The choice of new Sanbanxi market development path

As an important part of the multi-level capital market system in China, the new Sanbanxi market is the basis and foreground of the main board market and the SME market. 　　The future of China's capital market ideal model, is from Sanbanxi market to the SME market or gem market, and then to the motherboard market pyramid shape.　　With the introduction of gem, the pace of the board, there are more and more calls between the gem and the Sanbanxi market to build the transfer channel, it is necessary to set up the mechanism of the preparation of the Rotary board, when the gem is launched and the operation is perfect, make the relevant transfer board system as soon as possible, establish and perfect the mechanism of the Transfer board, and perfect the -The Yangtze River Securities Wu Zhi Group Zhao in the management "construction multi-level capital market Tide's overall planning background, 2006, Zhongguancun Science Park" new Sanbanxi "market officially started. "New Sanbanxi" market refers to the Zhongguancun Science Park not listed companies into the agency's share system transfer pilot, as listed enterprises are High-tech enterprises, different from the original transfer system in the enterprise and the original Staq, net system listed companies, it is known as the "New Sanbanxi." "New Sanbanxi" is positioned to raise funds for High-tech Enterprises in the start-up stage, to solve their asset value assessment, risk diversification and venture capital equity trading, to provide efficient and low-cost financing channels, improve capital operation ability, Improve the corporate governance of small and medium-sized enterprises and for the main Board to transport outstanding enterprises and other aspects have played a good role.　　In order to better develop our country's new Sanbanxi market, combined with the development of China's capital market, and with the introduction of the market spring of the gem, we construct the possible path choice of the future development of China's new Sanbanxi market from the following angles. The introduction of market maker system is a relation of many pairs, that is, a group of market makers serves for a listed company. What is more important is that the market maker provides money for the transaction, in which the market maker first buys the stock with its own money and then sells it.　　These practices have greatly increased the liquidity of the market, increasing the depth and breadth of the transaction. In particular, the introduction of market maker system in new Sanbanxi markets can achieve the following functions: To realize the valuation of innovative enterprises. The core function of the new Sanbanxi market is to solve the problem of stock circulation and financing by solving the valuation problem of innovative enterprises, the only sign of its success is its valuation efficiency, that is, whether the stock price reflects the value of the company and reflects the company's information. In order to solve the valuation problem of innovation and technology enterprises scientifically and rationally, we must adopt the market-maker system. Under the market maker system, the price quoted by the market maker is formed on the basis of analyzing the information of all the participants in a comprehensive way to measure their own risks and benefits, and the investors make decisions on the basis of the quotations, and in turn affect the market maker's quotations, thus pushing the securities prices closer to their actual value. Market maker system makes the stock of listed company be able to deal at the best price, and protect the interests of investors. In this process, market makers play the role of price discovery, and then realize the reasonable valuation of innovative enterprises. and the motherboardImplementation of automatic Matchmaking, no professional market makers to guide investors to enterprise valuation, for innovative enterprises, the main board listing results are often the value of the enterprise is underestimated. Increase the liquidity of the stock and enhance the attractiveness of the market to investors and securities companies. The enterprises in the new Sanbanxi market are generally small in size, but the risks are higher, and the enthusiasm of investors and securities companies is limited. Especially in the market downturn, the majority of investors are more likely to lose confidence.　　If the implementation of market-making business system, by the market maker to undertake the necessary funds to do the city, can be traded at any time, active market often buyers and sellers do not have to wait for each other to appear, as long as the market maker to assume the other party's responsibility, the transaction can be carried out. Effectively stabilize the market and promote the balanced operation of the market. As a group of market makers offer quotations for a listed company, there is competition between market makers, the information asymmetry of the markets will be greatly alleviated, individual institutional investors have difficulty in manipulating the market to profiteering, the market is much less speculative, and reduce the traditional way of dealing with the so-called dealer secretly manipulating the stock price phenomenon,　　Effectively stabilize the city. In addition, market makers also have the responsibility to participate in the market when the stock price has plummeted, thereby helping to curb excessive speculation and play a role as a city-mocking stabilizer. To establish a scientific mechanism for the transfer of boards multi-level capital market system refers to the quality, scale, risk level of different enterprises, in order to meet the diversified market subject of capital requirements of the establishment of a tiered market system, including the following: The main board market, that is, the stock exchange market, Refers to the market of centralized bidding transactions on organized exchanges, mainly providing services for the financing and transfer of large and mature enterprises; second market, also known as the Gem Market, refers to the corresponding to the motherboard market, Outside the motherboard specifically for the early stage of infancy and industrialization stage of SMEs and High-tech enterprises to provide financing of the stock market, the market can also address the assets of these enterprises (including intellectual property rights) evaluation, risk diversification and venture capital equity trading; Sanbanxi Market (OTC Market),　　Including the counter market and OTC market, mainly to solve the enterprise development in the start-up stage of the early and late stage of the infancy of the small and medium-sized enterprises in the financing of capital issues, as well as the assets of these enterprises (including intellectual property rights) evaluation, risk diversification and venture capital equity trading issues. As an important part of the multi-level capital market system in China, the new Sanbanxi market is the basis and foreground of the main board market and the SME market. 　　The future of China's capital market ideal model, is from Sanbanxi market to the SME market or gem market, and then to the motherboard market pyramid shape.　　