创业板市场在中国发展前景的研究
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摘要
创业板市场又称第二板市场，是金融市场中新出现的一种融资方式，是在服务对象、上市标准、交易制度等方面不同于主板市场的资本市场。创业板市场主要以中小型高科技企业为服务对象，同时也具有连续筹资、推荐和优化等资本市场的一般功能，能为高科技企业的发展提供良好的市场环境；高科技企业的高成长性决定其对资本的大量需求，证券市场的多次筹资功能能改善高科技企业的资金供给条件；高科技企业通过上市所起的品牌广告效应，能帮助高科技企业开拓市场；证券市场还可发挥优胜劣汰的优化功能，将不具备发展前景的企业淘汰出局。创业资本的发展和证券创业板市场的运作存在着正相关关系：创业资本要以证券创业板市场作为退出窗口，一个活跃发达的证券市场能够极大的刺激创业资本的发展，而创业资本的发展可以为创业板市场培育一大批高成长性的企业，这些企业的上市又活跃了证券市场；反之，创业板市场的缺位或萎缩，制约创业资本的健康发展，创业资本发展不足，又会导致创业板市场失去活力。
作为发展中国家，面对知识经济的挑战，我们急需建立创业投资机制，以加速科技成果的转化和高科技产业的发展。我国自80年代中期就已开展创业投资，但十几年来创业投资机构运作困难，成效并不令人满意，一个基本原因在于缺乏与创业投资相适应的资本市场。鉴于创业板市场对创业资本和高科技企业具有不可替代的作用，因而我国必须解决创业板市场的缺位问题。但是现阶段开设创业板市场还存在一些困难，需要在产业、人员、环境(法律环境、社会环境、政策环境)等方面作一些准备。例如，现行创业板规则在股本规模上、公司成长年限上、经营业绩上、无形资产入股比例上等有多处与现行《公司法》有冲突，需要进行修改，而《公司法》如何修改切实影响着申请上市企业的改制过程。我国的社会环境还缺乏诚实信用等共同遵循的准则，股市缺乏机构投资者，广大投资者的投资理念也不成熟。创业板市场的特殊性给证券监管部门的监管水平提出了新的挑战。
武汉理工大学硕士学位论文
未来的创业板市场前景如何？这取决于多种因素的综合作用。创业板市
场作为一个以支持中小企业、支持高新技术企业创业的资本市场，本质上是
一个自由资本市场；如果没有自由资本精神，没有自由企业精神，创业板市
场不容易办好。因此，这个全新的市场从创办伊始就应该一切按市场化原则
运作，按国际惯例运作，而不能依据主板市场的原则来打造创业板市场，使
其产生主权化的扭曲。例如违反市场规则，将政府部门倾向和意见强加于企
业和股市，就会使企业运行机制和股市运行机制双重扭曲；一些地方政府和
官员假借“干预”进行寻租，或获得地方部门利益，或导致贪污腐败；各地
方政府为争取本地企业发行股票并上市相互竞争，扰乱证券主管部I门的正常
工作秩序和发行审查的正常程序。这样运作的创业板市场必然是失败的。在
创业板市场上，上市公司的质量，市场上机构投资人的数量，证券监管部门
的监管水平，创业板市场的上市、退市制度体系都对其运行和发展状况产生
重大影响。为了防范创业板市场的各种风险，包括上市公司的技术和经营风
险，上市公司的道德风险，创业板市场的操纵风险和运作风险，证券监管部
门必须制定严格有效的市场监管标准，建立严格的信息披露制度，实行上
市保荐人制度，建立高效运作的市场法律法规体系以保护中小投资者的利
益，投资者也应加强投资风险观念。只有一切按市场规则运作，吸取各国创
业板市场的成败经验与教训，积极采取措施减少创业板市场的风险，搞好各
项配套改革，才能建立一个成功的创业板市场。
Growth enterprise market, also named The second market, is a new way of financing in the financial market. It is a capital market that is different with The mainboard market in the aspects such as serving object, standard of coming into the market, dealing system, etc.The main serving object in the Growth enterprise market is the high-tech enterprise of small scaled or middle scale enterprises. This market also has the general function of capital market such as continuously financing, recommendation and optimizing, so it can provide good market environment for the development of the high-tech enterprises. The rapid growth of the high-tech enterprises need large amount of capital, the continuously financing function of the stock market can improve the condition of providing capital of the high-tech enterprises. The advertising effect through coming into the market can help the high-tech enterprises exploit the market. The stock market has the selecting function that can wash out those enterprises without developing foreground. The development of the venture capital has a kind of relationship with the operation of the Growth enterprise: Venture capital has the growth enterprise market as a retreating window, so a flourishing stock market can greatly stimulate the development of the venture capital, while the development of the venture capital can breed a lot of enterprises with rapid growth, when these enterprises come into the market, they also activate the stock market; On the contrary, the shrink of the Growth enterprise market can restrict the development of the venture capital. The deficiency development of the venture capital can make the Growth enterprise market lose energy.
