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广东省人民政府首页  >  要闻动态  >  广东要闻

新三板市场定位或将清晰

来源: 南方日报网络版     时间: 2019年06月25日 16:10:59
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(原)(标)(题)(:“三)(类)(股)(东)(”靴)(子)(落)(地)(新)(三)(板)(市)(场)(定)(位)(或)(将)(清)(晰)(
图)(片)(来)(源)(:全)(景)(视)(觉)(
经)(济)(观)(察)(报)(李)(嵋)(/文)(自)(双)(创)(债)(2017年)(在)(新)(三)(板)(率)(先)(试)(点)(后)(,新)(三)(板)(又)(一)(政)(策)(红)(利)(出)(台)(,2018年)(1月)(12日)(证)(监)(会)(新)(闻)(发)(言)(人)(表)(示)(,考)(虑)(到)(“三)(类)(股)(东)(”问)(题)(不)(仅)(涉)(及)(到)(IPO监)(管)(政)(策)(,还)(涉)(及)(到)(新)(三)(板)(发)(展)(问)(题)(,证)(监)(会)(经)(反)(复)(研)(究)(论)(证)(,近)(期)(明)(确)(了)(新)(三)(板)(挂)(牌)(企)(业)(申)(请)(IPO时)(存)(在)(“三)(类)(股)(东)(”的)(监)(管)(政)(策)(。2016年)(以)(来)(,从)(新)(三)(板)(摘)(牌)(排)(队)(IPO的)(企)(业)(越)(来)(越)(多)(,部)(分)(企)(业)(出)(现)(了)(契)(约)(型)(私)(募)(基)(金)(、资)(产)(管)(理)(计)(划)(、信)(托)(计)(划)((简)(称)(“三)(类)(股)(东)(”)等)(。由)(于)(“三)(类)(股)(东)(”可)(能)(存)(在)(的)(资)(金)(层)(层)(嵌)(套)(和)(循)(环)(加)(杠)(杆)(,以)(及)(股)(东)(身)(份)(不)(透)(明)(、无)(法)(穿)(透)(等)(问)(题)(,使)(得)(具)(有)(上)(述)(“三)(类)(股)(东)(”的)(挂)(牌)(企)(业)(在)(IPO时)(面)(临)(障)(碍)(。“三)(类)(股)(东)(”政)(策)(靴)(子)(落)(地)(,对)(新)(三)(板)(挂)(牌)(企)(业)(申)(请)(IPO是)(一)(个)(重)(大)(利)(好)(。随)(着)(挂)(牌)(企)(业)(IPO政)(策)(的)(明)(朗)(化)(,新)(三)(板)(的)(市)(场)(定)(位)(或)(将)(清)(晰)(。
新)(三)(板)(市)(场)(定)(位)(依)(赖)(于)(顶)(层)(设)(计)(。事)(实)(上)(,2013年)(12月)(国)(务)(院)(出)(台)(《关)(于)(全)(国)(中)(小)(企)(业)(股)(份)(转)(让)(系)(统)(有)(关)(问)(题)(的)(决)(定)(》,对)(全)(国)(股)(份)(转)(让)(系)(统)((以)(下)(简)(称)(“新)(三)(板)(”)的)(定)(位)(、市)(场)(体)(系)(建)(设)(等)(六)(个)(方)(面)(进)(行)(了)(原)(则)(性)(规)(定)(。该)(文)(件)(明)(确)(将)(全)(国)(股)(份)(转)(让)(系)(统)(定)(位)(为)(,经)(国)(务)(院)(批)(准)(,依)(据)(证)(券)(法)(设)(立)(的)(全)(国)(性)(证)(券)(交)(易)(场)(所)(,主)(要)(为)(创)(新)(型)(、创)(业)(型)(、成)(长)(型)(中)(小)(微)(企)(业)(发)(展)(服)(务)(。