摘要
在"大众创业、万众创新"的背景下,国家以空前的力度打造资本市场,为双创企业提供融资平台。以主板、二板、新三板、区域性股权市场为主体的"正金字塔形"资本市场初步形成。文章从资本市场的发展现状和IPO提速、监管趋严、国际化、投资者保护升级等新动向出发,重点针对上市制度和退市制度的改革目的、方向、实质和内涵进行了剖析。认为场内和场外两个市场的改革齐头并进,互为补充,新三板的增量改革在很大程度上可以倒逼A股存量改革。上市制度的非市场化是退市制度形同虚设的根本性原因,只有上市和退市都市场化,有进有出,优胜劣汰,才能建立一个健康、稳定、可持续发展的资本市场。
Under the background of"public entrepreneurship and innovation",the state is cultivating capital market with unprecedented strength to provide financing platform for innovative and entrepreneurial enterprises.The"pyramid-shaped"capital market,which takes"the main board","the second board","the new third board"and the regional equity market as the main body,has initially formed.Starting from the development trend of capital market,the acceleration of IPO,the strictness of regulation,internationalization and the upgrading of investor protection,this paper focuses on the purpose,direction,essence and connotation of the listing system and delisting system reform.This paper holds that the reform of the two markets,namely the on-exchange market and the OTC market,goes hand in hand,complementing each other,and the incremental reform of"the new third board"will largely push the reform of A-share.The non-marketization of the listing system is the fundamental reason for the deficiency of the delisting system.Only when the listing and delisting systems are marketable,the free entry and exit and the survival of the fittest can be achieved,and a healthy,stable and sustainable capital market can be established.
作者
曾珠
Zeng Zhu(School of Tourism&Economic Management,Chengdu University,Chengdu 610106,China)
出处
《当代经济管理》
CSSCI
北大核心
2018年第3期71-74,共4页
Contemporary Economic Management
基金
国家社会科学基金项目<经济区域一体化与南北经济关系研究>(15BJL070)
成都大学研究生教育教学改革项目<基于市场需求的资本市场教学改革探索>(cdjgy2017014)
关键词
多层次资本市场
改革
思考
multi-level capital market
reform
reflection
作者简介
曾珠(1979-)，女，成都大学旅游与经济管理学院副教授，经济学博士,研究方向：国际经济、世界经济