As a developing country, China face the challenge of the knowledge economy. We have to establish the venture capital investment system as soon as possible to accelerate the transform of the high-tech production and the
development of the high-tech industry. China developed venture capital investment since 1980's,but the venture capital investment institution operated difficultly for many years, the effect is not satisfying, a basic reason is the absence of the capital market which is fit for the venture capital. The Growth enterprise market has the in substitute function to the venture capital and the high-tech enterprise, so we have to solve the problem of absence of the Growth enterprise market. But we still have some difficulty in establishing the Growth enterprise market at this time; we need some preparation in the industry, personnel and environment (including the law environment, the social environment, the policy environment). For example, our social environment has no common law which everyone obey such as honesty and keeping faith, our stock markets have little institutional investors, the investment ideas of most investors are not mature. The specialty of the Growth enterprise market advance a new challenge to the supervising level of the supervise department for the stock market.
How about the prospect of the future Growth enterprise market? It lies on the integrate operation of many factors. As a capital market which sustain the middle-scaled and small-scaled high-tech enterprises to establish and develop, The Growth enterprise market is a free capital market in nature; if we have no free capital spirit, no free enterprise spirit, the growth enterprise will not stand well. So this brand-new market should operate on the market principle from the very beginning of the establishment, obey the international routine. We should not establish it according to the rule of the mainboard, which will distort it .If it operate on this way, it due to be unsuccessful. On this market, the quality of the enterprise which come into the market, the quantity of the institutional investors in the market, the supervising level of the supervise department as well as the whole system of coming into the market and retreatment from the market will all
have grave effect on the status of its operation and development. To keep away
作为发展中国家，面对知识经济的挑战，我们急需建立创业投资机制，以加速科技成果的转化和高科技产业的发展。我国自80年代中期就已开展创业投资，但十几年来创业投资机构运作困难，成效并不令人满意，一个基本原因在于缺乏与创业投资相适应的资本市场。鉴于创业板市场对创业资本和高科技企业具有不可替代的作用，因而我国必须解决创业板市场的缺位问题。但是现阶段开设创业板市场还存在一些困难，需要在产业、人员、环境(法律环境、社会环境、政策环境)等方面作一些准备。例如，现行创业板规则在股本规模上、公司成长年限上、经营业绩上、无形资产入股比例上等有多处与现行《公司法》有冲突，需要进行修改，而《公司法》如何修改切实影响着申请上市企业的改制过程。我国的社会环境还缺乏诚实信用等共同遵循的准则，股市缺乏机构投资者，广大投资者的投资理念也不成熟。创业板市场的特殊性给证券监管部门的监管水平提出了新的挑战。
武汉理工大学硕士学位论文
未来的创业板市场前景如何？这取决于多种因素的综合作用。创业板市
场作为一个以支持中小企业、支持高新技术企业创业的资本市场，本质上是
一个自由资本市场；如果没有自由资本精神，没有自由企业精神，创业板市
场不容易办好。因此，这个全新的市场从创办伊始就应该一切按市场化原则
运作，按国际惯例运作，而不能依据主板市场的原则来打造创业板市场，使
其产生主权化的扭曲。例如违反市场规则，将政府部门倾向和意见强加于企
业和股市，就会使企业运行机制和股市运行机制双重扭曲；一些地方政府和
官员假借“干预”进行寻租，或获得地方部门利益，或导致贪污腐败；各地
方政府为争取本地企业发行股票并上市相互竞争，扰乱证券主管部I门的正常
工作秩序和发行审查的正常程序。这样运作的创业板市场必然是失败的。在
创业板市场上，上市公司的质量，市场上机构投资人的数量，证券监管部门
的监管水平，创业板市场的上市、退市制度体系都对其运行和发展状况产生
重大影响。为了防范创业板市场的各种风险，包括上市公司的技术和经营风
