我国促进科技创新的金融路径选择与完善——以德国科创板为研究视角

The Financial Path Choice and Improvement of Promoting Scientific and Technological Innovation in China,Taking German Science and Technology Board as a Research Perspective

上世纪九十年代,为了适应快速发展的经济形势,应对美国证券交易所的全球化竞争,德国效仿纳斯达克交易所,推出了德国科创板-Neuer Markt,以提高德国资本市场的竞争力和活力。德国科创板的建设为德国的高科技、成长型公司的上市提供了融资市场,也推动了德国风险投资市场的快速发展。但是由于过于侧重市场经济自由理念的保护,忽略了科创板相关法规制度的建设,德国科创板最终被关闭。该文旨在研究德国科创板的设立、运行与失败的经验教训,为我国科创板的健康发展提供借鉴。

In the 1990s,in order to adapt to the rapidly developing economic situations and cope with the global competition of the US stock exchange,Germany followed the NASDAQ exchange and launched the German science and technology board-Neuer Markt to improve the competitiveness and vitality of its capital market.The construction of the German Science and technology innovation Board provides a financing market for the listing of high-tech and growth companies in Germany,and also promotes the rapid development of the German venture capital market.However,due to the excessive emphasis on the protection of the free concept of market economy and the neglect of the construction of relevant laws and regulations of the science and technology board,the German science and technology board was eventually closed.This paper aims to study the experience and lessons of the establishment,operation and failure of the German Science and technology board,and provide a reference template for the healthy development of China's science and technology board.