南方金融
南方金融
남방금융
SOUTH CHINA FINANCE
2014年
12期
67-73
,共7页
金融市场%多层次股票市场%转板制度%企业融资%市场机制
金融市場%多層次股票市場%轉闆製度%企業融資%市場機製
금융시장%다층차고표시장%전판제도%기업융자%시장궤제
Financial Market%Multi-Level Stock Market%Switch Mechanism%Corporate Financing%Market Mechanism
我国多层次股票市场发展滞后，长期以来没有建立起完整有效的转板制度。为实现我国各层次股票市场之间的有机衔接，需要构建并完善转板制度。要以建立实质性的多层次股票市场为前提，注重满足企业融资需求与维护市场稳定两大目标的协调。要循序渐进推动升板机制的构建。打通升板通道的时机和力度，应当与市场适应性和可承受度相匹配。同时要以退市制度改革为契机，健全降板机制，扩大企业的自主选择空间，增强市场机制的有效性。
我國多層次股票市場髮展滯後，長期以來沒有建立起完整有效的轉闆製度。為實現我國各層次股票市場之間的有機銜接，需要構建併完善轉闆製度。要以建立實質性的多層次股票市場為前提，註重滿足企業融資需求與維護市場穩定兩大目標的協調。要循序漸進推動升闆機製的構建。打通升闆通道的時機和力度，應噹與市場適應性和可承受度相匹配。同時要以退市製度改革為契機，健全降闆機製，擴大企業的自主選擇空間，增彊市場機製的有效性。
아국다층차고표시장발전체후，장기이래몰유건립기완정유효적전판제도。위실현아국각층차고표시장지간적유궤함접，수요구건병완선전판제도。요이건립실질성적다층차고표시장위전제，주중만족기업융자수구여유호시장은정량대목표적협조。요순서점진추동승판궤제적구건。타통승판통도적시궤화력도，응당여시장괄응성화가승수도상필배。동시요이퇴시제도개혁위계궤，건전강판궤제，확대기업적자주선택공간，증강시장궤제적유효성。
The multi-level stock market in china has been underdeveloped for a long time, without an effective switch mechanism for stocks. To achieve the target of an organic multi-level stock market, as well as an effective switch mechanism, China needs to balance the demand for corporate financing and stability of financial market. Meanwhile, China needs to promote stock switch-up mechanism by considering market adaptability and tolerance; to build stock switch-down mechanism, even delisting system, to enhance the effectiveness of financial market and to optimize the allocation of resources.
