中国新三板、创业板、科创板模式发展探析——以美国NASDAQ视角

Analysis of the Development of New Third Board, GEM and Science-based GEM in China from the Perspective of NASDAQ in the United States

科创板由习近平总书记于2018年11月5日在首届中国国际进口博览会开幕式上宣布设立,是独立于现有主板市场的新设板块,实施注册制试点,服务对象主要是科技创新企业。与现存的重点扶持于规模较小,具有创新型、创业型、成长型的,尚未形成稳定盈利模式的中小微企业,准入条件不设制财务门槛的新三板和与主板上市要求指标类似,但量上要求较低,专注服务于高科技产业企业、中小企业和创业型企业的创业板,三者之间具有异同性。科创板与美国NASDAQ相比,在上市、交易、退市制度上还有许多需要改进和完善的地方。同时,科创板的推出使我国证券资本市场层次更加细化,结构更加合理,为解决科技创型企业“融资难、融资贵”问题,开拓出了一条新的融资渠道。

The board was announced by President Xi Jinping at the opening ceremony of the first China International Import Expo on November 5, 2018. It is a new section independent of the existing main board market, and the implementation of the registration system pilot, mainly for technology innovation enterprises.. Supporting small and medium-sized and micro-enterprises with small scale, innovative, entrepreneurial, and growth-oriented models that have not yet formed a stable profit model, the new three boards that do not have a financial threshold for entry conditions are similar to the main board listing requirements. The demand for low-cost, focus on serving the high-tech industry enterprises, small and medium-sized enterprises and entrepreneurial enterprises, the GEM, the three have similarities and differences. Compared with NASDAQ in the United States, there are still many areas for improvement and improvement in the listing, trading, and delisting systems. At the same time, the launch of the science and technology board has made the level of China's securities capital market more detailed and more reasonable. It has opened up a new financing channel to solve the problem of “financing and financing” for technology-based enterprises.