CAJ | 학술논문

创业板作为国家产业结构优化战略的重要载体，成立五年来其规模稳步扩张并且产业带动效应初显。在地方政府相一致的区域产业战略导向下，其对区域内企业创业板上市存在行政资源上和经济资源上的“过度扶持”现象。虽然这一“过度扶持”行为具有制度性原因，但更重要的是这将扭曲创业板引导资源流向新兴经济领域的市场机制，并进一步阻碍创业板发展。因此，需要从多方面入手重构地方政府的行为边界，使其真正服务于创业板市场发展。
창업판작위국가산업결구우화전략적중요재체，성립오년래기규모은보확장병차산업대동효응초현。재지방정부상일치적구역산업전략도향하，기대구역내기업창업판상시존재행정자원상화경제자원상적“과도부지”현상。수연저일“과도부지”행위구유제도성원인，단경중요적시저장뉴곡창업판인도자원류향신흥경제영역적시장궤제，병진일보조애창업판발전。인차，수요종다방면입수중구지방정부적행위변계，사기진정복무우창업판시장발전。
As an important factor of China’s strategy for industrial structure optimization,Growth Enterprise Market(GEM)has produced some effect and expand its scale steadily. Local governments have excessive support for listing on GEM in the respect of administration and economy when directed by the same indus-trial strategy. This kind of practice has its institutional cause. It will moreover distort the mechanism of prompting financial resource to new economy by GEM,and hinder GEM development. Hence,Local govern-ments should reconstruct its behavior scope to serve the development of GEM.