证券发行管制、退出机制与创业板市场的发展

• 作 者: 刘春长
• 机 构: 中国社科院金融研究所,
• 出 处: 中国金融
• 发表日期: 2010年16期
• 关键词: 创业板 证券发行 代办股份转让 资本市场 市值 退市 超募资金 证券市场 高市盈率 退市制度

从目前创业板发行、上市和运行的情况来看,由于证券发行仍然实行行政管制,产生的问题与弊端不容忽视2009年10月30日,首批28家企业登陆创业板市场,标志我国创业板市场正式成立。经历近一年的发展,截止到2010年8月2日国腾电子发行完毕,创业板市场上市公司达到100家,总市值近4000余亿元。创业板市场已经和沪深主板、中小板和代办股份转让系统市场并行成为我国多层次资本市场的重要组成部分。

From the current issue of GEM, the listing and operation of the situation, due to the issuance of securities is still the implementation of administrative control, the problems and disadvantages can not be ignored October 30, 2009, the first batch of 28 companies landing GEM, marking the GEM The market was formally established. After nearly a year of development, as of August 2, 2010 Guoteng electronic distribution is completed, the GEM market reached 100 companies, the total market value of nearly 400 billion yuan. The GEM has become an important part of China’s multi-level capital market in parallel with the markets of Shanghai and Shenzhen stock exchanges, small and medium sized boards and agency transfer systems.