中国创业板市场：现状与未来

The ChiNext Market: Current Situation and Future

本文在简要分析全球创业板市场形成、发展的历史动因和成败之源的基础上,对运行一年多来的中国创业板市场进行了研究,认为中国创业板市场目前存在着寻租股东突击入股、退市机制缺失等九大隐忧。这些隐忧有的扭曲了市场公平原则,有的则损害了市场效率。本文从经济发展、金融结构变革、创业型中小企业成长以及国际金融中心建设等角度入手,详细分析了中国发展创业板市场的有利因素,并勾划了中国创业板市场未来的愿景。

The paper does some systematic study on ChiNext Market(the Growth Enterprise Market in China),based on the analysis of global GEM,its formation,development motivation and the source of success.This paper insists that there are mainly nine flaws in ChiNext Market now,such as short-term shares of rent-seeking shareholders and lack of delisting mechanisms.These flaws may distort the principle of fairness or hurt market efficiency.This paper also analyzes the advantageous facts of ChiNext Market from perspectives of economic development,transformation of financial structure,SME growth as well as construction of international financial center.On this basis,we draw the future picture of ChiNext Market.