發(fā)布時(shí)間：2018-01-14 17:13

  本文關(guān)鍵詞：中國創(chuàng)業(yè)板“三高”現(xiàn)象的探究　出處：《中央民族大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 創(chuàng)業(yè)板 納斯達(dá)克 高市盈率 高發(fā)行價(jià) 高超募率

【摘要】：隨著全球經(jīng)濟(jì)發(fā)展進(jìn)入新紀(jì)元,資本不斷的活躍,新的金融工具不斷衍生,與此同時(shí),中國經(jīng)過30年的改革開放,民營企業(yè)已經(jīng)由最初的草根經(jīng)濟(jì)發(fā)展成為國民經(jīng)濟(jì)重要組成的一部分,中小企業(yè)也已經(jīng)成為國內(nèi)經(jīng)濟(jì)發(fā)展中一支不容忽視的重要力量,在我國的經(jīng)濟(jì)正處于轉(zhuǎn)型時(shí)期,急需高科技的依托,而高科技的發(fā)展則需要有創(chuàng)業(yè)板的支持,因此在這種條件與背景下,經(jīng)過十年漫長的準(zhǔn)備與時(shí)機(jī)的等待,中國的創(chuàng)業(yè)板順應(yīng)而生。從最初的誕生,與其后的發(fā)展,中國的創(chuàng)業(yè)板經(jīng)歷了從最初的瘋狂炒作與吹捧,到之后的質(zhì)疑與批評,甚至謾罵,這猶如過山車般的起起伏伏的際遇,不過發(fā)生在短短的三年之間里。 本文通過以中國創(chuàng)業(yè)板的“高市盈率、高發(fā)行價(jià)、高超募率”的現(xiàn)象為切入點(diǎn),對中國創(chuàng)業(yè)板成立至今所產(chǎn)生的一些現(xiàn)狀進(jìn)行分析,并與目前較為成功的市場典范——美國的納斯達(dá)克進(jìn)行對比,對創(chuàng)業(yè)板進(jìn)行體制內(nèi)與外的思考與探索,并通過從制度、市場以及投資者等方面進(jìn)行分析發(fā)現(xiàn)：中國創(chuàng)業(yè)板的“三高”現(xiàn)象的產(chǎn)生不由某個(gè)特定的因素造成的,而是由多方面共同影響產(chǎn)生的,因此進(jìn)行研究的時(shí)候,不能單一地只專注某一方面；創(chuàng)業(yè)板在中國是個(gè)新生事物,要想實(shí)現(xiàn)真正意義的市場化,就必須徹底地去行政化,雖然這個(gè)過程不是短時(shí)期能完成的,但是為了市場能夠良性發(fā)展與運(yùn)作,即使這是個(gè)漫長的過程,也必須進(jìn)行下去；中國創(chuàng)業(yè)板還應(yīng)該加強(qiáng)市場監(jiān)督力度,引入公眾對創(chuàng)業(yè)板公司以及監(jiān)管機(jī)構(gòu)的監(jiān)督,積極完善相應(yīng)的法律制度,加大懲處力度,打擊投機(jī)分子,保護(hù)廣大中小投資者；中國創(chuàng)業(yè)板建設(shè)的完善,不僅需要對市場進(jìn)行完善,但最重要的是對基本制度的完善；中國的廣大中小投資者對創(chuàng)業(yè)板的風(fēng)險(xiǎn)認(rèn)知還不夠,其自身的風(fēng)險(xiǎn)控制能力不足,并且缺乏足夠理性,對于廣大中小投資者的教育,提供中小投資者的整體素質(zhì)水平,也是創(chuàng)業(yè)板有序發(fā)展所必須的。 創(chuàng)業(yè)板畢竟從誕生到現(xiàn)在,不過三年有余,這期間產(chǎn)生的種種不良現(xiàn)象與弊端,既有建設(shè)尚未完善的原因,也有中國特有的環(huán)境和制度造成的。這就意味著,中國創(chuàng)業(yè)板在借鑒他國創(chuàng)業(yè)板經(jīng)驗(yàn)的時(shí)候,不能生搬硬抄,完全拿來,而是要根據(jù)中國實(shí)際情況,結(jié)合中國的具體國情,進(jìn)行不停地探索與修正,才能真正找尋到適合中國創(chuàng)業(yè)板自身發(fā)展需要的道路。
[Abstract]:With the global economic development entering a new era, capital is constantly active, new financial instruments continue to derive, at the same time, China has been through 30 years of reform and opening up. Private enterprises have developed from the initial grass-roots economy into an important part of the national economy, small and medium-sized enterprises have also become an important force in the domestic economic development can not be ignored. In our country's economy is in the transition period, urgently needs the high-tech support, but the high-tech development needs to have the gem support, therefore under this kind of condition and the background, after ten years of long preparation and the opportunity wait. From the initial birth and the subsequent development, China's gem experienced from the initial crazy hype and flattery, to the question and criticism, and even verbal abuse. It was a roller coaster ride, but it took place in just three years. Based on the phenomenon of "high price-earnings ratio, high issue price, high raising rate" of China's gem, this paper analyzes the present situation of China's growth Enterprise Market (gem) since its establishment. And with the current more successful market model-NASDAQ in the United States for comparison, the gem system and external thinking and exploration, and through the system from the system. Market as well as investors and other aspects of analysis found: China gem "three high" phenomenon is not caused by a specific factor, but by a variety of common influence, so the time to study. You can't just focus on one aspect alone; Gem is a new thing in China, to achieve the real meaning of marketization, we must thoroughly go to the administrative, although this process can not be completed in a short period of time, but for the market can be benign development and operation. Even if it is a long process, it must go on; China's gem should also strengthen market supervision, introduce public supervision of gem companies and regulatory agencies, actively improve the corresponding legal system, increase penalties, and crack down on speculators. To protect small and medium-sized investors; The construction of gem in China not only needs to perfect the market, but the most important thing is to perfect the basic system. China's small and medium-sized investors on the gem risk awareness is not enough, its own risk control capacity is insufficient, and lack of rational enough, for the majority of small and medium-sized investors education. To provide the overall quality of small and medium investors, is also necessary for the orderly development of the gem. After all, gem from birth to now, but more than three years, during this period produced a variety of undesirable phenomena and drawbacks, both the construction is not yet perfect reasons, but also China's unique environment and system caused by. This means. When we learn from the experience of other countries, the gem should not copy and take it completely. Instead, we should constantly explore and revise it according to the actual situation of China and the specific conditions of China. In order to truly find suitable for the growth Enterprise Market of China's own development needs of the road.
【學(xué)位授予單位】：中央民族大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.51

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