中国创业板上市条件法律问题研究

目前我国的创业板主要面临三大困境:一是对上市公司的资金、盈利性等方面要求的门槛较高,造成了许多真正有潜力的国内中小企业上市融资非常困难,这无疑与我国创立创业板的初衷大相径庭;二是各创业板市场正面临激烈竞争,国外的创业板(例如纳斯达克等)制定了很多政策吸引我国中小企业去该市场上市;三是在创业板第一批解禁潮来临之时,首批上市的28家企业中大批高管离职套现,这充分证明了我国创业板市场的不完善性。我国的创业板应该制定怎样的上市条件才能既满足中小企业的融资需求,又能够维持自身的稳定发展,还能切实保证投资者的利益,这是一个值得深思的问题。

Legal Study on Chinext Listing Requirements

China gem faces three difficulties： firstly,in terms of funds,profitability of listed companies,a higher threshold caused a lot of real potential domesticSMEs verydifficult for listing and financing,this isnodoubt greatly at odds with the original intention of establishment of the growth enterprise market; secondly,the growth enterprise market is facing stiff competition,overseas growth enterprise market such as NASDAQ has developed many policies to attract Chinese small andmediumenterprises to themarket; Thirdly,when the released tide comes in the gem,a large number of executives in the first batch of 28 listed companies cash out,this proves the imperfection of the gem. Our GEM listing requirements should be established in order tomeet the financing needs of SMEs and tomaintain its stable development,but also guarantee the interest of investors,which is an issue ofwarrants.