摘要
在把创业板中的所有创新内容去掉之后,中小企业板终于顺利诞生。尽管这不是各界期待中的创新型资本市场,但深交所终于恢复了新股的发行,并获得了第二次“新生”。
On May 17th, 2004. China Securities Regulatory Commission issued goahead to the proposal and implementation plan of the Shenzhen Security Exchange(SSE) to launch the SME Board.
SME stands for small-and mediumsized enterprises. But this is a delayed news. Almost 4 years have passed since the start-up venture board was proposed. Enthusiasm for IPO for SMEs has already faded. Problems in China's stock market, such as all-round currency of stock, still exist. If such problems can not be solved, the introduction of SME Board does not represent breakthrough of China's stock market system.
SME Board can only serve as a tool of financing for enterprises and won't provide a mechanism of retreat for investors. What's more, because of small and medium sizes of these companies, operational and market risk will get higher, speculation will increase in the stock market. If some poor companies vanish after IPOs. what a shambles will leave to the market.
