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万众瞩目的中小企业板在深交所设立,这是我国证券市场划时代的一件大事,在社会上酝酿了几年的设立创业板市场开始有了结果。中小企业板尽管还是主板市场的组成部分,是主板市场下的板块,但是具有运行独立、监察独立、代码独立、指数独立的特点,决定了其运作有相对的独立性。这是贯彻落实十六届三中全会精神和《国务院关于推进资本市场改革开放和稳定发展的若干意见》,积极推进我国多层次资本市场建设迈出的重要一步。中小企业板并不是创业板,它仍然坚持现行法律法规不变、发行上市标准不变的原则,除了有相对独立运行的特点外,使上市的对象面向高成长性的中小企业,这是向创业板的过渡阶段,也是在实践中为创业板的正式设立做准备。所以说,中小企业板的设立,是根据中国的实际,实施分步推出创业板的第一步。一方面,它适应了我国广大中小企业在发展中急需扩大直接融资比例、急需利用资本市场进行发展的需要;另一方面,它的上市规则与主板相同,规避了创业板那种低门槛、全流通等可能带来的风险,以使中小企业板在运行一段时间后,在条件更加成熟的条件下推出创业板,以保证创业板的健康稳定发展。
The highly anticipated SME board was set up in the Shenzhen Stock Exchange. This is an epoch-making event in the securities market in our country. The market for the establishment of a gem has been brewing for a few years in the community. Although the SME board is still an integral part of the main board market and a board under the main board market, it has the characteristics of independent operation, independent supervision, independent code, and index independence, which determine its relative independence in operation. This is an important step toward implementing the spirit of the Third Plenary Session of the 16th CPC Central Committee and the “Several Opinions of the State Council on Promoting the Reform, Opening up and Stable Development of the Capital Market” and actively promoting the construction of a multi-level capital market in our country. SME board is not a GEM, it still insisted the existing laws and regulations unchanged, the same issue of the issuance and listing of the principle, in addition to a relatively independent operation of the characteristics of the listing of the object for high-growth SMEs, which is to entrepreneurship The transitional phase of the board is also a preparation for the formal establishment of the GEM in practice. Therefore, the establishment of SME board is based on China’s actual implementation of the first step in launching the GEM step by step. On the one hand, it meets the needs of the majority of SMEs in China urgently needed to expand the proportion of direct financing in the development, the urgent need to use capital markets for development; on the other hand, its listing rules and the same motherboard, to avoid the GEM that low threshold, the whole Circulation and other possible risks, so that SME board in operation for some time after the conditions are more mature launch GEM, in order to ensure the healthy and stable development of the GEM.