中国创业板市场运行机制研究
摘要
新时期,我国政府出台一系列新政策大力发展新兴产业,鼓励创新,新兴商业模式和创新型商业模式的中小企业不断涌现,并进入快速发展阶段。中小企业的快速发展与现阶段融资模式产生矛盾,原有的融资模式已不能满足现阶段中小企业高速发展的势头,迫切需要开辟新的融资渠道,形成新的融资模式。此时,推出入市门槛更低、更看重企业成长性和未来发展前景的创业板市场,使更多的具有创新题材、符合国家产业政策的新兴高科技中小企业通过创业板这一融资途径,缓解其资金短缺问题,促进其快速发展。创业板市场的设立不仅为新兴中小企业的融资开辟新途径,更为创业投资的退出提供了一条绿色通道,促进我国创业投资产业的发展,因此,创业板市场的设立具有重要的现实意义。此外,设立创业板市场有利于我国多层次资本市场的建立,促进资本市场的发展,因此,设立创业板市场具有较强的理论意义。
创业板市场自设立至今已有1年时间,整体发展态势良好,不仅为高新科技中小企业提供便利的融资渠道,方便创业投资资本的退出,更丰富了我国多层次资本市场结构。但在取得成绩的同时,也应看到创业板市场在运行中存在的问题,如“三高”问题、股价上演“过山车”现象、高管频频出逃等问题,种种运行问题的存在,折射出我国创业板市场运行机制中存在以下问题,如发行机制不合理、监管机制不健全、缺乏退市机制等。运行机制的不合理降低市场整体运行效率,因此,现阶段迫切需要研究创业板市场运行机制,优化我国创业板市场运行机制。
对我国创业板市场运行机制进行研究,优化创业板市场运行机制,主要分四部分。
第一部分,相关概念界定和理论基础。首先,对创业板市场、创业板市场运行机制以及创业板市场内上市公司的类型这三个概念进行界定,通过概念的界定了解创业板市场的概念、特点,与主板市场的区别以及与资本市场的关系。创业板市场运行机制所包含的内容、相互关系,创业板市场的定位。通过对创业板上市公司的界定,了解我国创业板市场上市公司的类型。其次,通过对中小企业生命周期理论、交易费用及信息不对称理论等相关理论的梳理和评价,获得一些有利于我国创业板市场运行的启示,即在市场运行中要加强市场风险的控制和最大限度的降低交易成本,充分进行信息披露,强化公司治理机制等。
第二部分,对我国创业板市场运行的现状、存在的问题及原因进行分析。通过对我国创业板市场股价、市盈率、募集资金、监管等现状的研究,发现存在着股价高、市盈率高、超募集资金、监管不力、制度不完善等问题,从运行机制角度深层次分析问题产生的原因,即发行机制不合理、监管机制不健全、激励机制不到位、交易机制不合理以及缺乏退市机制。
第三部分,海外创业板市场的经验借鉴。通过对海外发展成熟创业板市场的学习,分析其发行机制、监管机制、激励机制、交易机制及退市机制的实际运行方式,结合我国创业板市场的具体情况,从中得到对我国创业板市场发展有利的启示并加以经验借鉴。
第四部分,我国创业板市场运行机制优化方案的设计。通过第一部分概念和理论的界定,以第二部分我国创业板市场运行现状为依据,在第三部分经验借鉴的基础上,得出本文的第四部分即我国创业板市场运行机制的优化方案。我国创业板市场运行机制的优化方案,需要以市场经济整体的运行机制为前提即将价格机制、供求机制和竞争机制,三者进行有机的结合,同时需要遵循高流动性、低市场风险性的原则,以价格机制为核心、供求机制为保证、竞争机制为关键、风险机制为基础,激励机制为动力,并将此作为优化我国创业板市场运行机制的思路。各运行机制相互联系、相互作用、相互制约,达到最优组合状态,在此基础上,完善我国创业板市场运行机制。
In the new era, our government has issued series of new policies to develop emerging industries and to encourage innovation. Small and medium-sized enterprises about technological innovation and innovative business model are also emerging; a large number of small and medium-sized enterprises has entered a fast growth phase. The rapid development of small and medium-sized enterprises and financing at this stage model are in contradiction, the original financing pattern cannot match the high-speed development momentum and needs a new financing mechanism urgently. At this time, the Growth Enterprise Market (GEM), with the characteristics of lower the threshold into the market, more attention on business growth and future development prospects, should be launched, in this way, more innovative emerging small and medium-sized enterprises can grow fast. The establishment of the GEM provides a green channel for venture capital exit, and promotes the development of venture capital investment in our country. Therefore, the establishment of the GEM has important practical significance. The establishment of the GEM is benefit for our country to construct multi-level capital market, to accelerate the development of China's fast and good economic momentum, so we can say the establishment of the GEM also has a strong theoretical significance.
