Writing on the two anniversary of the opening of the gem: Gem betrayed the small and medium-sized enterprises

The gem benefits from the slogan and banner of financing for small and medium-sized enterprises can be boarded the stage of China's capital market. But it betrayed the small and medium-sized enterprises that gave birth to it and nurtured it. Gem for SME Financing service commitment is just a beautiful empty words, we thought that the gem sowing is the dragon species, actually born is a flea.

Ten years ago, China's pioneering board was struggling, and Shenzhen on the gem, to restore the motherboard can not also get into trouble. Meanwhile, there is a wave of mergers and acquisitions among global exchanges. In China, the issue of the isomorphism of SSE and Shenzhen is also criticized by more and more people, and a deputy general manager of SSE also mentions the existence of Shenzhen on different occasions several times. The newly-arrived chairman is eager to find a way out of the predicament.

June 2002, China's "SME promotion Law" promulgated, which makes the plight of the Shenzhen feel a survival and development opportunities to come. Chen Dong Levy is keen to find that the core of the "SME law" is to solve the problem of financing for small and medium-sized enterprises, and this issue is closely related to the emergence of the gem.

So there appeared to let the stock market people do not understand the picture, this is the Shenzhen Stock Exchange and the national Development and Reform Commission SME Division and the Ministry of Science and Technology in July 19, 2002 jointly convened the first exchange of the "Implementation of < SME Law > for SME Financing" forum. Shenzhen strategy of the development of a two-step venture board strategy, which is "first to engage in small and medium-sized SME financing services, when the conditions are ripe for SME financing and scientific and technological innovation services," the big idea.

The implementation of the SME Promotion Act, to solve the SME financing difficulties, we must vigorously develop direct financing. Venture capital and risk investment are the main force of direct financing, they also have a special interest in the development of small and medium-sized enterprises. Of course, the premise of venture capital investment is to open the channel, and the establishment of a smooth exit channel to develop the SME board and the gem. So a very natural connection chain began to form, that is, in the Shenzhen stock first opened small and medium-sized plates, and then opened the gem, step-by-Step solution to SME financing difficulties.

2004, after nearly three years of theoretical and technical preparation, a unique Chinese not only like the motherboard, but also like the Gem board, take the rules of the Board (trading mode, regulatory system), take the scale of the gem, the world's unique small and medium-sized board was born. Five years later, in October 2009, the relatively low threshold of the gem was subsequently opened.

People have high hopes for the gem, including the author and all the experts and scholars for the gem, in the development of Shenzhen internal multi-level capital market at the same time, to meet the needs of SME financing. China's small and medium-sized enterprises, in accordance with investment and listing 10:1 of the ratio, three years can be through the financial listing of the driving effect to solve tens of thousands of small and medium-sized enterprises financing problems, really play the role of SME financing services.

Starting from the opening of the gem in October 2009, has been nearly two years. However, the development of the gem in both fairness and efficiency of the people to surprise. Over the past two years, the GEM has only 264 companies listed, but the money spent is not the same as my experts and scholars advocate the use of about 100 million of the money to ignite a company's entrepreneurial passion of 26.4 billion, Nor is it that the 264 companies in the prospectus are expected to raise 250 million of the 66 billion of the funds, but spent 187.4 billion of the money, an average of 710 million per home, over 120.9 billion, and real financing is nearly three times times the planned financing.

When the whole country's small and medium-sized enterprises are in the capital tense "make money shortage", when China's stock market is miserable and ranked first in the theoretically bankrupt country of Greece, when Chinese investors only do "donate money" as a model but very few people make a profit, the 264 gem companies are idle up to 120.9 billion of the extra funds, Either do nothing and waste it, or buy a house and move it. Imagine this 187.4 billion funds if to 2000 enterprises to develop the main solution financing difficult, how efficient. From a fair perspective, the gem is a worse model. When the social ideological confusion, the people hate corruption, distribution injustice, who can think of the gem market issue system unreasonable only then produced in the past two years, China's largest social distribution injustice. and gem listed enterprises to go to the bridge, as long as the market, in only a few "darling" to engage in market inquiry under the signboard, without entrepreneurship, you can create wealth. Up to now, the gem listed 264 companies issued a complete, created a 799个亿万 millionaire, 111 1 billion-class rich family. The big cake is not created, but the unreasonable distribution system. To date, 264 companies have broken the unprecedented record in the history of human capital markets by averaging 63 times times the price-earnings ratio of 32 yuan.

On the two anniversary of the opening of the gem, the gem can basically do two misleading two harm evaluation, namely: misleading decision-makers in China's stock market in such a prolonged downturn, still think that the stock market bubble is very large, it is difficult to launch an active stock market policy to protect investors ' interests; mislead entrepreneurs, The myth of legal capital deprivation brought by unreasonable stock market creation system makes them put on the reduction of shares by means of resignation and internal transaction, which has destroyed the entrepreneurial passion, meanwhile, it has endangered the process of following listed enterprises, which makes the listed enterprises more and more difficult. Also endanger the interests of shareholders and the healthy development of China's stock market. Gem listed the myth of the rich also corrupted the social atmosphere. The two-year history of the gem proved to be a failure of China's capital markets.

Today, despite the growth of the gem three outstanding offer price has come down, but this is due to the continued downturn of the market and people's hatred of the gem caused. Regulators do not have any institutional reflection, refused to admit also refused to look for the cause of the failure of the gem, this on the basis of limited scale, only to get a stock from the ceiling to the floor of the inquiry, in fact, is false market.

Looking at the development of the gem 10 years, we can see that gem benefits from the slogan and the banner of financing for small and medium-sized enterprises can be boarded the stage of China's capital market. However, it betrayed the birth of it, nurturing its small and medium-sized enterprises, in the gem and SME financing alliances between the mutual assistance and cooperation has not achieved double win, for it to embark on the ladder of small and medium-sized enterprises still do not solve the listing difficult, financing difficult and increasingly difficult problems. More and more people feel that the gem for SME financing services commitment is just a beautiful empty words, we thought that the gem sowing is the dragon species, actually born is a flea. This brutal reality, which has been widely seen, is still not enough to awaken the regulators ' sense of reflection. This has to say is the sadness of Chinese shareholders and stock market, but also the sadness of Chinese small and medium-sized enterprises.

(the author is a famous economist, director of the Capital Research center of CESL, member of the Group of Experts of the National People's Congress, "Securities law")