我国创业板市场发展探析

我国创业板市场发展探析
摘 要

创业板市场由于主要吸纳处于创业阶段的中小企业，其风险高于主板市场已经被国外实践所证明。我国创业板市场于2009年10月开板，因吸收大量的已超越了创业阶段、具有较高盈利水平而且发展潜力巨大的民营企业，其风险性比国外创业板市场小，也比国内A股市场小。由于创业板市场门槛低，不要求企业有盈利记录，未来难免一些没有发展前景的中小企业进入创业板市场积聚风险。故为保证我国创业板市场运作成功，吸收A股市场教训，特别需要解决好如下问题：1.避免政府部门干预；2.严格监管；3.借鉴他国经验，为创业板市场合理定位。本文将从创业板市场的发展以及以上问题进行探析，为创业板的发展提供部分意见。
【关键词】创业板市场；主板市场；A股市场

 Discussion on Development of the Second Board Market in China

Abstract

    Many overseas practices have already proved that the risks of the second board market are higher than those of the first board market since there are mainly medium and small-size enterprises which are at the stage of starting to develop in the second board market. Although the second board market because it has accepted a lot of private enterprises that have already transcended starting stage with relatively higher profits and great potential for development, we could not prevent other medium and small-size enterprises with no good prespects entering this market in the future because of the low requirements of the second board market listing.Enterprises are not requested to have profitable results, which will ultimately accumulate the risk in the market.Therefore, drawing lessons from A share market, we need to pay special attention to the following issues in order to ensure the successful operation of the second board market in China : a. Avoiding the intervention of the state authorities; b. Strict supervision and administration; Rational identification and recognition of the second board market using the experience if other countries for reference.
【Key words】the second board market; the first board market; A share market 

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