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我国二板市场的市场目标是由开设二板市场的基本宗旨决定的。正是由于对这一宗旨认识的不断深化,才导致对二板市场目标定位的不断调整。对开设二板市场宗旨的认识经历了一个发展过程。 1.二板市场服务于风险投资 起初,很多人把二板市场与风险投资联系起来,把二板市场视为风险投资不可或缺的一条退出渠道,认为没有二板市场就不会有健康的风险投资业,建立我们自己的二板市场是为了促进风险投资业的发展。其实,这种认识是很不全面的。首先,风险投资的发展并一定依赖于二板市场。美国的风险投资业起步于本世纪40年代,但二板市场于70年代才开始运作,到90年代才开始繁荣。即使在NASDAQ风光无限的岁月,通过二板市场实现退出的风险投资也不过30％左右。其次,二板市场也并不仅仅服务于风险
The market target of the second board market in our country is determined by the basic tenet of opening the second board market. It is precisely because of the deepening understanding of this purpose, which led to the continuous adjustment of the second board market positioning. The understanding of opening the second board market has undergone a development process. 1. The second board market serves venture capital At first, many people linked the second board market with venture capital and saw the second board market as an exit channel indispensable to venture capital. They believed that there would be no healthy Venture capital industry, to establish our own second board market is to promote the development of venture capital industry. In fact, this understanding is very incomplete. First of all, the development of venture capital must depend on the second board market. Venture capitalism in the United States started in the 1940s, but the second board market started its operation in the 1970s and began to flourish in the 1990s. Even in the glorious days of NASDAQ, ventures that have been exited through the second-tier markets are only around 30%. Secondly, the second board market does not only serve the risk