The New Three Boards Have Different Layers.

In order to implement the spirit of deepening the new three board reform in the fifth Plenary Session of the 18th CPC Central Committee and further implement the decision of the State Council on the relevant issues concerning the share pfer system of small and medium-sized enterprises in the whole country, in November 20th, the China Securities Regulatory Commission issued the "opinions on further promoting the development of the share pfer system of small and medium-sized enterprises in China" (hereinafter referred to as the "opinions") to accelerate the development of the national share pfer system (that is, the new three board market).

As the opinion says, the management of new three boards will help reduce the cost of information collection for investors.

But the meaning of hierarchical management is not limited.

Because in the new three board stratification, some good companies, excellent companies will concentrate on the "innovation level", and some relatively mediocre, or ordinary or even loss making companies will be arranged in the "basic level".

Such an arrangement not only facilitates investors' investment, but also helps to reduce the cost of information collection for investors, so that investors can have a general understanding of the advantages and disadvantages of enterprises or the risk of investment in enterprises.

Therefore, this has greatly facilitating investment.

And more importantly, such hierarchical management can better retain good enterprises.

Because when excellent companies concentrate on "innovation level",

Listed company will become the focus of investors' attention, and the investment value of these companies will be excavated.

As a result, the "innovation layer" company's willingness to switch to the gem will not be strong enough.

Because the investment value of listed company in the "innovation layer" has been reflected in a large scale, corporate financing is no longer difficult.

And in the new three board vigorously develop institutional investors, stock trading will also become active.

The "innovation layer" has also become the "gem" or "motherboard" market in the new three boards.

This is good for new three boards to retain good companies.

Because of this, the development of the new three board stratified management system and the "innovation layer" determines the development of the new three board management system.

The success or failure of market development.

Judging from the contents of the opinion, there are two notable highlights.

First, the study launched three new boards.

The two is to put forward the internal layering of the new three board market, and at the present stage, we should first divide it into basic level and innovation level, and gradually improve the market level structure.

As for the former, as the "opinion" clearly stated that the new three boards should "adhere to the independent market position", it said that "the listing of companies is not a pitional arrangement for the pfer of listed boards". Therefore, the "pfer board pilot" is only a pilot project.

Otherwise, good companies are turning the board, and the new three boards have become garbage plates, which is not conducive to the development of the new three boards.

As for the latter, it is the biggest highlight of the opinion.

After all, the internal layering of the new three boards is related to the success or failure of the new three boards.

But the hierarchical management system is also a double-edged sword.

Because in the new three board market, the listed company will be left behind by the investors when it comes to "basic level".

For those companies that are mediocre in performance and lack of growth in the development of enterprises, it is undoubtedly worse.

Therefore, in the implementation of hierarchical management, how to make the listed companies on the "basic level" not to be left out of the market is a practical problem facing the new three board market.

If the problem can not be solved effectively, the "listing fever" of the new three boards will cool down in 2015.

This will become a major obstacle to the development of the new three boards.