中国二板市场应无限期推迟——从海外二板市场的教训看中国开设二板的艰难性

德国、日本、澳大利亚及香港等海外二板市场失败的原因是由于其大幅度降低了公司入市的标准和要求,有其必然性。美国纳斯达克市场尚存的原因是其特性与主板有重叠之处,从超长期看,其是否成功还难以确定。本文指出中国拟创立的二板市场理由、目标与海外二板市场衰败的原因如出一辙;加之中国A股市场股本结构分裂,股价高企,没有做空机制,二板市场贸然推出,不仅本身可能会蹈海外多数二板市场的覆辙,而且可能对主板A股市场形成严重影响,故建议中国二板市场无限期推迟。在主板市场可通过附设一个科技创业分板,并应尽快恢复深圳证券市场新股发行工作。

The Establishment of the Secondary Stock Market Should Be Postponed Indefinitely --Difficulties in establishing the secondary stock market with reference to the lessons drawn from the secondary stock market abroad

With an analysis of the failure of the overseas secondary stock market in Germany,Japan,Australia and Hong Kong,this paper concludes that their failure is due to the drastic lowering of standards and requirements for the listing of companies,and is therefore inevitable. It also points out that the reason for the survival of the Nasdaq Stock Market is that Nasdaq shares some of the characteristics of the primary stock market. It is difficult to predict whether it can remain successful in the long run. This paper points out that the reasons and objectives for establishing China s secondary stock market are exactly the same as the causes of the decline of the overseas secondary stock market. In addition,China's stock market is characterized by structural disruption,high initial price,and absence of speculation mechanism. Therefore,hasty establishment of the secondary stock market might not only follow the steps of most overseas secondary stock markets,but also seriously affect the shaping of the primary A-stock market. This is why this paper concludes that the secondary stock market in China should be postponed for an indefinite duration. A sub-market of science and technology for business starting might be set up in the primary stock market,and the issuing of new stocks on the Shenzhen stock market should be resumed as early as possible.