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创建于1996年的韩国KASDAQ市场,已成为新兴市场中位居前列的创业板市场。KASDAQ定位于为高科技企业、中小企业、特别是创业企业提供融资服务。2002年以来,年均有80多家企业上市,年均IPO融资额30多亿美元。成功培育出一批核心企业,促进了韩国中小企业和创业企业的发展,对韩国经济发展做出了贡献。KASDAQ将拟上市企业分为特殊企业和一般企业,制定了不同的发行上市标准。对于经过认可的风险投资型、研究开发型、新技术应用型等特殊企业,KASDAQ提供了单独的上市标准,与一般企业相比,对特殊公司上市的财务状况要求比一般企业要低得多,没有开业时间、资本金、盈利、负债比例的硬性要求。KASDAQ在实际审查中,除具体的量化指标要求外,还注重审查申请文件是否真实、财务是否稳定、是否具备持续经营能力等。KASDAQ的主要制度特色包括:一是法律法规、财税政策全面支持创业企业;二是严格的监管和退市标准;三是完善的限制股份退出制度。
The KASDAQ market in South Korea, established in 1996, has become one of the leading gem markets in emerging markets. KASDAQ aims to provide financing services to high-tech enterprises, small and medium-sized enterprises, especially start-ups. Since 2002, an average of more than 80 companies listed on the annual average of $ 3 billion in IPO financing. It has successfully nurtured a number of core enterprises, promoted the development of Korean SMEs and start-ups, and made contributions to the economic development of South Korea. KASDAQ divides the companies to be listed into special enterprises and general enterprises and sets different standards for issuing and listing. KASDAQ provides separate listing standards for recognized specialists such as venture capital, research and development, and new technology applications. Compared with the average company, KASDAQ requires a much lower financial position than the average company for the listing of special companies, No opening time, capital, profitability, debt ratio of the rigid requirements. KASDAQ in the actual review, in addition to the specific requirements of quantitative indicators, but also pay attention to review the application documents are true, financial stability, whether to have the ability to continue to operate. KASDAQ’s main institutional features include: First, laws and regulations, fiscal and tax policies to fully support the start-up enterprises; the second is the strict regulatory and delisting standards; third is to improve the system of restrictions on the withdrawal of shares.