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Model essay on the significance of the new third board to the market
Model essay on the significance of the new third board to the market

The New Third Board has a natural connection with scientific and technological innovation enterprises, and the New Third Board market has natural genes to serve scientific and technological innovation enterprises. Today, Bian Xiao is here to sort out the significance of the reform of the New Third Board to the market. Here, I would like to share with you some significance of the New Third Board to the market for your reference.

Continue to deepen the reform of the New Third Board.

1. Serving scientific and technological innovation and development is the major mission of the New Third Board.

The New Third Board originated from Zhongguancun Science Park in Beijing, and expanded its pilot projects in Zhangjiang, Wuhan East Lake and Tianjin Binhai Science Park. On this basis, a nationwide stock exchange has been formed. From June 2065438 to October 2003 10, the national share transfer company established a highly market-oriented and inclusive system according to the characteristics and needs of innovative, entrepreneurial and growing small and medium-sized enterprises and their investors, which is especially suitable for scientific and technological innovative enterprises. After more than seven years of development, the New Third Board has become an important part of the multi-level capital market and an important platform to serve the technological innovation of small and medium-sized enterprises. At present, the New Third Board market has gathered a number of enterprises with strong innovation ability, mastering key core technologies, high market share and excellent quality and efficiency. By the end of August this year, there were 365,438+065,438+00 listed companies in the advanced manufacturing industry in the New Third Board market, accounting for 36.93%; 2,056 listed companies in strategic emerging industries, accounting for 24.42%; There are 3057 listed companies in high-tech industries and 3376 listed companies in intellectual property-intensive industries, accounting for 37.89% and 4 1.84% respectively. 20 17 to 20 19 * * 66 listed companies won the national science and technology award. 6663 listed companies issued119 times, and the total amount of financing exceeded 5 1000 billion yuan. 1543 enterprises obtained financing at the loss stage; Listed companies have completed 1565 mergers and acquisitions, involving an amount of 2143 million yuan, of which more than 70% belong to the integration, transformation and upgrading of modern service industries and strategic emerging industries. On July 27th, the first batch of 32 selected enterprises successfully went public, raising a total of 9.452 billion yuan, of which 25 enterprises belong to strategic emerging industries, modern service industries and advanced manufacturing industries. The average R&D investment of 32 selected enterprises is 24.62 million yuan, and the average R&D intensity is 5.03%. It can be said that the New Third Board has played a strong support for the scientific and technological innovation and development of enterprises.

Second, the New Third Board market has promoted the deep integration of venture capital institutions and science and technology enterprises, and is a fusion agent of "capital+industry".

As we all know, venture capital institutions are an important force to support scientific and technological innovation of enterprises. The development of science and technology enterprises is different from that of traditional enterprises. In the early stage, it is generally necessary to invest a lot of money to introduce talents, carry out R&D and expand the market. It has the characteristics of strong dependence on talents, large R&D investment, long R&D cycle, high trial and error cost, strong capital demand and rapid growth after technological breakthrough. In the early stage of development, investment institutions mainly based on venture capital and PE became the main driving force for enterprises to continue technological innovation. Venture capital institutions have natural advantages in integrating innovative resource elements and boosting the development of scientific and technological innovation of enterprises.

At present, China is in a critical period of economic transformation and upgrading, and scientific and technological innovation will become an important factor leading China's economic development. As a key carrier of scientific and technological innovation, enterprises cannot do without the support of investment institutions. As professional institutional investors, venture capital institutions not only have a high professional vision, but also know the invested enterprises and the capital market, and introduce the invested scientific and technological innovation enterprises into the capital market to make them grow together with the scientific and technological innovation enterprises in the capital market. Practice has proved that venture capital institutions are an important force to support scientific and technological innovation of enterprises.

However, both scientific and technological innovation enterprises and venture capital institutions are inseparable from the capital market. The capital market provides the strength of capital for science and technology enterprises, and provides exit channels for venture capital institutions, so that venture capital institutions can advance and retreat. The capital market enables venture capital institutions of the capital side and technological innovation enterprises of the industry side to realize the integration of "capital+industry".

