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2013年12月14日,国务院发布《关于全国中小企业股份转让系统有关问题的决定》,这意味着经过多年的摸索,全国中小企业股份转让系统(简称新三板)服务范围由北京中关村、天津滨海、上海张江、武汉东湖等四个国家高新区的股份公司正式扩大至全国范围内符合条件的企业。新三板扩容至全国不仅为更多的中小微企业提供了合法便利的直接融资渠道,也为资本市场的承上启下搭建了桥梁,这必将对中国资本市场的发展产生深远的影响。本文将着重对新三板扩容至全国对中国资本市场及参与各方将产生的影响展开论述,力求理清新三板发展路径的脉络,辨明新三板的发展方向。
On December 14, 2013, the State Council issued the Decision on Relevant Issues Concerning the Share Transfer System for Small and Medium-Sized Enterprises across the Nation. This means that after years of exploration, the service scope of the share transfer system for the national medium and small-sized enterprises (hereinafter referred to as the “Third Board”) ranges from Zhongguancun in Beijing to Tianjin Binhai , Shanghai Zhangjiang, Wuhan East Lake and other four high-tech zones in the country officially expanded to eligible companies across the country. The expansion of the new board to the whole country not only provided direct financing channels for more and more small and medium-sized micro-enterprises with legal convenience, but also built bridges to the capital market, which will surely have a profound impact on the development of China’s capital market. This article will focus on the expansion of the New Third Board to the national capital market in China and the parties involved will discuss the impact and strive to sort out the context of the development path of the new three boards and identify the direction of development of the new board.