2014年)(,新)(三)(板)(市)(场)(活)(跃)(度)(不)(高)(,挂)(牌)(数)(量)(有)(限)(,A股)(IPO重)(启)(后)(一)(级)(市)(场)(饱)(受)(诟)(病)(,诸)(如)(申)(请)(在)(创)(业)(板)(上)(市)(的)(奥)(赛)(康)(存)(量)(发)(行)(叫)(停)(使)(得)(新)(股)(发)(行)(受)(挫)(。在)(此)(背)(景)(下)(,2014年)(5月)(19日)(,证)(监)(会)(就)(当)(前)(资)(本)(市)(场)(改)(革)(发)(展)(提)(出)(的)(十)(一)(条)(要)(求)(中)(,特)(别)(提)(出)(将)(“研)(究)(在)(创)(业)(板)(建)(立)(单)(独)(层)(次)(,支)(持)(尚)(未)(盈)(利)(的)(互)(联)(网)(和)(高)(新)(技)(术)(企)(业)(在)(新)(三)(板)(挂)(牌)(一)(年)(后)(到)(创)(业)(板)(上)(市)(”。这)(一)(提)(法)(给)(新)(三)(板)(市)(场)(带)(来)(大)(量)(的)(挂)(牌)(企)(业)(。但)(截)(至)(目)(前)(为)(止)(,并)(不)(存)(在)(真)(正)(意)(义)(上)(的)(转)(板)(企)(业)(。根)(据)(现)(有)(政)(策)(,挂)(牌)(企)(业)(可)(选)(择)(先)(摘)(牌)(,再)(排)(队)(IPO,或)(者)(挂)(牌)(的)(同)(时)(排)(队)(IPO。作)(为)(多)(层)(次)(股)(权)(市)(场)(的)(重)(要)(组)(成)(部)(分)(,新)(三)(板)(市)(场)(究)(竟)(如)(何)(定)(位)(,是)(独)(立)(的)(证)(券)(交)(易)(场)(所)(,还)(是)(类)(孵)(化)(器)(作)(用)(?
从)(境)(外)(经)(验)(来)(看)(,独)(立)(市)(场)(模)(式)(更)(胜)(一)(筹)(。国)(际)(上)(,服)(务)(成)(长)(型)(企)(业)(的)(股)(权)(市)(场)(主)(要)(分)(为)(三)(类)(:一)(是)(以)(美)(国)(NASDAQ和)(台)(湾)(证)(券)(柜)(台)(交)(易)(中)(心)(为)(代)(表)(独)(立)(市)(场)(模)(式)(,与)(主)(板)(市)(场)(独)(立)(运)(作)(,拥)(有)(独)(立)(的)(组)(织)(管)(理)(系)(统)(、交)(易)(系)(统)(及)(监)(管)(系)(统)(与)(标)(准)(;二)(是)(由)(主)(板)(成)(立)(一)(个)(独)(立)(的)(机)(构)(,拥)(有)(独)(立)(的)(组)(织)(管)(理)(系)(统)(与)(监)(管)(标)(准)(,甚)(至)(采)(取)(与)(主)(板)(完)(全)(不)(同)(的)(交)(易)(系)(统)(的)(准)(独)(立)(市)(场)(模)(式)(,以)(英)(国)(另)(类)(投)(资)(市)(场)((AIM)和)(香)(港)(创)(业)(板)(市)(场)(为)(代)(表)(;三)(是)(作)(为)(主)(板)(市)(场)(补)(充)(的)(附)(属)(市)(场)(模)(式)(,其)(与)(主)(板)(市)(场)(拥)(有)(共)(同)(的)(组)(织)(管)(理)(系)(统)(和)(交)(易)(系)(统)(,甚)(至)(采)(用)(相)(同)(的)(监)(管)(标)(准)(,所)(不)(同)(的)(主)(要)(是)(上)(市)(标)(准)(的)(差)(别)(,代)(表)(市)(场)(为)(伦)(敦)(证)(交)(所)(USM市)(场)(。NASDAQ市)(场)(作)(为)(全)(球)(最)(优)(秀)(的)(证)(券)(交)(易)(市)(场)(,体)(现)(了)(独)(立)(市)(场)(模)(式)(的)(众)(多)(优)(势)(。