供给侧改革:四板市场构建的法律主体分析

Supply Side Reform: an Analysis of the Legal Subject in the Construction of Four-board Market

[目的/意义]以供给侧改革为背景,构建多层次资本市场框架下四板市场,为众多中小微非公众公司提供融资的路径和资产交易的平台。[方法/过程]厘清四板市场建设主体和平台主体的法定职责和义务。分析四板市场挂牌主体、投资主体和中介主体在四板市场交易活动中的地位资格、基本功能和运行机理。[结果/结论]依托多层次资本市场理论基础,构建我国完善的多层次资本市场体系。

[ Objectivc/Signification] Relying on the backdrop of supply side reform, the four -board market is con- structed under the framework of multilevel capital market, which provides the path of financing and the platform of asset trading for a large number of small and medium nonpublic companies. [Method/Process ] This paper clarifies legal duties and obligations of the four- board market construction entities and platforms subject of the four- board market, analyzes the position qualification, basic function and operation mechanism of the four- board market listing entities, investors and intermediaries in the four- board market trading activities. [ Result/Conclusion] The paper tries to build a perfect multi- level capital market system in China based on the theory- of multilevel capital market.