GEM has been created one year ago, the overall development trend is good. GEM not only provides a more financing channel for high-tech enterprises and (SME), and it is convenient for the withdrawal of venture capital investment. In spite of all the achievements, we should also see the problems existing in GEM, such as "three high" problems, the "roller coaster" phenomenon in stock market, and a lack of market regulation, all the operational issues above have reflected there are still problems such as issuing mechanism is unreasonable, the regulatory mechanism is not perfect and exit mechanism is totally unseen in our GEM market. Unreasonablity of the operating mechanism will reduce the efficiency of overall market. Therefore, the research on operating mechanism of the GEM market is needed urgently at this stage and so is to construct market operation mechanism which fits our own GEM market.
Take study in the conducting mechanism of our GEM market, optimizing it which contains four parts:
First part, the related concept defined and theory foundation. Firstly, define GEM market, conducting mechanism of GEM market, and the type of company that come into GEM market, through concept defining to find out character and concept of GEM market, the difference with main board market and connection between capital market, content, connection and position contained in the conducting mechanism of GEM market.
Understand the type of listed companies of GEM by the definition of listed companies. Secondly, get the inspiration good for our GEM running though carding and evaluation life cycle theory of the SME, transaction costs theory and the asymmetric information theory, it’s strength control market risk, reduce transaction costs maximum, disclosure information fully, strength corporate governance mechanism in the operation of the market.
The second part, analyze the operational status, existing problems and the reasons of GEM market. Find out the problems of high stock price, high price-earnings ratio, raise funds exceedingly, lacking regulation, the imperfect institution and so on though researching the status of stock price, price-earnings ratio, raise funds and regulation of GEM market, and analyze the reasons from the perspective of operational mechanism, it’s the release mechanism is unreasonable, the regulatory mechanism is not perfect, incentive mechanisms not in place, the trading mechanism is unreasonable and lack of exit mechanism.
The third part, study from GEM market aboard. Find out the good inspiration to our GEM market development and study it through studying developed GEM market aboard to analyze the practical running way of the issuance mechanism, monitor mechanism, inspiring mechanism, trade mechanism, and combine the specific circumstances of our GEM market.
The fourth part, optimize program design of our Gem’s mechanism. It comes to the fourth part of this article, that is the optimization program design of Gem’s mechanism, by the definition of concepts and theories in part 1 , on the basis of the status of Second Board in part 2, and the experience reference in part 3. The optimization program design of our Gem’s mechanism needs overall operational mechanism of market economy as a premise that is the organic combination of the three parts: price mechanism, supply and demand mechanisms and competition, at the same time it needs to follow the high liquidity and low market risk principles, to put the price mechanism as the core, the supply and demand mechanism as a guarantee, the mechanism of competition as the key, the risk mechanism as a basis, the incentives as a driving force, and then put all of the above as a thought that can optimize mechanism of the Growth Enterprise Market. The operating mechanism interrelated, interact, and restrict between each other, at last it reaches to Optimum combination state, on the basis of it, improving the operation mechanism of the Growth Enterprise Market .
创业板市场自设立至今已有1年时间,整体发展态势良好,不仅为高新科技中小企业提供便利的融资渠道,方便创业投资资本的退出,更丰富了我国多层次资本市场结构。但在取得成绩的同时,也应看到创业板市场在运行中存在的问题,如“三高”问题、股价上演“过山车”现象、高管频频出逃等问题,种种运行问题的存在,折射出我国创业板市场运行机制中存在以下问题,如发行机制不合理、监管机制不健全、缺乏退市机制等。运行机制的不合理降低市场整体运行效率,因此,现阶段迫切需要研究创业板市场运行机制,优化我国创业板市场运行机制。
对我国创业板市场运行机制进行研究,优化创业板市场运行机制,主要分四部分。
第一部分,相关概念界定和理论基础。首先,对创业板市场、创业板市场运行机制以及创业板市场内上市公司的类型这三个概念进行界定,通过概念的界定了解创业板市场的概念、特点,与主板市场的区别以及与资本市场的关系。创业板市场运行机制所包含的内容、相互关系,创业板市场的定位。通过对创业板上市公司的界定,了解我国创业板市场上市公司的类型。其次,通过对中小企业生命周期理论、交易费用及信息不对称理论等相关理论的梳理和评价,获得一些有利于我国创业板市场运行的启示,即在市场运行中要加强市场风险的控制和最大限度的降低交易成本,充分进行信息披露,强化公司治理机制等。
第二部分,对我国创业板市场运行的现状、存在的问题及原因进行分析。通过对我国创业板市场股价、市盈率、募集资金、监管等现状的研究,发现存在着股价高、市盈率高、超募集资金、监管不力、制度不完善等问题,从运行机制角度深层次分析问题产生的原因,即发行机制不合理、监管机制不健全、激励机制不到位、交易机制不合理以及缺乏退市机制。
第三部分,海外创业板市场的经验借鉴。通过对海外发展成熟创业板市场的学习,分析其发行机制、监管机制、激励机制、交易机制及退市机制的实际运行方式,结合我国创业板市场的具体情况,从中得到对我国创业板市场发展有利的启示并加以经验借鉴。
第四部分,我国创业板市场运行机制优化方案的设计。通过第一部分概念和理论的界定,以第二部分我国创业板市场运行现状为依据,在第三部分经验借鉴的基础上,得出本文的第四部分即我国创业板市场运行机制的优化方案。我国创业板市场运行机制的优化方案,需要以市场经济整体的运行机制为前提即将价格机制、供求机制和竞争机制,三者进行有机的结合,同时需要遵循高流动性、低市场风险性的原则,以价格机制为核心、供求机制为保证、竞争机制为关键、风险机制为基础,激励机制为动力,并将此作为优化我国创业板市场运行机制的思路。各运行机制相互联系、相互作用、相互制约,达到最优组合状态,在此基础上,完善我国创业板市场运行机制。
