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对我国创业板“三高”现象的思考
引用本文:陈建华,张宇光.对我国创业板“三高”现象的思考[J].深圳大学学报(人文社会科学版),2011,28(5):87-93.
作者姓名:陈建华  张宇光
作者单位:深圳大学经济学院,广东深圳,518060
摘    要:我国为建立多层资本市场,十年磨一剑,于2009年10月30日在深圳证券交易所开启了创业板交易市场。目前创业板市场为部分中小企业募集了大量资金,解决了企业融资难的问题,但市场运作的缺陷也逐渐暴露,其中最典型的即"三高"问题——高市盈率、高发行价、高超募率。我国创业板产业"三高"现象是由多种原因所改,包括新股发行定价制度中存在的缺陷;宏观层面上也有一些影响因素;以及监管体制不完善;退市制度尚未真正触发等。应对"三高"的措施首先应完善创业板发行的定价制度;同时加强创业板市场的监管,完善创业板的交易制度等。此外,借鉴海外市场的稳步扩容、抓质保量也十分必要。

关 键 词:深圳证券交易所  创业板  “三高”现象

Reflections on the 3H Phenomenon in China's Growth Enterprise Market
CHEN Jian-hua,ZHANG Yu-guang.Reflections on the 3H Phenomenon in China's Growth Enterprise Market[J].Journal of Shenzhen University(Humanities & Social Sciences),2011,28(5):87-93.
Authors:CHEN Jian-hua  ZHANG Yu-guang
Institution:CHEN Jian-hua,ZHANG Yu-guang(Shenzhen University College of Economics,Guangdong Shenzhen 518060)
Abstract:In order to establish a multi-layered capital market,China launched her first Growth Enterprise Market on the Shenzhen Stock Exchange in late 2009.This second-board market has raised significant amount of funds for some small-to medium-sized companies since its inception,partially meeting the capital needs of relevant firms.However,exposure to market forces has also exposed some fundamental problems,with the 3H problem(high P/E ratio,high IPO pricing,high over-collection) most prominent.Obviously the 3H pro...
Keywords:Shenzhen Stock Exchange  Growth Enterprise Market  3H phenomenon  
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