论文部分内容阅读
就在全球科技网络股遭遇重创之际,关于中国创业板(或称二板市场,新近又称为“第二交易系统”)的各种议论和看法又多了起来,年初对其千呼万唤的热情又骤然冷却,反对的声音日见增多。主流的观点是,我们的主板市场尚未成熟与规范,二板市场的推出便显得操之过急,由于上二板市场大都属高科技高风险类创新型公司,上市门槛较低,在目前仍是“圈钱式”证券市场的体制下,能否切实保证中小投资者的利益令人担忧。官方对来自各方面的意见眼下也未置可否,在今年4月中旬于北京召开的“2000中国企业高峰会”上,中国证监会主席周小川和副主席高西庆均表示,中国证监会经过一段时间的工作,对于在我国设立第二板市场(相当于香港的创业板市场)已经作了充分的准备,一旦立法方面和技术方面的条件成熟,二板市场应该可以在年内出台,这将给中国的资本市场补充新的内容。深沪两地的交易所有关负责人也表示,目前正在抓紧时间作好主板市场与二板市场的技术对接工作。看来,政府在现有资本市场框架内构筑二板市场的决意已定,等待的只是一个适时推出的时机。不过作为投资者或是准备到二板市场上市的公司,踏踏实实做些功课,切切实实了解一下国内外二板市场的运行规则,仔细研究在香港创业板或是到欧美有关证券市场已经上市的大陆公司的运作进程,可能是事半功倍的捷径。
Just as the global technology network hit hard, various discussions and opinions on China’s Growth Enterprise Market (or second-board market, also recently referred to as “the second trading system”) have taken off. Earlier this year, The call for enthusiasm has suddenly cooled down, and the voices of objections are on the rise. The mainstream view is that our main board market is not yet mature and norms, the introduction of the second board market appears too hasty, because most of the second board market is a high-tech high-risk category of innovative companies, the listing threshold is lower, is still Misappropriating "securities market under the system, can effectively ensure the interests of small investors is worrying. At the 2000 Summit of Chinese Enterprises held in Beijing in mid-April this year, Zhou Xiaochuan, chairman of the China Securities Regulatory Commission and Gao Xiqing, vice chairman of the China Securities Regulatory Commission, both expressed that after China Securities Regulatory Commission passed the official opinion on all aspects, For some time, the second board market in Hong Kong (equivalent to the Hong Kong GEM market) has been fully prepared. Once the legislative and technical conditions are ripe, the second board market should be ready for release during the year. To China’s capital market to add new content. The relevant person in charge of exchanges in both Shanghai and Shanghai also said that they are seizing the time to make technical docking work on the motherboard market and the second board market. It appears that the government’s determination to build a second-board market within the framework of the existing capital markets has been set and it is only a matter of timely launch. However, as an investor or a company preparing to go on the market in the second board, do some homework in an down-to-earth manner, understand the operation rules of the second board market both at home and abroad, and carefully study whether the securities market in Hong Kong or the securities markets in Europe and the United States The operation of listed mainland companies may be a shortcut with less.