论文部分内容阅读
设立二板市场是我国证券市场的一项重大制度创新,它将进一步完善我国资本市场,为中小高科技企业提供融资渠道,替风险投资提供退出机制。不过,国外经验表明,建立高科技板市场需要一些比较严格的条件,而且无论哪个国家,二板市场(高科技板)都是在成熟主板市场的基础上建立起来的。正是由于二板市场的风险巨大,各国对发展二板市场都持十分谨慎的态度。如日本尽管早就建立了店头市场,但至今管制仍十分严格;香港为设立二板市场酝酿了14年之久,今年才刚刚推出。
The establishment of the second board market is a major institutional innovation in the securities market in our country. It will further improve our capital market, provide financing channels for small and medium-sized high-tech enterprises and provide an exit mechanism for venture capital. However, foreign experience shows that the establishment of high-tech board market requires some more stringent conditions, and no matter which country, the second board market (high-tech board) are established on the basis of a mature motherboard market. It is because of the huge risk in the second board market that all countries are very cautious about developing the second board market. Although Japan has long established a storefront market, its control is still very strict so far. Hong Kong has been preparing for the establishment of the second board market for 14 years and has just launched this year.