险，上市公司的道德风险，创业板市场的操纵风险和运作风险，证券监管部
门必须制定严格有效的市场监管标准，建立严格的信息披露制度，实行上
市保荐人制度，建立高效运作的市场法律法规体系以保护中小投资者的利
益，投资者也应加强投资风险观念。只有一切按市场规则运作，吸取各国创
业板市场的成败经验与教训，积极采取措施减少创业板市场的风险，搞好各
项配套改革，才能建立一个成功的创业板市场。
Growth enterprise market, also named The second market, is a new way of financing in the financial market. It is a capital market that is different with The mainboard market in the aspects such as serving object, standard of coming into the market, dealing system, etc.The main serving object in the Growth enterprise market is the high-tech enterprise of small scaled or middle scale enterprises. This market also has the general function of capital market such as continuously financing, recommendation and optimizing, so it can provide good market environment for the development of the high-tech enterprises. The rapid growth of the high-tech enterprises need large amount of capital, the continuously financing function of the stock market can improve the condition of providing capital of the high-tech enterprises. The advertising effect through coming into the market can help the high-tech enterprises exploit the market. The stock market has the selecting function that can wash out those enterprises without developing foreground. The development of the venture capital has a kind of relationship with the operation of the Growth enterprise: Venture capital has the growth enterprise market as a retreating window, so a flourishing stock market can greatly stimulate the development of the venture capital, while the development of the venture capital can breed a lot of enterprises with rapid growth, when these enterprises come into the market, they also activate the stock market; On the contrary, the shrink of the Growth enterprise market can restrict the development of the venture capital. The deficiency development of the venture capital can make the Growth enterprise market lose energy.
As a developing country, China face the challenge of the knowledge economy. We have to establish the venture capital investment system as soon as possible to accelerate the transform of the high-tech production and the
development of the high-tech industry. China developed venture capital investment since 1980's,but the venture capital investment institution operated difficultly for many years, the effect is not satisfying, a basic reason is the absence of the capital market which is fit for the venture capital. The Growth enterprise market has the in substitute function to the venture capital and the high-tech enterprise, so we have to solve the problem of absence of the Growth enterprise market. But we still have some difficulty in establishing the Growth enterprise market at this time; we need some preparation in the industry, personnel and environment (including the law environment, the social environment, the policy environment). For example, our social environment has no common law which everyone obey such as honesty and keeping faith, our stock markets have little institutional investors, the investment ideas of most investors are not mature. The specialty of the Growth enterprise market advance a new challenge to the supervising level of the supervise department for the stock market.
