科技型中小企业特征与资本市场的错位关系研究

随着社会经济的快速发展,中国已经进入了经济转型期,企业群体的构成也发生了较大变化,科技型中小企业成为当前我国经济发展的重要组成部分。但是,我国现有资本市场的结构和制度安排主要服务于各行业中业绩稳定,具有可持续发展潜力的传统产业中的大中型企业,而科技型中小企业由于规模小,无形资产比重大、业绩不稳定等特征很难得到资本市场的支持。在国家提出自主创新战略背景下,研究资本市场如何为科技型中小企业服务,加快我国产业结构升级,是个迫切需要解决的问题。本文通过对部分国家高新区的调研发现,现阶段科技型中小企业的一些特征与资本市场和服务机构之间均存在一定的错位关系。为解决这些错位关系,提出了未来我国资本市场制度建设的相关建议。

Study on the Dislocation Relations of SME Characteristic and Capital Market

With the rapid social and economic development,China has entered a period of economic transformation.Enterprise group＇s constitution has also had the sweeping change,the SME has become an important component of economic development.However,our existing capital market institutional arrangements mainly serve the industries with sustainable development and large scale.Because of small scale,large proportion of intangible assets,performance instability features and so on,the SME is difficult to get the support of the capital market.In the context of independent innovation strategy,how the capital markets serving the SME and speeding up the upgrading of industrial structure is a problem needed to be solved.This paper obtained some dislocation between the SME and the capital market system.In order to solve the dislocation relations at last it proposed suggestions of the future capital market system.