经济学家厉以宁曾说,若论中国证券市场的里程碑,证券市场的设立算一个,《证券法》的颁布算一个,再就是将要推出的“二板市场”了。设立二板市场,是为了将上市公司的状况如营业期限、股本大小、盈利能力、股权分散程度等与主板区别开来。一般来说.二板市场的上市要求比主板宽一些,强调的是发行人以信息披露为本,而对其经营能力,市场前景和投资风险不作审查和评估。主要目的是为那些一时不符合主板上市要求而具有高成长性的中小型企业和高科技企业等开辟直接融资渠道;为有风险投资意愿和能力的人提供投资机会。由于二板上市企业的高成长性,所以人们也将二板市场称为“创业板”。自去年下半年起,中国开始酝酿在现有的上海、深圳证券交易所专门设立二板市场,二板市场一直是人们关注的热点话题。根据中国证监会创业板准备工作进入“倒计时”的要求,深交所9月下旬正式启动了创业板券商系统技术准备工作。按该所排出的时间表,在11月1日前各券商必须做好创业板行情另板显示的所有准备工作。显然,二板市场的推出已经进入最后冲刺阶段。但我们还有无数的问号挂在心头:二板市场将对主板市场产生怎样的影响?什么样的企业适合在二板上市?投资二板市场的风险有多大?对于广大的投资者来说,又该如何应对呢?无论对个人还是对利益集团,创业板都是中国金融市场上又一次难得的资本积累机会,同时也是一次风险空前的尝试。创业板规则千呼万唤不出来,正说明了这一点。这场博弈的三个重要参与者,都不愿意看到创业板市场出台一两个月就出现企业摘牌的现象,更不愿出现类似某些国家创业板市场关闭的局面。任何大的动荡,都有可能形成一定的破坏力。因此,大家期待这场博弈的均衡结果照顾到各方利益。 Li Yining, economist once said that if a milestone in China’s securities market, the establishment of a stock market, “Securities Law” promulgated one, then there will be the “second board market.” The establishment of the second board market is to distinguish the status of listed companies such as business deadlines, share capital size, profitability, degree of ownership dispersion and other mainboards. In general, the listing requirements for the second board market are broader than those for the main board, emphasizing that the issuer should not rely on information disclosure for reviewing and evaluating its business capabilities, market prospects and investment risks. The main purpose is to open up direct financing channels for small and medium-sized enterprises and high-tech enterprises that have high growth potential that temporarily do not meet the listing requirements of the main board; and provide investment opportunities for those who have the willingness and ability to invest in venture capital. Due to the high growth rate of the second board listed companies, people also refer to the second board market as “the GEM.” Since the second half of last year, China began to deliberately set up a second-board market in the existing Shanghai and Shenzhen Stock Exchanges. The second-board market has always been a hot topic of concern. According to China Securities Regulatory Commission to prepare for the GEM into the “countdown” requirement, the Shenzhen Stock Exchange in late September formally launched the GEM technology preparatory work. According to the discharge schedule, in November 1st before the brokerage firms must do a good job all the preparations on the GEM quotes plate. Obviously, the introduction of the second board market has entered the final sprint stage. But we still have countless question marks hanging in my heart: What kind of impact will the second board market have on the main board market? What kind of enterprises are suitable for listing on the second board? How big is the risk of investing in the second board market? For the majority of investors, And how to deal with it? Whether for individuals or for interest groups, the GEM is another rare opportunity for capital accumulation in China’s financial markets, but also an unprecedented attempt to risk. This is illustrated by the fact that the GEM rules can not be called out. The three important players in this game are unwilling to see the phenomenon of delisting of enterprises in one or two months after the introduction of the GEM. They are even more reluctant to see the situation similar to the closure of the Growth Enterprise Market in some countries. Any major turmoil, may create some destructive power. Therefore, we all expect the balanced result of this game to take care of the interests of all parties.