我国创业板市场的政府规制问题探讨

Discussion of China's Government Regulation on ChiNext

我国股市具有政策导向性显著的特点,而创业板市场开板两年多以来,出现的诸如"三高一破"、突击入股、保荐人利益输送等问题导致了政府对于创业板市场较为频繁的规制。本文对创业板市场存在的问题、相对应的政府规制手段及规制效果进行了系统分析,认为随意性、易变性、临时性的特点削弱了创业板市场政府规制的规制效果。在此基础上,本文进一步探讨了我国证券业规制存在的深层次制度性缺陷,并提出相关政策建议。

The securities market of China is dominantly govemment-guided. Since the establishment of ChiNext, such phenomena as high issue price, high P/E, and high excessive funds raised, which is called as the ＂three-high problems＂, the assault equity investment, and benefit-transfer of sponsors resulted in the frequent government regulation over ChiNext. This paper systematically analyzed the present problems of ChiNext, the corresponding government＂ regulation instruments and the subsequent effects, concluding that the randomness, variability and temporary weakened the effect of government regulation. The paper then further explored the deep institutional defects in China＇s government regulation over securities market and made relevant policy recommendations.