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多层次资本市场体系建设中,有升有降的上市公司转板机制,有利于充分发挥多层次市场对企业的市场化筛选机制,提高整个社会的资源配置效率。当前,我国上市公司转板实践仅限于代办股份转让系统为主板上市公司提供退市渠道的降级转板机制,尚未建立由低层次市场向高层次市场的升级转板机制。完善我国多层次市场体系的建设,亟须构建连接我国多层次市场之间的转板机制,包括建设场外交易市场与场内市场、创业板和中小企业板与主板市场之间的转板机制,并将转板机制的制度设计予以具体化。
In the construction of a multi-level capital market system, there are rising and falling mechanism of transfer of listed companies, which is conducive to giving full play to the market-based screening mechanism of multi-level market to enterprises and improving the efficiency of resource allocation in the whole society. At present, the transfer practice of listed companies in our country is only limited to the downgrade transfer mechanism that the stock exchange system of listed companies provide delisting channels for the listed companies of the main board, and the mechanism of upgrading and transferring from the low-level markets to the high-level markets has not yet been established. Improve the construction of China’s multi-level market system, it is imperative to build a transfer mechanism linking multi-level market in our country, including the transfer mechanism between the OTC market and the on-site market, the GEM and the SMB market , And the institutional design of transfer mechanism will be embodied.