试论转板上市制度设计中需把握的几个矛盾关系

Some Contradiction Issues About the Design of Listing Transfer System

转板上市是资本市场牵一发而动全身的枢纽。制度设计需要贯彻注册制改革精神,防止市场功能和市场主体职责的弱化,把握好防范监管套利与促进资本形成、放松管制与加强监管,中央放权与地方分权、局部推进与系统配套等矛盾关系。当前市场环境中,转板上市宜严不宜宽,宜缓不宜急。

Listing transfer mechanism is an important hub for the capital market as it affects the market in a whole. For the design of the system, we need to implement the registration system reform spirit, prevent the weakening of the market and intermediaries functions, handle the relationship between to regulate arbitrage and to promote capital formation, cope the relationship between deregulation and strengthened supervision, deal with the problem of central and local decentralization, coordinate local promoting and system supporting. Under current situation, the control of transfer between boards should be strict rather than loose, and should be slow rather than fast.