In the new era, our government has issued series of new policies to develop emerging industries and to encourage innovation. Small and medium-sized enterprises about technological innovation and innovative business model are also emerging; a large number of small and medium-sized enterprises has entered a fast growth phase. The rapid development of small and medium-sized enterprises and financing at this stage model are in contradiction, the original financing pattern cannot match the high-speed development momentum and needs a new financing mechanism urgently. At this time, the Growth Enterprise Market (GEM), with the characteristics of lower the threshold into the market, more attention on business growth and future development prospects, should be launched, in this way, more innovative emerging small and medium-sized enterprises can grow fast. The establishment of the GEM provides a green channel for venture capital exit, and promotes the development of venture capital investment in our country. Therefore, the establishment of the GEM has important practical significance. The establishment of the GEM is benefit for our country to construct multi-level capital market, to accelerate the development of China's fast and good economic momentum, so we can say the establishment of the GEM also has a strong theoretical significance.
GEM has been created one year ago, the overall development trend is good. GEM not only provides a more financing channel for high-tech enterprises and (SME), and it is convenient for the withdrawal of venture capital investment. In spite of all the achievements, we should also see the problems existing in GEM, such as "three high" problems, the "roller coaster" phenomenon in stock market, and a lack of market regulation, all the operational issues above have reflected there are still problems such as issuing mechanism is unreasonable, the regulatory mechanism is not perfect and exit mechanism is totally unseen in our GEM market. Unreasonablity of the operating mechanism will reduce the efficiency of overall market. Therefore, the research on operating mechanism of the GEM market is needed urgently at this stage and so is to construct market operation mechanism which fits our own GEM market.
Take study in the conducting mechanism of our GEM market, optimizing it which contains four parts:
First part, the related concept defined and theory foundation. Firstly, define GEM market, conducting mechanism of GEM market, and the type of company that come into GEM market, through concept defining to find out character and concept of GEM market, the difference with main board market and connection between capital market, content, connection and position contained in the conducting mechanism of GEM market.
Understand the type of listed companies of GEM by the definition of listed companies. Secondly, get the inspiration good for our GEM running though carding and evaluation life cycle theory of the SME, transaction costs theory and the asymmetric information theory, it’s strength control market risk, reduce transaction costs maximum, disclosure information fully, strength corporate governance mechanism in the operation of the market.
The second part, analyze the operational status, existing problems and the reasons of GEM market. Find out the problems of high stock price, high price-earnings ratio, raise funds exceedingly, lacking regulation, the imperfect institution and so on though researching the status of stock price, price-earnings ratio, raise funds and regulation of GEM market, and analyze the reasons from the perspective of operational mechanism, it’s the release mechanism is unreasonable, the regulatory mechanism is not perfect, incentive mechanisms not in place, the trading mechanism is unreasonable and lack of exit mechanism.
The third part, study from GEM market aboard. Find out the good inspiration to our GEM market development and study it through studying developed GEM market aboard to analyze the practical running way of the issuance mechanism, monitor mechanism, inspiring mechanism, trade mechanism, and combine the specific circumstances of our GEM market.
The fourth part, optimize program design of our Gem’s mechanism. It comes to the fourth part of this article, that is the optimization program design of Gem’s mechanism, by the definition of concepts and theories in part 1 , on the basis of the status of Second Board in part 2, and the experience reference in part 3. The optimization program design of our Gem’s mechanism needs overall operational mechanism of market economy as a premise that is the organic combination of the three parts: price mechanism, supply and demand mechanisms and competition, at the same time it needs to follow the high liquidity and low market risk principles, to put the price mechanism as the core, the supply and demand mechanism as a guarantee, the mechanism of competition as the key, the risk mechanism as a basis, the incentives as a driving force, and then put all of the above as a thought that can optimize mechanism of the Growth Enterprise Market. The operating mechanism interrelated, interact, and restrict between each other, at last it reaches to Optimum combination state, on the basis of it, improving the operation mechanism of the Growth Enterprise Market .
引文
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