本文選題：中國 + 創(chuàng)業(yè)板　； 參考：《復(fù)旦大學(xué)》2012年碩士論文

【摘要】：創(chuàng)業(yè)板市場是為了適應(yīng)自主創(chuàng)新企業(yè)及其他成長型創(chuàng)業(yè)企業(yè)發(fā)展需要而設(shè)立的證券市場。從世界范圍看,創(chuàng)業(yè)板市場的發(fā)展是一個漫長而曲折的過程,先后經(jīng)歷了起步、繁榮、調(diào)整和復(fù)蘇四個階段。海外創(chuàng)業(yè)板市場的正式起步得益于第三次科技革命的發(fā)生。經(jīng)過近半個世紀(jì)的發(fā)展與整合,目前國際上主要證券市場均設(shè)有創(chuàng)業(yè)板市場,且大多發(fā)展定位已經(jīng)明確,發(fā)展模式和運(yùn)行機(jī)制也日趨成熟,在全球證券市場中占據(jù)著越來越重要的地位。隨著市場競爭的加劇,海外創(chuàng)業(yè)板市場的發(fā)展出現(xiàn)了形象高端化、整合常態(tài)化、定位差異化、制度創(chuàng)新化和產(chǎn)品多元化等發(fā)展趨勢。創(chuàng)業(yè)板市場是我國有特色社會主義市場經(jīng)濟(jì)發(fā)展到一定階段的必然產(chǎn)物。歷經(jīng)逾十年的醞釀和籌備,在借鑒了海外主要創(chuàng)業(yè)板市場發(fā)展的經(jīng)驗(yàn)和教訓(xùn)的基礎(chǔ)上,我國創(chuàng)業(yè)板市場終于破繭而出。經(jīng)過兩年多的發(fā)展,已有一大批優(yōu)秀企業(yè)借助創(chuàng)業(yè)板市場的平臺實(shí)現(xiàn)了產(chǎn)融結(jié)合,走上了創(chuàng)新驅(qū)動的快速發(fā)展軌道。但與此同時,創(chuàng)業(yè)板市場在目前的發(fā)展過程中也出現(xiàn)了一些諸如市場準(zhǔn)入與設(shè)立初衷相背離、上市公司估值水平與成長預(yù)期相背離、創(chuàng)業(yè)者現(xiàn)實(shí)選擇與創(chuàng)業(yè)目標(biāo)相背離、專利授權(quán)數(shù)量與獲利能力相背離、保薦機(jī)構(gòu)利益追求與保薦責(zé)任相背離以及退市效果與市場要求相背離等若干亟待解決的問題,必須予以充分重視。因此建議現(xiàn)階段宜采取一系列措施加快上市審批進(jìn)程、堅(jiān)持市場制度創(chuàng)新、強(qiáng)化社會監(jiān)管職責(zé)并完善配套環(huán)境建設(shè),以促進(jìn)我國創(chuàng)業(yè)板市場的健康穩(wěn)定和可持續(xù)發(fā)展。只要結(jié)合實(shí)際、循序漸進(jìn)并堅(jiān)持創(chuàng)新特色,在全社會的共同努力下,我國創(chuàng)業(yè)板市場必將逐步發(fā)展為規(guī)范高效、風(fēng)險(xiǎn)可控、特色鮮明、有競爭力、并與中國經(jīng)濟(jì)地位相匹配的新市場；成為具有資本引導(dǎo)功能、創(chuàng)新激勵功能、優(yōu)秀企業(yè)家培養(yǎng)功能、領(lǐng)袖企業(yè)孕育功能、并體現(xiàn)社會公平與效率的新平臺,為自主創(chuàng)新國家戰(zhàn)略的實(shí)施發(fā)揮新的建設(shè)性作用,為中國特色社會主義建設(shè)事業(yè)做出更大的貢獻(xiàn)。
[Abstract]:Growth Enterprise Market (gem) is a stock market set up to meet the development needs of independent innovation enterprises and other growth startups. From the view of the world, the development of gem is a long and tortuous process, which has experienced four stages: start, prosperity, adjustment and recovery. The formal start of the overseas gem market benefits from the emergence of the third science and technology revolution. After nearly half a century of development and integration, the major international securities markets have established gem markets, and most of the development positioning has been clear, the development model and operational mechanism are increasingly mature. In the global securities market occupies a more and more important position. With the aggravation of market competition, the development of overseas gem market has appeared the development trend of image high-end, integration normalization, positioning differentiation, system innovation and product diversification. The gem market is the inevitable outcome of the development of our country's characteristic socialist market economy to a certain stage. After more than ten years of brewing and preparation, on the basis of learning from the experience and lessons of the overseas main gem market, the gem market of our country finally broke out of the cocoon. After more than two years' development, a large number of excellent enterprises have realized the combination of industry and finance with the help of the platform of the gem market, and embarked on the track of rapid development driven by innovation. However, at the same time, in the current development process of gem, there are some deviations from the original intention of market access and establishment, the valuation level of listed companies from their growth expectations, and the realistic choice of entrepreneurs from their entrepreneurial goals. The number of patent license deviates from the earning ability, the interest pursuit of the sponsor organization deviates from the sponsor responsibility, and the delisting effect deviates from the market requirement, which must be paid more attention to. Therefore, it is suggested that a series of measures should be taken at the present stage to speed up the process of listing examination and approval, to persist in the innovation of market system, to strengthen the responsibility of social supervision and to perfect the construction of supporting environment, so as to promote the healthy, stable and sustainable development of the gem market in China. As long as we combine reality, step by step and persist in innovation, with the joint efforts of the whole society, the gem market of our country will gradually develop into standardized and efficient, risk controllable, distinctive and competitive. The new market, which matches China's economic status, has become a new platform with capital guiding function, innovation incentive function, excellent enterpriser training function, leader enterprise gestation function, and social equity and efficiency. It will play a new and constructive role in the implementation of the national strategy of independent innovation and make greater contributions to the cause of building socialism with Chinese characteristics.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.51

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