高水平建设北交所打造服务创新型中小企业主阵地

Building High-Performing Beijing Stock Exchange to Form a Major Venue for Serving Innovative SMEs

北京证券交易所的设立有利于促进资本与科技深度融合,优化金融供给侧结构,增加风险投资退出渠道。基于资本市场与创新关系的理论分析,通过将北京证券交易所与上海证券交易所、深圳证券交易所进行对比研究,建议北京证券交易所优化上市门槛,完善准入、发行机制,在公司治理、股权激励、股票减持等方面进行差异化制度安排,在股票、债券、基金及衍生品等方面加大创新力度,优化资金供给,加快完善服务中小企业的全链条制度体系,打造创新型中小企业上市主阵地。

The establishment of the Beijing Stock Exchange is conducive to promoting the deep integration of capital and technology,optimizing the financial supply side structure,and increasing the exit channels for venture capital.Based on the theoretical analysis of the relationship between capital markets and innovation,by comparing the Beijing Stock Exchange with the Shanghai and Shenzhen Stock Exchange,it is recommended that the Beijing Stock Exchange optimize the listing threshold,improve the access and issuance mechanisms,carry out differentiated institutional arrangements in corporate governance,equity incentives,stock reduction,and other aspects,increase innovation in stocks,bonds,funds,and derivatives,optimize capital supply,accelerate the improvement of the entire chain system for serving small and medium-sized enterprises,and create a main platform for innovative small and medium-sized enterprises to list.