我国创业板再融资制度存在的问题与创新机制探讨--基于中美市场比较视角

Refinancing barriers in Chinese GEM--A comparison between US and China

创业板在中国证券市场运行中,经历大概六年的发展期。通过总结我国创业板再融资情况,发现创业板上市公司再融资中存在超募、股权偏好以及再融资难等问题,创业板再融资制度上表现出小额定增机制认可度不高以及部分条款和审核理念偏离初衷等状况。针对创业板再融资存在的问题,借鉴美国成熟市场的成功经验,从发行条件、再融资方式、政策导向、快速再融资机制、审核监管、信息披露等方面,对现行创业板再融资制度提出相应的政策建议。

Growth enterprise market has undergone great development in Chinese securities market in the past six years. This paper aims to reveal the problems such as super raised funds, preference of equity finan- cing and the difficulties of refinancing in the refinancing process of startups, and analyze some barriers in GEM refinancing, for example, small constant increase mechanism cannot be widely recognized; some terms and au- dit criteria deviate from the original intentions. Drawing on the achievements that US growth enterprise market has scored, this paper attempts to offer relevant advises and policies for Chinese GEM in terms of issue terms, ways of refinancing, policies masking, quick refinancing system, audition and supervision, information disclosure and so on.