东京创业板“特定投资者”准入制度及其启示

Tokyo AIM "Special Investors" Access Control System and Its Implications

由于设立了"特定投资者"准入制度,TOKYO AIM(东京创业板)成为目前各国首次对投资者实行准入管理的交易所公开市场。该制度的设立既是TOKYO AIM为贯彻政府竞争战略而实施特殊披露制度的产物,也是制度设计时不得不为之的必然选择。正是有了准入制度的支持,TOKYO AIM才能够设置较为宽松的上市门槛与披露要求,尝试吸引亚洲的成长型企业与专业投资者。这一发展路径既面临一定的挑战,也是国际金融市场竞争的重要战略手段,值得高度重视。

Because of the ＂special investors＂ access control system,Tokyo AIM becomes the first open market exchange to implement access management for investors.This system is the product of special information disclosure system implemented by Tokyo AIM to carry out government＇s competitive strategy,and it is also the inevitable choice when system designed.It was the support from the access control system that Tokyo AIM can set a more flexible listing and disclosure requirements,trying to attract growth companies in Asia and professional investors.This development path faces some challenges,but it is also an important strategy in the international financial markets competitions,worthy of high attention.