With the introduction of gem, the pace of the board, between the gem and the Sanbanxi market, the voice of the transfer board channel is more and more high, it is necessary to set up the mechanism of the preparation of the Board, as soon as the gem is launched and the operation is perfect, make the relevant transfer board system, establish and perfect the mechanism of the transfer board, perfect the composition of Development of the national OTC market due to the currentThe new Sanbanxi market overall scale is small, the turnover is low, the investment is not active, the liquidity also has the geographical limitation, the market financing function cannot play effectively, urgently needs to enlarge the market. At present, the country has more than 50 High-tech parks, these science and technology parks also have a strong demand to join the new Sanbanxi market, Chengdu, Xi ' An, Wuhan, Guangzhou, Hangzhou, Tianjin, Wuxi, Pudong Zhangjiang, Chongqing and other High-tech parks are actively striving for the pilot, the establishment of regional OTC market, local governments have also issued preferential policies for the big , do a good job, do a strong local High-tech park efforts.　　The central government should speed up the expansion of the new Sanbanxi market, enlarge the scope of the pilot, introduce the new Sanbanxi market to the domestic High-tech parks, draw on the experience of the developed countries, develop the new Sanbanxi market into a nationwide OTC market, realize the nationwide intranet operation, centralize the quotation, disperse the transaction and unify the accounting To measure the success of a capital market, two criteria should be followed: one is large enough, fair and efficient, and the other is strong liquidity and high transparency. In order to achieve these two standards, it is necessary to integrate the new Sanbanxi market with two system of property right market, to achieve complementary advantages, avoid waste of resources and vicious competition. China's property market does not allow equity to split the continuous trading, this is to promote the sound development of the market, to avoid market speculation, the protection of small and medium-sized investors. However, under the situation of underdeveloped market economy in China, the standardized and continuous stock form is more advantageous to the transfer of equity circulation, which is more advantageous to solve the problem of capital increment of enterprise development, and it is more advantageous to solve a series of problems such as dispersed private capital with small amount of funds.　　Therefore, the advantage resources in the property market should be screened out and integrated with the new Sanbanxi system resources to realize the equity circulation of unlisted companies.　　Motherboard and second market operation is strict, normative, unified, open, transparent for the concept, and the new Sanbanxi market operation is relaxed, support, favorable investment and trading as the starting point, which is similar to the trading philosophy of the property market. Because the property market is a more basic trading market, its advantage lies in the best understanding of local enterprise resources.　　At the same time, after 20 years of development, in the brokerage company and market maker management, information disclosure System, trading mode innovation, electronic trading system, listed companies risk monitoring and so on have accumulated a lot of experience, this specialization will help the new Sanbanxi markets good operation. The new Sanbanxi market should integrate the mechanism first is the resource integration. The first is the integration of enterprise resources. Now a total of nearly 300 property exchanges nationwide, the initial formation of 5 regional property rights trading common city often to form a national uniform norms of the big market, we should further establish and standardize the regional property rights of the common integration mechanism from the 5 regional market core city of property rights Trading Center,　　The use of scientific and effective standards and screening mechanism to select qualified enterprise resources to enter the new Sanbanxi market, so that from the value of the real right form of trade transition into a value-form equity transfer. Listed in the new Sanbanxi market, the overall positioning for the High-tech field of operationGood and growing small and medium-sized companies, the specific standards can be considered from the following aspects: Corporate equity, business records, earnings records, business requirements, selected companies must have a centralized business scope, strict business development plan, Complete and clear business development strategy and greater business growth potential and high quality management team and management system; Sponsor system, at least one sponsor is responsible for assisting the Enterprise to apply for listing, and after listing, to the business management, investment activities, financial operations and other operational activities to provide advice,　　Report the business situation to the relevant department in time; Information disclosure, the focus is quarterly disclosure of corporate financial statements, business planning and financing plans, special risk tips, such as corporate governance, with a sound board of Directors, shareholders, management, the board of Directors of the Organization, the establishment of independent Director, and improve the internal incentive mechanism. The second is the integration of investor resources.　　The integration mechanism of the property market and the agency share transfer system is advantageous to establish the information exchange mechanism between the two, which will benefit more investors of the original property right market and then enter the new Sanbanxi market, and provide the impetus for the sustainable development of the new Sanbanxi market. is actually the integration of trading methods. The property market has used the electronic auction network system, the adoption of electronic transactions can be more efficient and accurate, to ensure fair, fair and open transactions. In the development of China's new Sanbanxi market, should also be in the condition of maturity, with the increasing popularity of Internet technology, to guide the spread of the counter in all parts of the market on the basis of fair and mutual benefit of online quotes and transactions, the formation of more powerful, more efficient, The virtualization of the electronic OTC market often uses its existing computer equipment to establish an automatic quotation system of a site, and through the public data exchange network or dedicated high-speed network to link up the first level of the site to form the basis of OTC markets network.　　All site transaction quote information is kept in sync, the other level two intermediaries are linked to the first level site, funds clearing and delivery can use the banking system. The property market and the agent share transfer system have great integration space in the operation idea, investment and financing enterprise resources, transaction mode and so on, on this basis, the formation of new Sanbanxi market will help equity fair, fair, open and efficient flow, realize the optimal allocation of resources,　　Improve the corporate governance structure of SMEs and establish a sound multi-level capital market system to better promote the establishment and improvement of the new Sanbanxi market. China's new Sanbanxi market has now been 13 years of history, as of this March, a total of 79 High-tech, High-growth Enterprises to participate in the pilot, in fact, has been listed and through the filing of 51 enterprises, is the company's record 11, the organizer of the core and due diligence enterprises 17. In addition, the other completed restructuring and restructuring of the enterprise has nearly 500. But generally speaking, the development of China's new Sanbanxi market lags far behind the development of the capital market, especially the main board market with stock. Based on this, we propose the path choice of the new Sanbanxi market, hoping to play a role in the development of our capital market.