新三板监管机制改革前瞻——以挂牌公司主动摘牌潮为导向

New Third Board Regulatory Mechanism Reform Foresight——Guided by the Wave of Active Delisting of Listed Companies

北京证券交易所的成立喻示着新三板“基础层—创新层—北交所”的差序格局,但以新三板发展历程来看,近年来的新三板市场呈现大起大落之势,挂牌公司数量锐减。主动摘牌潮不仅是前期为争夺挂牌头衔的企业无序涌入的后遗症,也是我国资本市场对中小企业“挤轧式”监管的压迫式结局。前端探源之下,新三板制度存在一级市场发行融资困难、二级市场交易两极分化、监管合规成本高昂等问题。应当进一步廓清新三板各层级市场定位,发挥北京证券交易所上市优势,协调合格投资者与发行制度关系,并合理借鉴美国OTC市场集团分层范式,为多层次资本市场建设奠定制度“沃土”。

The establishment of Beijing Stock Exchange is a metaphor for the poor order pattern of "basic layer-innovation layer-Beijing Stock Exchange" of the New Third Board.However,with the development history of the New Third Board,the New Third Board market in recent years has shown great ups and downs,with the number of listed companies declining sharply.The wave of active delisting is not only the aftermath of the disorderly influx of companies vying for the listing title,but also the oppressive end of the "crowded" regulation of SMEs in China’s capital market.Under the front-end probe,the New Third Board system suffers from difficulties in issuance and financing in the primary market,polarized trading in the secondary market,and high regulatory compliance costs.It should further clarify the positioning of each tier of the New Third Board market,give full play to the advantages of listing on the Beijing Stock Exchange,coordinate the relationship between qualified investors and the issuance system,and reasonably draw on the tiered paradigm of the U.S.OTC Market Group to lay a fertile institutional ground for the construction of a multi-level capital market.