资本市场服务小微企业——基于区域性股权市场的创新探索与实践

Capital Market Serving Small and Micro Enterprises——Innovative Exploration and Practice Based on Regional Equity Market

以普惠小微贷款为主的间接融资在纾解小微企业融资难、融资贵问题上发挥了特别重要的作用。但是,仅靠间接融资无法解决小微企业的长期资本需求,以及股权价值变现、股权转让、企业规范治理和信息不对称问题。要推动解决上述问题,就需要资本市场发挥其功能和作用。本课题从资本市场服务小微企业的实践出发,在梳理多层次资本市场服务小微企业情况和问题的基础上,结合中国证监会批准浙江率先开展区域性股权市场创新试点的工作实践,研究分析了如何健全区域性股权市场功能、支持和推动区域性股权市场深化小微企业服务、打造区域资本市场普惠服务体系等问题,并提出了解决思路和建议。

Indirect financing based on inclusive loans to small and micro businesses has played a particularly important role in alleviating the difficulty and high cost of financing for small and micro sized enterprises.However,indirect financing alone cannot solve the long-term capital needs of small and micro sized enterprises,as well as the realization of equity value,equity transfer,corporate governance and information asymmetry.To promote the solution of the above problems,it is necessary for the capital market to function and play a role.This topic starts from the practice of capital market serving small and micro sized enterprises,on the basis of sorting out the situation and problems of China’s multitiered capital markets system serving small and micro sized enterprises,combined with the work practice of Zhejiang’s first regional equity markets innovation pilot approved by China Securities Regulatory Commission,research and analysis how to improve the function of the regional equity markets,support and promote the regional equity markets to deepen the services of small and micro sized enterprises,and build a regional capital market inclusive service system,and put forward solutions and suggestions.