The reform of the New Third Board has played a positive role in promoting the scientific and technological innovation of venture capital institutions. In recent years, the New Third Board is affected by many factors such as market size, structure and demand, and its basic functions are not in place. It is urgent to comprehensively implement policies and deepen reforms. It is against this background that the China Securities Regulatory Commission started to comprehensively deepen the reform of the New Third Board on June 5438+ 10 last year, and carried out systematic reforms around issuance and financing, market transactions, hierarchical management, transfer to the stock market, investor suitability, supervision and management, etc., effectively reconstructing the market ecology of the New Third Board, stimulating market vitality and further enhancing the market function of scientific and technological innovation of service enterprises.

The reform of the New Third Board attaches great importance to the needs and suggestions of institutional investors, especially venture capital institutions. In view of the problems that everyone is concerned about, such as insufficient market liquidity, weak financing function, information disclosure of listed companies and the need to improve the standard operation level, a systematic system reconstruction has been carried out, which has played a positive role in promoting scientific and technological innovation of enterprises by venture capital institutions in three aspects:

First, it provides a large number of high-quality enterprise targets with investment value for venture capital institutions. As of August 3 1 day, * * * 22 1 listed companies have applied to the CSRC for public offering and entered the selection level for counseling and filing, and 77 listed companies have officially declared to the national share transfer companies (including 32 first-batch share transfer companies) after completing the counseling and acceptance. It is reported that the average net profit attributable to the parent company is 68.72 million yuan, the median net profit attributable to the parent company is 48.95 million yuan, the average operating income is 711million yuan, and the median operating income is 331million yuan. Through this year's hierarchical adjustment, * * 606 listed companies have entered the innovation layer. As of August 3 1 day, the number of innovative companies was 1 197, which was 1.79 times of the number of innovative companies at the end of 20 19. The overall financial situation of the innovation layer company is good, the innovation ability is strong, and the market recognition is obviously improved. According to the data of 20 19 annual report, there are 766 basic companies that meet the financial conditions of the selected level, showing the characteristics of high growth. In addition, there are a large number of scientific and technological innovative enterprises among more than 7,000 basic companies. It can be said that the New Third Board provides a variety of high-quality investment targets for venture capital institutions.

The second is to further broaden the exit channels of venture capital institutions. The establishment of the New Third Board broadens the coverage of the capital market for innovative and entrepreneurial enterprises, enables enterprises with relatively early development to obtain pricing and transactions in the open market, and opens up new important channels for early investment withdrawal. In addition, the function of the New Third Board enables venture capital institutions to obtain a cross-market valuation premium and share the growth value of enterprises more completely. As of August 3 1, 16 1 listed companies listed on the main board (small and medium-sized board), growth enterprise market and science and technology innovation board; 1032 listed companies were acquired with a transaction amount of1461000, of which 150 listed companies were acquired with a transaction amount of 92.9 billion yuan. In the reform of the New Third Board, the trading system was optimized, and continuous bidding was carried out for the selected layers, which increased the call auction frequency of the innovation layer and the basic layer by five times, and the minimum declared number of stock trading was reduced from 1 000 shares to 1 000 shares; We will lower the entry threshold for investors in an all-round way, from the unified financial assets of 5 million yuan to the basic securities assets of 2 million yuan, the innovation level of 6.5438+0.5 million yuan and the selected level of 6.5438+0.5 million yuan, introduce institutional investors such as Public Offering of Fund, and establish a direct listing mechanism. These measures have expanded the number of investors, enriched the types of investors, improved the pricing efficiency of market transactions, further smoothed the development path of enterprise capital markets, laid the foundation for continuously improving market liquidity and promoting the publicity level of listed companies, and created better conditions for venture capital institutions to withdraw more conveniently.

The third is to promote listed companies to continuously improve their quality and consolidate the investment foundation of venture capital institutions. The reform of the New Third Board has optimized the hierarchical supervision system and formed a three-level market structure of "basic layer-innovation layer-selection layer". The basic layer is located in enterprise reserves and norms; The innovation layer is to cultivate enterprises on the basis of standardization, which requires enterprises to have good financial status or high market recognition and reach a certain level of publicity; The selection layer is positioned as a high-quality enterprise with good financial situation, high market recognition and strong publicity level. Differentiated supervision arrangements have been constructed for listed companies at different levels. Compare the requirements of the selected companies in information disclosure, corporate governance and corporate management quality with those of listed companies; For innovative and basic companies, the functions of standardization and cultivation should be highlighted to meet the requirements of appropriate information disclosure and corporate governance. Generally speaking, the function of financing transactions at all levels is gradually enhanced, and the number and types of investors are gradually increasing, which requires the financial status and publicity level of enterprises to be gradually improved and the regulatory standards to be gradually tightened. Clear market positioning improves the effectiveness of supervision, promotes the overall improvement of the quality of listed companies, further reduces the information collection cost of venture capital institutions, accurately meets the risk preferences and differentiated needs of different types of venture capital institutions, and consolidates the investment foundation.

