中国要设立二板市场的消息一公布,民营科技企业家、证券业人士、经济工作者为之欢呼。但他们读到证监会公布的上市程序中上市须由国家审批这一条,又如一头凉水当头泼下。 各国的创业板市场由于上市门槛低,多数都没有严格的保荐人制度,但上市多为登记制,即只要保荐人等其他条件适合,在交易所登记后即可上市融资,退出时注销登记即可。而政府部门涉足其间,会产生什么样的后果呢?据分析至少有引发以下8大风险的可能性。 一、高新企业的认定风险 二板市场是具有前瞻性的市场,具有发现和推动新兴产业的功能。未来的主导产业,尤其是高科技产业中,谁为主导难以确定。从已设立创业板的国家来看,主要是依赖于市场选择,而不是政府选择,依靠政府主导的高新技术开发,失败几乎是必然,亚洲经济危机中的日、韩就是明证。目前,我国推出的二板市场上市企业的审批制,明显带有政府定向扶持的倾向。其中二个定义都很 As soon as China announced the announcement of the establishment of the second board market, private technology entrepreneurs, securities practitioners and economic workers cheered. However, they read that the listing procedures listed by the SFC must be reviewed and approved by the state. Another example is the cold water poured out. Due to the low barriers to listing in most countries, most of them do not have a strict sponsor system. However, the listing system is mostly a registration system. That is, as long as the sponsor and other conditions are suitable, it can be listed and raised after it is registered with the exchange. can. The government departments involved in the meantime, what will happen? According to the analysis of at least the risk of triggering the following eight possibilities. First, the risk identification of high-tech enterprises Second board market is a forward-looking market, with the discovery and promotion of emerging industries. The future of the leading industries, especially high-tech industries, who led the difficult to determine. From the perspective of the countries that have set up the GEM, they rely mainly on market choices rather than government choices. Dependence on government-led high-tech development is almost inevitable. Japan and South Korea in the Asian economic crisis are proof. At present, the examination and approval system of the listed companies in the second board market in our country clearly shows the tendency of the government to provide directional support. Two of them are very defined