科创板试点注册制改革的成效与挑战——写于科创板开市一周年之际

The effects and challenges of the pilot registration system reform on the Sci-tech Innovation Board--written on the first anniversary of the opening of the Sci-tech Innovation Board

科创板成功运行一年,已经成为支持中国高新技术产业和战略性新兴产业发展的主要推手,为高科技企业与资本市场之间架起桥梁,为投资者带来科技创新的红利,必将吸引更多社会资本投资高科技企业,吸引更多人才投身科学技术。科创板为中美贸易摩擦升级背景下的中国企业提供新的上市选择。科创板还为A股市场全面实施注册制提供了可复制的经验。当然,科创板作为新生事物,也存在一些需要完善的地方。例如,如何解决估值过高导致股东减持压力增大,如何与实施注册制的创业板错位发展,如何提升科创板的流动性等等。监管机构应从严规范上市公司股东及高管的减持行为;在科创板与创业板之间进行窗口指导,防范恶意竞争;适时放宽个人投资者入市门槛,鼓励长期资金入市等。

The science and technology innovation board has successfully operated and has become the main driver supporting the development of China’s high-tech industries and strategic emerging industries, building a bridge between high-tech enterprises and the capital market, and bringing dividends to investors. The Sci-tech Innovation Board provides new listing options for Chinese companies and reproducible experience for the full implementation of the registration system in the A-share market. Yet, the sci-tech innovation board also has some areas that need to be improved. For example, how to solve the problem of increasing the pressure of shareholders to reduce their holdings due to excessive valuations, how to improve the liquidity of the Science and Technology Innovation Board, etc. Regulators should strictly regulate the reduction of shares by shareholders and executives of listed companies;guide the Science and Technology Innovation Board and the ChiNext to prevent malicious competition;timely relax the threshold for individual investors to enter the market and encourage long-term capital to enter the market.