With the implementation of reform measures, venture capital institutions ushered in more investment opportunities, further promoted the deep integration of "capital+industry", and gave full play to the role of venture capital institutions in serving scientific and technological innovation of enterprises and helping enterprises become bigger and stronger.

Third, only by continuously deepening the reform of the New Third Board can we further promote the deep integration of venture capital institutions and technological innovation enterprises.

Marked by the formal establishment of the election floor on July 27, the main measures for comprehensively deepening the reform of the New Third Board have all been implemented. This reform has achieved initial results. While making achievements, we are also clearly aware of the problems still existing in the New Third Board market. To further improve the quality of listed companies, purify the market environment, improve market ecology, improve market liquidity, increase market depth and enhance investors' sense of gain, we need constant reform and bold innovation. The reform and innovation of the New Third Board has only a starting point and no end point. On September 7, the State Council's "Work Plan for Deepening the New Round of Comprehensive Pilot Project of Expanding and Opening up the Service Industry in Beijing and Building a National Comprehensive Demonstration Zone for Expanding and Opening up the Service Industry" clearly stated that "in accordance with the central government's deployment, we will further promote the reform of the New Third Board, fully implement the registration system, effectively improve the liquidity of the New Third Board market and build a platform for serving small and medium-sized enterprises." The National Stock Transfer Company will implement and consolidate the existing achievements of the reform in accordance with the arrangements of the CPC Central Committee and the State Council and under the unified leadership of the Party Committee of the CSRC. On this basis, we will continue to "deepen, implement and stabilize" the reform of the New Third Board, and promote venture capital institutions to invest in scientific and technological innovation enterprises more actively, so as to contribute to helping scientific and technological innovation and serving small and medium-sized enterprises.

First, vigorously improve the quality of listed companies and constantly optimize the market ecology. The quality of listed companies is the lifeline of the New Third Board market, and improving the quality of listed companies can effectively guarantee the long-term healthy development of the market. The National Stock Transfer Company will give full play to its self-discipline management function, take information disclosure as the starting point, improve the governance mechanism of listed companies, improve the degree of financial regulation of listed companies, further refine the requirements of hierarchical supervision and build a market service system, improve the promotion and market clearing mechanism, and implement differentiated supervision and services more pertinently.

The second is to effectively improve the liquidity of the New Third Board market and stabilize market expectations. Attract and serve more high-quality enterprises to enter the selection layer, increase the market depth, provide more choices for all kinds of investors, and form the rotation effect of investment plate. Accelerate the mixed trading and margin trading systems, actively explore more convenient and active trading systems, promote Public Offering of Fund stocks to invest in the selected stocks of the New Third Board more conveniently, and promote the medium and long-term funds such as social security, insurance and enterprise annuity to enter the market. Accelerate the implementation process of the transfer listing rules.

The third is to further strengthen market services and enhance the enthusiasm of market players. Promote all relevant parties to further optimize policies to support small and medium-sized enterprises to use the capital market and promote the development of the New Third Board, and form a joint force for scientific and technological innovation of service enterprises. Enrich market products, improve the effectiveness and understandability of information disclosure, strengthen the characterization function and investment function of market index, and provide convenience for investors to participate in the market. Encourage securities companies and other intermediaries to increase investment in listed companies and research on the New Third Board, and take relevant measures to encourage securities companies to participate in the New Third Board market more actively and comprehensively, so as to better serve scientific and technological innovation enterprises.

Ten Key Points of Trading Rules for Selected Tier of New Third Board

Point 1: The selected stocks are traded by continuous bidding, which is different from the basic level and the innovation level (market making or call auction trading can be adopted) and is in line with the Shanghai and Shenzhen markets.

Interpretation: continuous bidding refers to the bidding method of continuously matching transaction declarations one by one. The principle of transaction is price priority and time priority. On the one hand, this method has both transaction efficiency and pricing efficiency, on the other hand, it has been practiced in Shanghai and Shenzhen markets for many years, which can reduce the learning cost of investors.

