Objective/SignificationRelying on the backdrop of supply side reform, the four-board market is constructed 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/ProcessThis 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 multilevel capital market system in China based on the theory of multilevel capital market.