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随着挂牌公司数量的急剧增加,新三板市场的建设面临新的问题。国务院先后发布了一系列文件,支持新三板公司转板上市。虽有政策红利,但制度推进缓慢,加之新三板市场本身存在融资难、估值低、流动性差等问题,导致不少优质公司投向IPO。作为不同层次资本市场对接的重要手段,新三板公司转板上市既有激发市场苗圃功能的作用,又有优化市场土壤功能的作用。结合我国的实际情况,在吸收境外先进经验的基础上,转板上市制度的构建应从改善市场基础环境、明确转板上市条件、设定转板上市程序、强化信息披露要求四个方面着手,以期实现市场资源的供给侧改革。
With the rapid increase in the number of listed companies, the construction of the new third board market is facing new problems. The State Council has released a series of documents to support the transfer of the new three-board companies to the public market. Despite the policy dividends, but the system to promote slow, in addition to the new three-plate market itself, financing difficulties, low valuation, poor liquidity and other issues, resulting in a lot of high-quality companies to IPO. As an important means of docking capital markets at different levels, the listing of the new three-board companies has the function of stimulating market nursery functions as well as optimizing the market’s soil functions. Based on the actual situation in our country, on the basis of absorbing advanced experience from abroad, the system of transfer of listing on the stock market should start from the following four aspects: improving the basic market environment, clarifying the listing conditions of the transfer, setting up the transfer listing procedure and strengthening the requirements of information disclosure Realize supply-side reform of market resources.