中国创业板“三高”现象的探究

发布时间：2018-01-14 17:13

本文关键词：中国创业板“三高”现象的探究　出处：《中央民族大学》2013年硕士论文　论文类型：学位论文

【摘要】：随着全球经济发展进入新纪元,资本不断的活跃,新的金融工具不断衍生,与此同时,中国经过30年的改革开放,民营企业已经由最初的草根经济发展成为国民经济重要组成的一部分,中小企业也已经成为国内经济发展中一支不容忽视的重要力量,在我国的经济正处于转型时期,急需高科技的依托,而高科技的发展则需要有创业板的支持,因此在这种条件与背景下,经过十年漫长的准备与时机的等待,中国的创业板顺应而生。从最初的诞生,与其后的发展,中国的创业板经历了从最初的疯狂炒作与吹捧,到之后的质疑与批评,甚至谩骂,这犹如过山车般的起起伏伏的际遇,不过发生在短短的三年之间里。本文通过以中国创业板的“高市盈率、高发行价、高超募率”的现象为切入点,对中国创业板成立至今所产生的一些现状进行分析,并与目前较为成功的市场典范——美国的纳斯达克进行对比,对创业板进行体制内与外的思考与探索,并通过从制度、市场以及投资者等方面进行分析发现：中国创业板的“三高”现象的产生不由某个特定的因素造成的,而是由多方面共同影响产生的,因此进行研究的时候,不能单一地只专注某一方面；创业板在中国是个新生事物,要想实现真正意义的市场化,就必须彻底地去行政化,虽然这个过程不是短时期能完成的,但是为了市场能够良性发展与运作,即使这是个漫长的过程,也必须进行下去；中国创业板还应该加强市场监督力度,引入公众对创业板公司以及监管机构的监督,积极完善相应的法律制度,加大惩处力度,打击投机分子,保护广大中小投资者；中国创业板建设的完善,不仅需要对市场进行完善,但最重要的是对基本制度的完善；中国的广大中小投资者对创业板的风险认知还不够,其自身的风险控制能力不足,并且缺乏足够理性,对于广大中小投资者的教育,提供中小投资者的整体素质水平,也是创业板有序发展所必须的。创业板毕竟从诞生到现在,不过三年有余,这期间产生的种种不良现象与弊端,既有建设尚未完善的原因,也有中国特有的环境和制度造成的。这就意味着,中国创业板在借鉴他国创业板经验的时候,不能生搬硬抄,完全拿来,而是要根据中国实际情况,结合中国的具体国情,进行不停地探索与修正,才能真正找寻到适合中国创业板自身发展需要的道路。
[Abstract]:With the global economic development entering a new era, capital is constantly active, new financial instruments continue to derive, at the same time, China has been through 30 years of reform and opening up. Private enterprises have developed from the initial grass-roots economy into an important part of the national economy, small and medium-sized enterprises have also become an important force in the domestic economic development can not be ignored. In our country's economy is in the transition period, urgently needs the high-tech support, but the high-tech development needs to have the gem support, therefore under this kind of condition and the background, after ten years of long preparation and the opportunity wait. From the initial birth and the subsequent development, China's gem experienced from the initial crazy hype and flattery, to the question and criticism, and even verbal abuse. It was a roller coaster ride, but it took place in just three years. Based on the phenomenon of "high price-earnings ratio, high issue price, high raising rate" of China's gem, this paper analyzes the present situation of China's growth Enterprise Market (gem) since its establishment. And with the current more successful market model-NASDAQ in the United States for comparison, the gem system and external thinking and exploration, and through the system from the system. Market as well as investors and other aspects of analysis found: China gem "three high" phenomenon is not caused by a specific factor, but by a variety of common influence, so the time to study. You can't just focus on one aspect alone; Gem is a new thing in China, to achieve the real meaning of marketization, we must thoroughly go to the administrative, although this process can not be completed in a short period of time, but for the market can be benign development and operation. Even if it is a long process, it must go on; China's gem should also strengthen market supervision, introduce public supervision of gem companies and regulatory agencies, actively improve the corresponding legal system, increase penalties, and crack down on speculators. To protect small and medium-sized investors; The construction of gem in China not only needs to perfect the market, but the most important thing is to perfect the basic system. China's small and medium-sized investors on the gem risk awareness is not enough, its own risk control capacity is insufficient, and lack of rational enough, for the majority of small and medium-sized investors education. To provide the overall quality of small and medium investors, is also necessary for the orderly development of the gem. After all, gem from birth to now, but more than three years, during this period produced a variety of undesirable phenomena and drawbacks, both the construction is not yet perfect reasons, but also China's unique environment and system caused by. This means. When we learn from the experience of other countries, the gem should not copy and take it completely. Instead, we should constantly explore and revise it according to the actual situation of China and the specific conditions of China. In order to truly find suitable for the growth Enterprise Market of China's own development needs of the road.
【学位授予单位】：中央民族大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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