创业板市场五周年运行情况报告

The Five Years' Operation Report of Chi-next Market

创业板市场运行五年来具有以下几方面的发展特征:第一,高换手率、机构持股比例提高、指数上涨和董监高减持较少体现出创业板市场较高的认可度;第二,公司盈利质量较高、业绩稳步提升但分化加剧,并购重组和股权激励有效推动了公司发展;第三,以战略新兴产业为主的创业板公司保持了较强的自主创新能力,并在区域经济协调发展和改善民生方面发挥了积极作用;第四,市场各项制度持续完善,监管转型逐步深化,违规处分和投资者权益保护的落实净化了市场环境。

The five years＇ operation of Chi-Next market has the following development characteristics： （1） The high recognition of Chi-Next market is reflected by high turnover rate, the increasing institutional shareholding ratio, the increasing index and the less underweight of top management. （2） The development of company is promoted by the good profit quality, the increasing performance with intensified differentiation, M＆A and stock option incentive. （3） These strategic emerging industries companies maintain high capability of independent innovation, and play positive roles in the coordinated development of＂ regional economy and people＇s livelihood improvement. （4） The market environment is purified by the improving market systems, the deepened regulatory transition, illegal disposal and the protection of the right and interest of investors.