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我国为建立多层资本市场,十年磨一剑,于2009年10月30日在深圳证券交易所开启了创业板交易市场。目前创业板市场为部分中小企业募集了大量资金,解决了企业融资难的问题,但市场运作的缺陷也逐渐暴露,其中最典型的即“三高”问题——高市盈率、高发行价、高超募率。我国创业板产业“三高”现象是由多种原因所改,包括新股发行定价制度中存在的缺陷;宏观层面上也有一些影响因素;以及监管体制不完善;退市制度尚未真正触发等。应对“三高”的措施首先应完善创业板发行的定价制度;同时加强创业板市场的监管,完善创业板的交易制度等。此外,借鉴海外市场的稳步扩容、抓质保量也十分必要。
In order to establish a multi-layer capital market, China has been grinding its sword for a decade. On the 30th of October, 2009, the GEM market was opened in the Shenzhen Stock Exchange. At present, the GEM market has raised a large amount of funds for some SMEs to solve the problem of corporate financing difficulties, but the defects in market operation are gradually exposed. The most typical one is the issue of “three highs” - high PE and high issue price , Superb raise rate. China’s GEM industry “Three-high ” phenomenon is changed by a variety of reasons, including the defects of the IPO pricing system; there are some macro-level factors; and the regulatory system is not perfect; the delisting system has not really triggered . Measures to deal with “three high ” should first improve the pricing system of GEM issuance; at the same time to strengthen the supervision of the GEM market, improve the GEM transaction system. In addition, drawing on the steady expansion of overseas markets, quality assurance is also very necessary.