B 股市场是我国改革开放的产物,在证券市场发展的初期阶段,B 股市场为国内企业筹集境外资金发挥了重要作用。但是在过去很长一段时间里,B 股市场也存在这样一些问题:首先是发行规模较小;私募方式影响投资者的结构;交易过程比较复杂,给投资者带来了不便,股票流动性不高;公司经营业绩不佳,缺乏透明度,持续融资能力较差,公司发展前景不具有吸引力;中介机构的分析推介活动亦不够。因此,在B股市场上形成了一种恶性循环:股票 The B-share market is a product of China’s reform and opening up. In the initial stage of the development of the securities market, the B-share market played an important role in raising funds abroad for domestic enterprises. However, for a long time in the past, there were some problems in the B-share market. First, the issue size was small. The private placement affected the structure of investors. The transaction process was complicated and brought inconvenience to investors. Stock liquidity was not High; poor performance of the company, lack of transparency, poor ability to continue financing, the company’s development prospects are not attractive; intermediaries analysis and promotion activities are not enough. Therefore, a vicious circle has formed in the B-share market: stocks