研究发达国家企业在不同层次的资本市场之间,能够灵活地转板,表明上市公司在不同层次市场的相互转换,具有其内在的动因。探讨上市公司转板的动力机制,认为上市公司的转板决策是在充分衡量成本与收益的基础上做出的。据此,提出了完善我国上市公司转板以及退市制度,对于构建我国多层次资本市场具有重大意义。 Research on developed countries in the capital markets between different levels, the flexibility to turn the plate, indicating that the listed companies in different levels of market conversion, with its intrinsic motivation. This paper explores the motivation mechanism of listed companies transferring shares, and considers that the transfer decision of listed companies is made on the basis of fully measuring the costs and benefits. Accordingly, it is of great significance to improve the system of transfer and delisting of listed companies in our country, which is of great significance to the construction of multi-level capital market in our country.