科创板功能定位与制度特征分析

Functional Positioning and System Characteristics of the SSE STAR MARKET

作为一种新的制度供给,科创板的推出对我国资本市场具有重要战略意义。科创板服务于战略性新兴高科技产业,首次引入注册制,对达到一定市场规模的公司不再有盈利要求,有助于成长期的高科技公司上市融资。科创板除了注册制外,对以往制度还有很多突破,包含强化信息披露责任、采用市场化询价方式、全新的交易规则、允许设置特殊股权结构和实施严格的退市制度等,这一系列制度,有助于我国证券市场的长期稳定发展。

As a type of new institutional supply,the introduction of the SSE STAR Market is of great strategic significance to China's capital market.The STAR Market serves China’s strategic emerging high-tech industries;it has adopted the registration system for the first time in China,and no longer has the profit requirement for companies that have reached a certain market scale,which is conducive to the financing of high-tech companies in the growth period.In addition to the registration system,the STAR Market has made a number of breakthroughs,including a series of system features such as strengthening information disclosure responsibility,adopting the market-oriented inquiry in regard to IPO pricing,brand-new trading rules,allowing the establishment of special shareholding structure and implementing a strict delisting system.These measures are favorable to the long-term stable development of China's securities market.