| 科创板运行中相关风险点与防范研究 |
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| 引用本文： | 申万宏源课题组,周冰,尤左伟,邓浩,袁金华,阚泽超,独旭.科创板运行中相关风险点与防范研究[J].证券市场导报,2020(1):2-10,20. |
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| 作者姓名： | 申万宏源课题组 周冰 尤左伟 邓浩 袁金华 阚泽超 独旭 |
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| 作者单位： | 申万宏源证券有限公司;申万宏源证券承销保荐有限责任公司;申万宏源证券承销保荐有限责任公司质量控制部;申万宏源证券有限公司博士后科研工作站 |
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| 基金项目： | 中国证券业协会2019年度优秀课题《设立科创板并试点注册制相关风险点分析与防范研究》(2019SACKT010)改编 |
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| 摘 要： | 科创板试点注册制改革,突出科创定位,通过一系列制度创新以期更有效地促进科技创新,但其功能发挥因现实局限性受到制约。基于逻辑梳理、风险分析与国际经验借鉴,本文提出科创板发展中相关风险防范与顶层设计优化的建议:一是核心目的上,要以增强市场定价机制的功能发挥为核心,促进科技创新;二是监管思路上,要以提升信息披露质量为抓手,构建良好的信息披露生态;三是从长远看,要以优化交易制度和投资者结构为重点,促进二级市场运行行稳致远。
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| 关 键 词： | 科创板 注册制 信息披露 顶层设计 风险分析 |
Research on Risk Points and Prevention in the Operation of Sci-tech Innovation Board |
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| Abstract: | Sci-Tech Innovation Board is attempting to boost science and technology through a series of institutional innovations. However, the function of registration system of Sci-Tech Innovation Board is limited by the reality. By adopting logical sorting, risk analysis and learning of international experience, this paper puts forward guiding suggestions on market top-level design and relevant risk prevention. Firstly, the fundamental principle is to enhance the function of market pricing mechanism and encourage sci-tech innovation.Secondly, regulatory authority should raise information disclosure standard so as to build a good information disclosure environment. Finally, only by optimizing the trading system and investor structure can we keep the secondary market stable and healthy in long run. |
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| Keywords: | sci-tech innovation board registration system informationdisclosure top-level design risk analysis |
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