Abstract: Stock exchange is a typical organizational form of the stock market under the market economy system. At the time when the Shanghai and Shenzhen Stock Exchanges have been in the lead for 30 years, the Beijing Stock Exchange has made its debut with the important mission of serving the innovative development of small and medium-sized enterprises and deepening the reform of the New Third Board. The establishment of the Beijing Stock Exchange, as the country’s first corporate stock exchange aimed at creating a new main position for the service of innovative small and medium-sized enterprises, is a milestone event in China’s capital market. It is not only a positive signal of the deepening of reform sent out by China’s capital market to the out world, but also an important measure for actively implementing the national innovation-driven development strategy and continuing to cultivate new development momentum in the context of the deepening of the financial supply-side reform. At a time when the Beijing Stock Exchange sets sail and the tripartite pattern of stock exchanges is formed, accurately grasping the special positioning function of Beijing Stock Exchange and scientifically clarifying its theoretical and practical logic of supporting the innovation and development of small and medium-sized enterprises is an important and urgent task faced by China in the process of establishing and improving the multi-level capital market system and enabling it to better serve the real economy.

Author:Chen Jie, research fellow, doctoral supervisor, and head of the Commercial Law Department of CASS Institute of Law./span>

Source: 18 (2021) China Finance.