How about the prospect of the future Growth enterprise market? It lies on the integrate operation of many factors. As a capital market which sustain the middle-scaled and small-scaled high-tech enterprises to establish and develop, The Growth enterprise market is a free capital market in nature; if we have no free capital spirit, no free enterprise spirit, the growth enterprise will not stand well. So this brand-new market should operate on the market principle from the very beginning of the establishment, obey the international routine. We should not establish it according to the rule of the mainboard, which will distort it .If it operate on this way, it due to be unsuccessful. On this market, the quality of the enterprise which come into the market, the quantity of the institutional investors in the market, the supervising level of the supervise department as well as the whole system of coming into the market and retreatment from the market will all
have grave effect on the status of its operation and development. To keep away
引文
[1]王国刚，析中国设立创业板的条件，经济研究参考，2001年第71期
[2]何晓晴，对创业板上市的十五大误会，深圳周刊，2001年第6期
[3]阮钢，创业板信息披露如何规范，证券时报，2001年2月14日
[4]蒋诗。企业应该在哪里上市，政策与管理，2000年第6期
[5]郑力奇，蒋锦华，谢晓梅，宫晓冬，关于创业板市场的思考，南开经济研究，2000年第6期
[6]苏延华，陈功，十大争议困扰中国经济，中国经营报，2000年8月15日
[7]林毅夫，苏剑，论二板市场在我国的发展前景，中国软科学，2000年第11期
[8]张鸿，张帆，我国发展风险投资的法律障碍及其对策，企业与法，2000年第6期
[9]高广阔，赵贺，香港创业板上市程序中的难点分析，当代经济科学，2000年第6期
[10]刘纪鹏，二板市场的回顾与展望，国际经济评论，2000年第9期
[11]田志龙等，我国股份公司治理结构的一些基本特征研究，管理世界，2000年第2期
[12]叶春和，创业板市场：完善我国证券市场体系建设的必然选择，国际金融研究，2000年第11期
[13]李海红，创业投资中发展中的政府与市场，投资研究，2000年第5期
[14]赵锡彬，费显政，进行制度建设，促进民间投资，投资与证券，2000年第5期
[15]张景安，风险投资与二板市场，2000年5月
[16]王巍，第二板市场：新兴企业创业良机，2000年11月
[17]赵瑜纲，王立彦，公司上市与公司治理成效，经济科学，2000年第4期
[18]张红军，中国上市公司股权结构与公司绩效的理论及实证分析，经济科学，2000年第4期
[19]卢克群，加入WTO我国证券业须调整对接方位，投资与证券，2000年第7期
[20]阎循，上市公司的股权结构与绩效，投资与证券，2000年第3期
[21]刘丽华，卓文，中国软件业及上市公司分析，投资与证券，2000年第3期
[22]李柏洲，郭小芳，国内二板市场存在的商机及券商参与方式，投资与合作，2000年第6期
[23]周伟，孟唯锋，对建立国内二板市场的冷思考，财金贸易，2000年第9期
[24]戴圆晨，利用资本市场图发展—对民营中小企业筹资融资问题的思考，中国工商，2000年第2期
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[2]何晓晴，对创业板上市的十五大误会，深圳周刊，2001年第6期
[3]阮钢，创业板信息披露如何规范，证券时报，2001年2月14日
[4]蒋诗。企业应该在哪里上市，政策与管理，2000年第6期
[5]郑力奇，蒋锦华，谢晓梅，宫晓冬，关于创业板市场的思考，南开经济研究，2000年第6期
[6]苏延华，陈功，十大争议困扰中国经济，中国经营报，2000年8月15日
[7]林毅夫，苏剑，论二板市场在我国的发展前景，中国软科学，2000年第11期
[8]张鸿，张帆，我国发展风险投资的法律障碍及其对策，企业与法，2000年第6期
[9]高广阔，赵贺，香港创业板上市程序中的难点分析，当代经济科学，2000年第6期
[10]刘纪鹏，二板市场的回顾与展望，国际经济评论，2000年第9期
[11]田志龙等，我国股份公司治理结构的一些基本特征研究，管理世界，2000年第2期
[12]叶春和，创业板市场：完善我国证券市场体系建设的必然选择，国际金融研究，2000年第11期
[13]李海红，创业投资中发展中的政府与市场，投资研究，2000年第5期
[14]赵锡彬，费显政，进行制度建设，促进民间投资，投资与证券，2000年第5期
[15]张景安，风险投资与二板市场，2000年5月
[16]王巍，第二板市场：新兴企业创业良机，2000年11月
[17]赵瑜纲，王立彦，公司上市与公司治理成效，经济科学，2000年第4期
[18]张红军，中国上市公司股权结构与公司绩效的理论及实证分析，经济科学，2000年第4期
[19]卢克群，加入WTO我国证券业须调整对接方位，投资与证券，2000年第7期
[20]阎循，上市公司的股权结构与绩效，投资与证券，2000年第3期
[21]刘丽华，卓文，中国软件业及上市公司分析，投资与证券，2000年第3期
[22]李柏洲，郭小芳，国内二板市场存在的商机及券商参与方式，投资与合作，2000年第6期
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