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2008年下半年以来,在金融危机的背景下,为谋求发展,海外主要创业板市场权衡取舍,推出了一系列改革措施,部分创业板市场发生了重大变革。这些改革举措或变革,一些已显现出正面的或负面的效应,但大部分的作用还有待观察。对其进行分析,将对我国创业板市场建设带来有益启发。2008年下半年以来,海外主要创业板市场的改革措施有:加快再融资速度,缩短再融资时间;降低上市标准,允许初创期企业上市,扩大上市企业范围;改革退市制度,维持市场正常运转,提高上市公司质量;延长年报禁止买卖期,维护市场公平性;多方位提供交易所服务,增强市场吸引力。主要变革包括:重新定位创业板;国内创业板市场间发生并购行为;优势创业板市场向海外积极扩张;中国企业海外上市发生新变化。上述改革措施或变革有的对我国创业板有积极借鉴意义,但也有一些并不适用于我国创业板。综合来看,对我国创业板市场建设的启示是:抓住时机,迅速发展壮大;加快再融资速度,满足创业企业“小额多次”的融资需求;保持创业板市场独立性,不宜在当前条件下启动转板机制;充分发挥交易所服务职能,增强创业板市场吸引力;不断完善创业板退市指标体系。
Since the second half of 2008, in the context of the financial crisis, a series of reform measures have been put in place for the development of major overseas GEMs in pursuit of development. Major changes have taken place in some of the GEM markets. Some of these reform initiatives or changes have shown positive or negative effects, but much remains to be seen. Analyzing it will bring useful inspiration to the construction of China’s GEM market. Since the second half of 2008, the major overseas GEM reform measures include: accelerating refinancing and shortening the time for refinancing; lowering the listing standards, allowing start-ups to go public, expanding the scope of listed companies; reforming the delisting system and maintaining the normal operation of the market , Improve the quality of listed companies; extend the prohibition of sale and purchase of annual reports to maintain market equity; multi-directional exchange services to enhance the market attractiveness. Major changes include: repositioning the GEM; domestic mergers and acquisitions occurred between the GEM market; advantages of the GEM market actively expanded overseas; Chinese enterprises overseas listing changes. Some of the above reform measures or changes have a positive reference for China’s GEM, but some do not apply to China’s GEM. Taken together, the inspiration for the construction of the GEM in China is: to seize the opportunity to rapidly grow and develop; speed up refinancing to meet the financing needs of small and medium enterprises; “Small” to maintain the independence of the GEM should not Under the current conditions, the transfer mechanism will be activated; the exchange service functions will be brought into full play to enhance the attractiveness of the GEM; and the perfection of the GEM index will be continuously perfected.