创业板“病理”解析及监管对策探析

GEM Pathology Analysis and Regulatory Countermeasures

创业板设立的目的是落实创新型国家发展战略,促进中小企业特别是创新型及其他成长型中小企业快速发展,助推中国经济升级转型。然而,创业板开板三年来的市场表现却与上述目标相去甚远。本文分析了创业板的"病态"表征及危害,并对其"病理"进行解析,提出了改变发展理念、纠正顶层设计偏差,平衡利益关系、着眼长远发展,严把审核关、确保上市企业质量,严查违法违规、提升监管能力等规范创业板发展的对策措施。

GEM is established Io implement innovative national development strategy, promote the development of SMEs, especially innowltive and other high-growth SMEs and to propel China＇s economic upgrading and restructuring. However, GEM＇s performance in the last three years was deviated from the original target. This paper analyzes the pathological character and harm of GEM, resolves its pathology, proposes specific development countermeasures of GEM, such as changing development cnneept, eorreeting the deviation of top-down design, balancing interests, focusing on long-term development, strenglhening audit clearance, improving the quality of listed companies, punishing illegal and enhancing regulatory, capacity, etc.