新三板制度构建视角下科技型中小企业融资问题研究

作为实现创新型国家战略的先锋队和生力军,我国数量庞大的科技型中小企业面临内源融资动力不足、银行信贷收紧、公开上市门槛过高的现实融资困境.新三板市场在提供风险投资退出渠道、增强企业股权流动性、降低融资成本、改善公司治理结构等方面都具有积极意义.扩容后的新三板定位于培育中小板、创业板后备企业的“孵化器”,为急需资金的科技型中小企业开辟了一条通向资本市场的新渠道.因此,我国的新三板市场的制度设计应当从交易制度、转板机制、信息披露规则、监管体系等方面进行完善,以激励科技型中小企业在健康、活跃、低成本融资的市场环境中发展.

Research on Sci-tech SME Financing from Perspective of Three New Board Institution Construction

As the vanguard and main force to medium-sized science and technology enterprises power deficiency, bank credit tightening and high build an innovation-oriented country, China＇ s numerous small and are faced with such financing difficulties as endogenous financing publicly-listed threshold. The new three board market is positively significant in providing risk investment withdrawal channels, enhancing the enterprise equity liquidity, reducing fi- nancing costs and improving corporate governance structure. The expanded new three boards are positioned as an in- cubator for fostering SME and gem-board reserve enterprises. Therefore, the system design of China＇ s new three board market should be perfected in terms of trading system, plate-turning mechanism, information disclosure rules and supervision system so as to encourage science and technology SMEs to develop in a healthy, active and low-cost financing market environment.