我国创业板市场发展的现状及对策建议

发布时间：2018-06-07 01:34

本文选题：中国 + 创业板　；参考：《复旦大学》2012年硕士论文

【摘要】：创业板市场是为了适应自主创新企业及其他成长型创业企业发展需要而设立的证券市场。从世界范围看,创业板市场的发展是一个漫长而曲折的过程,先后经历了起步、繁荣、调整和复苏四个阶段。海外创业板市场的正式起步得益于第三次科技革命的发生。经过近半个世纪的发展与整合,目前国际上主要证券市场均设有创业板市场,且大多发展定位已经明确,发展模式和运行机制也日趋成熟,在全球证券市场中占据着越来越重要的地位。随着市场竞争的加剧,海外创业板市场的发展出现了形象高端化、整合常态化、定位差异化、制度创新化和产品多元化等发展趋势。创业板市场是我国有特色社会主义市场经济发展到一定阶段的必然产物。历经逾十年的酝酿和筹备,在借鉴了海外主要创业板市场发展的经验和教训的基础上,我国创业板市场终于破茧而出。经过两年多的发展,已有一大批优秀企业借助创业板市场的平台实现了产融结合,走上了创新驱动的快速发展轨道。但与此同时,创业板市场在目前的发展过程中也出现了一些诸如市场准入与设立初衷相背离、上市公司估值水平与成长预期相背离、创业者现实选择与创业目标相背离、专利授权数量与获利能力相背离、保荐机构利益追求与保荐责任相背离以及退市效果与市场要求相背离等若干亟待解决的问题,必须予以充分重视。因此建议现阶段宜采取一系列措施加快上市审批进程、坚持市场制度创新、强化社会监管职责并完善配套环境建设,以促进我国创业板市场的健康稳定和可持续发展。只要结合实际、循序渐进并坚持创新特色,在全社会的共同努力下,我国创业板市场必将逐步发展为规范高效、风险可控、特色鲜明、有竞争力、并与中国经济地位相匹配的新市场；成为具有资本引导功能、创新激励功能、优秀企业家培养功能、领袖企业孕育功能、并体现社会公平与效率的新平台,为自主创新国家战略的实施发挥新的建设性作用,为中国特色社会主义建设事业做出更大的贡献。
[Abstract]:Growth Enterprise Market (gem) is a stock market set up to meet the development needs of independent innovation enterprises and other growth startups. From the view of the world, the development of gem is a long and tortuous process, which has experienced four stages: start, prosperity, adjustment and recovery. The formal start of the overseas gem market benefits from the emergence of the third science and technology revolution. After nearly half a century of development and integration, the major international securities markets have established gem markets, and most of the development positioning has been clear, the development model and operational mechanism are increasingly mature. In the global securities market occupies a more and more important position. With the aggravation of market competition, the development of overseas gem market has appeared the development trend of image high-end, integration normalization, positioning differentiation, system innovation and product diversification. The gem market is the inevitable outcome of the development of our country's characteristic socialist market economy to a certain stage. After more than ten years of brewing and preparation, on the basis of learning from the experience and lessons of the overseas main gem market, the gem market of our country finally broke out of the cocoon. After more than two years' development, a large number of excellent enterprises have realized the combination of industry and finance with the help of the platform of the gem market, and embarked on the track of rapid development driven by innovation. However, at the same time, in the current development process of gem, there are some deviations from the original intention of market access and establishment, the valuation level of listed companies from their growth expectations, and the realistic choice of entrepreneurs from their entrepreneurial goals. The number of patent license deviates from the earning ability, the interest pursuit of the sponsor organization deviates from the sponsor responsibility, and the delisting effect deviates from the market requirement, which must be paid more attention to. Therefore, it is suggested that a series of measures should be taken at the present stage to speed up the process of listing examination and approval, to persist in the innovation of market system, to strengthen the responsibility of social supervision and to perfect the construction of supporting environment, so as to promote the healthy, stable and sustainable development of the gem market in China. As long as we combine reality, step by step and persist in innovation, with the joint efforts of the whole society, the gem market of our country will gradually develop into standardized and efficient, risk controllable, distinctive and competitive. The new market, which matches China's economic status, has become a new platform with capital guiding function, innovation incentive function, excellent enterpriser training function, leader enterprise gestation function, and social equity and efficiency. It will play a new and constructive role in the implementation of the national strategy of independent innovation and make greater contributions to the cause of building socialism with Chinese characteristics.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51

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