其)(相)(对)(纽)(交)(所)(、OTCBB的)(独)(立)(性)(,和)(其)(内)(部)(的)(分)(层)(结)(构)((全)(球)(精)(选)(市)(场)(、全)(球)(市)(场)(和)(资)(本)(市)(场)(),既)(保)(证)(了)(提)(供)(给)(底)(层)(中)(小)(创)(业)(型)(其)(他)(的)(优)(良)(孵)(化)(器)(,又)(使)(用)(全)(球)(市)(场)(、全)(球)(精)(选)(市)(场)(出)(业)(绩)(良)(好)(的)(大)(型)(企)(业)(,还)(拥)(有)(良)(好)(的)(内)(部)(转)(板)(制)(度)(。
“三)(类)(股)(东)(”政)(策)(这)(一)(类)(转)(板)(制)(度)(的)(推)(出)(,或)(将)(改)(变)(新)(三)(板)(市)(场)(定)(位)(。鉴)(于)(中)(国)(创)(业)(企)(业)(数)(量)(巨)(大)(、交)(易)(所)(市)(场)(容)(纳)(能)(力)(严)(重)(不)(足)(等)(特)(点)(,将)(新)(三)(板)(市)(场)(建)(设)(成)(为)(相)(对)(独)(立)(、富)(有)(特)(色)(,并)(具)(有)(高)(度)(包)(容)(性)(的)(服)(务)(中)(小)(微)(企)(业)(的)(股)(权)(市)(场)(,同)(交)(易)(所)(市)(场)(协)(调)(互)(补)(、有)(序)(竞)(争)(,既)(符)(合)(当)(前)(国)(情)(,也)(和)(先)(行)(国)(际)(成)(功)(经)(验)(不)(谋)(而)(合)(。而)(采)(取)(独)(立)(市)(场)(模)(式)(,意)(味)(着)(赋)(予)(企)(业)(选)(择)(上)(市)(场)(所)(的)(自)(主)(权)(。“三)(类)(股)(东)(”政)(策)(这)(一)(类)(转)(板)(制)(度)(,将)(带)(来)(大)(量)(已)(具)(备)(IPO资)(格)(的)(公)(司)(摘)(牌)(。从)(现)(有)(IPO排)(队)(企)(业)(来)(看)(,3成)(来)(自)(新)(三)(板)(。上)(市)(作)(为)(企)(业)(的)(天)(然)(权)(力)(,更)(不)(应)(该)(严)(加)(监)(管)(,因)(此)(需)(进)(一)(步)(明)(确)(新)(三)(板)(市)(场)(定)(位)(。加)(快)(基)(于)(不)(同)(市)(场)(定)(位)(的)(制)(度)(配)(套)(供)(给)(,使)(具)(备)(较)(高)(成)(熟)(度)(和)(股)(权)(分)(散)(度)(的)(企)(业)(在)(新)(三)(板)(市)(场)(内)(有)(明)(确)(预)(期)(和)(发)(展)(空)(间)(,能)(享)(受)(到)(良)(好)(合)(理)(的)(投)(融)(资)(服)(务)(。借)(鉴)(纳)(斯)(达)(克)(对)(微)(软)(、苹)(果)(、谷)(歌)(等)(公)(司)(的)(孵)(化)(经)(验)(,通)(过)(培)(养)(扶)(持)(典)(型)(公)(司)(树)(立)(示)(范)(效)(应)(,通)(过)(优)(质)(公)(司)(成)(长)(促)(市)(场)(成)(长)(。试)(点)(更)(多)(市)(场)(创)(新)(,既)(能)(培)(育)(出)(优)(秀)(企)(业)(,同)(时)(也)(能)(保)(持)(差)(异)(化)(竞)(争)(优)(势)(,从)(而)(促)(进)(不)(同)(市)(场)(间)(的)(良)(性)(竞)(争)(。
(作)(者)(系)(中)(国)(社)(科)(院)(金)(融)(研)(究)(所)(客)(座)(研)(究)(员)()返)(回)(搜)(狐)(,查)(看)(更)(多)(
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