多层次资本市场中的“新三板”对高新科技园区经济发展作用分析与实证研究——以中关村科技园区为例

The Role of the New Third Board(An Over-the-Counter Market for Growth Enterprises) in Multi-level Capital Market for High-tech Park's Economic Development——A Case Study of Beijing Zhongguancun Science Park

文章从多层次资本市场及"新三板"的基本概念和在我国发展的背景出发,通过系统分析总结出高新科技园区经济的五大特性,揭示了"新三板"对高新科技园区经济发展的战略意义。"新三板"在北京中关村高新科技园区的实践,证明了"新三板"对科技园区的投融资体系建设具有的巨大促进作用。文章对在我国现实金融体制下,如何发展科技金融、解决科技创新与风险资本之间的对接渠道设计、最终达成破解科技型中小企业融资难的问题具有积极的探索意义。

In this paper, the author set forth the basic concepts of multi-level capital market and The New Third Board, following the China＇s development background. Through systematic analysis the author sums up the five characteristics of high-tech park＇s economy, revealing the strategic significance of the New Third Board for high-tech park＇s economic development. The author empirical studies its five years of operation of the New Third Board in the Beijing Zhongguancun Science Park. The result proves that the New Third Board has a unique function. According the reality for Chinese financial system, how to finance the development of technology, how to solve the channel and dock design between innovation and venture capital and finally reach to crack the difficult problem of SME financing are of great significance.