我国创业板市场发展对策探析

创业板市场由于主要吸纳处于创业阶段的小企业，其风险高于主板市场已经被国外实践所证明。我国即将开设的创业板市场虽然在初创阶段因吸收大量的已经超越了创业阶段，具有较高赢利水平而且发展潜力巨大的民营企业，其风险性比国外创业板小，也比国内A股市场小。但由于创业板市场门槛低，不要求企业有赢利记录，未来难免一些没有发展前景的中小企业进入创业板市场积聚风险。故为保证我国创业板市场运作成功，吸取A股市场教训，特别需要解决如下问题：1.避免政府部门的干预；2.严格监管；3.借鉴他国经验，为创业板市场合理定位。

Discussion and Analysis on Development of the Second Board Market in China

Many overseas practices have already proved that the risks of the second board market are higher than those of the first board market since there are mainly medium and small-size enterprises which are at the stage of starting to develop in the second board market. Although the second board market in China which will be set up soon has less risks than overseas ones and domestic A share market because it has accepted a lot of private enterprises that have already transcended starting stage with relatively higher profits and great potential for development, we could not prevent other medium and small-size enterprises with no good prospects entering this market in the future because of the low requirements of the second board market listing. Enterprises are not requested to have profitable results, which will ultimately accumulate the risks in the market. Therefore, drawing lessons from A share market, we need to pay special attention to the following issues in order to ensure the successful operation of the second board market in China: a. Avoiding the intervention of the state authorities; b. Strict supervision and administration; c. Rational identification and recognition of the second board market using the experience of other countries for reference.