关于建立资本市场转板制度的若干思考

Research on Transfer Board System in Capital Market

不管是创业板详细规则的讨论还是国际金融中心建设,事实上都不可回避资本市场转板制度建设的相关问题。目前我国多层次资本市场框架已初步搭建,但是缺乏有机的结合——转板制度。转板制度建设的国际经验表明,转板制度的推出不宜过快,同时各层次资本市场的明确分工方能确保资本市场健康发展。我国转板制度建设应该分步骤、分阶段实施,首先包括沪深公司相互转板,转板原则为转板自由;其次包括三板或创业板上市公司向上一层次的市场转板,转板原则为升板自愿、降板强制。

Both the growth enterprise market detailed rules discussion and Shanghai international financial center construction may not avoid the construction of capital market＇s transfer board system. Though our country＇s multilevel capital market has been built, it lacks the organizing force--transfer board system. The international experience indicates that the construction of transfer board system shouldn＇t be hasty, and market of each level should function efficiently. The construction of transfer board system in our country should be built gradually. First it should allow Shanghai and Shenzhen Stock Exchange＇s listed companies to transfer boards freely. Then it should allow growth enterprise market＇s listed companies to transfer to upper level＇s market according to some principle.