北交所成立:动因、制度分析与发展建议

Establishment of BSE:Motivation,Institutional Analysis and Development Advice

证券交易所的设立对提高资源配置效率、完善资本市场建设、助力经济发展具有重要作用。本文以2021年新成立的北京证券交易所(简称北交所)为例,分析北交所成立的动因,并将其与沪深交易所、新三板进行制度比较。研究认为:(1)北交所给优质中小企业一个更早接触直接融资、登陆资本市场的机会,能盘活很多资本投资,带动实体经济,完善多层次资本市场的构建。(2)北交所跟沪深交易所要错位竞争,通过制度创新服务“专精特新”中小企业。同时,北交所坚持从新三板创新层企业中产生上市公司,将对创新层、基础层形成示范引领作用。(3)不同交易所与板块的良性竞争,也将倒逼不同市场间的同质化问题得到解决,进一步通过差异化的制度安排,吸引优秀企业。最后,本文还针对北交所的发展,为监管层、中小企业及投资者提出了相应的建议。

The establishment of the stock exchange plays an important role in improving the efficiency of national capital circulation,improving capital market construction and promoting economic development.Taking the Beijing Stock Exchange(BSE for short)as an example,this paper analyzes the reasons for the establishment of BSE,and compares it with SSE,SZSE and NEEQ.We believe that:(1)BSE will give high-quality SMEs an opportunity to access direct financing and the capital market earlier,which can revitalize a lot of capital investment,drive the development of real economy,and improve the construction of a multi-level capital market.(2)BSE,SSE and SZSE should compete in dislocation,and serve the vast number of technologically advanced SMEs through institutional innovation.At the same time,BSE insists on generating listed companies from the innovation layer enterprises of NEEQ,which will form a demonstration and leading role in the innovation layer and the basic layer.(3)The healthy competition between different exchanges and sectors will also force the problem of homogeneity between different markets to be resolved,and further attract outstanding enterprises through differentiated institutional arrangements.Finally,we also put forward corresponding suggestions for the regulators,SMEs and investors regarding the development of BSE.The research in this paper will help regulators,enterprises,and investment institutions to better participate in the construction of this new type of exchange.