwashing and control their behavior by paying money!

Once you pay the money, even if you realize that it is a pyramid scheme, you have to pull off the line to return to your roots.

Once you are brainwashed, you will dream of making a lot of money every day, firmly believe in promoting the goodness of MLM, and consciously and happily promote the products of MLM.

Is developing multi-level capital market a necessary condition for the growth of small and medium-sized enterprises? Hello, I hope the following answers will help you!

Multi-level enterprise growth structure needs multi-level capital market structure to cooperate. Because enterprises at different levels have different financing needs, it is necessary to establish different capital markets to meet their financing and evaluation requirements.