The second point: There is no price limit on the first day of selected floor trading, but if the intraday share price rises or falls by 30% or more than 60% compared with the opening price of that day, the intraday trading of the stock will be temporarily suspended for 65,438+00 minutes.

Interpretation: After the selected stocks are publicly issued and traded in the secondary market, they have to go through the price game from the primary market to the secondary market, and from some investors who participate in the subscription to investors in the whole market. There is no price limit on the first day of trading, which is conducive to market price discovery. The main purpose of supporting the temporary stock suspension mechanism is to avoid market panic and blind trading caused by rapid irrational fluctuations in stock prices and give the market a certain cooling-off period.

Point 3: Except for the first day of trading, the price of the selected stock will go up and down at any time, with the range of up and down 30% of the previous closing price.

Interpretation: mainly to prevent extreme price anomalies.

The fourth point: investors buy and sell selected stocks through price limit entrustment or market price entrustment. The starting point of the declared quantity is 65,438+000 shares, and there is no integer multiple requirement. Less than 65,438+000 shares should be sold at one time. For example, support the declaration of 10 1 shares and 102 shares. If the remaining 99 shares are sold at one time.

Interpretation: Before the reform, the minimum number of single declaration by investors was 1 1,000 shares. After the reform, the starting point of single declaration is reduced to 100 shares, and the minimum trading unit requirement is cancelled, and the limit that the number of single declaration must be an integer multiple of 100 shares is relaxed, which is helpful to reduce the cost of investors' single transaction.

Point 5: In the continuous bidding stage, set the declared price range for the selected stocks. The declared price for buying shall not be higher than 65,438+005% of the benchmark price for buying, and the declared price for selling shall not be lower than 95% of the benchmark price for selling, which shall be dynamically adjusted in real time. The benchmark price is obtained in the order of counterparty's best price, our best price, latest transaction price and previous closing price. When the benchmark price is lower than that of 2 yuan, investors are allowed to use the benchmark price fluctuation of 0. 1 yuan as the declared effective price range. It should be reminded that the calculation of the boundary price, including the declared effective price range and price fluctuation range, is not automatically rounded off, but is calculated to 0.0 1 yuan according to the principle of "the lower limit is upward and the upper limit is downward". For example, if the previous closing price of the selected stock A is 65,438+00.55 yuan/share, the increase of the maximum price of the stock A on that day is 65,438+00.55× (65,438+0+30%) = 65,438+03.765,438+05 yuan, which is the highest price.

Interpretation: On the one hand, it enhances the continuity of intraday stock prices, on the other hand, it avoids the sudden sharp fluctuation of prices caused by market speculation or trading changes.

Point 6: On the basis of supporting the original limit price declaration in the market, the selected stocks have added support for four types of market price declarations, including our best and best counterparty, the best five-level instant trading residual cancellation and the best five-level instant trading residual limit price declaration.

Interpretation: Market order has been practiced in Shanghai and Shenzhen markets for many years, which can facilitate investors' trading and improve market trading efficiency.

Point 7: According to the regulations, a single stock transaction with a declared number of not less than 65,438+10,000 shares or a transaction amount of not less than 1 10,000 yuan can be carried out in large blocks. The transaction price range is 30% above and below the previous closing price. The closing confirmation time of block trades is from 15:00 to 15:30 every trading day, but investors can submit their entrustment at 9: 15.

Interpretation: The block trading threshold of the New Third Board market is slightly lower than that of the main board, because the share capital of the New Third Board company is lower than that of listed companies, and too high a threshold is not conducive to meeting the block trading needs of investors, which matches the positioning of innovative and entrepreneurial SMEs in the New Third Board market. Narrowing the price range of block trades can avoid the large deviation of block trades from intraday prices and prevent abnormal trading risks.

Eighth point: the time for the national share transfer system to accept the limit declaration is from 9: 15 to 9:25, 9:30 to 1 1:30, 13:00 to15: 00 every trading day; The time for accepting market price declaration is from 9:30 to 1 1:30, 13:00 to 14:57 every trading day. Every trading day from 9:20 to 9:25, 14:57 to 15:00, the trading host will not accept the cancellation declaration; At other times when the declaration is accepted, the unfinished declaration may be revoked.

Point 9: The market information of the selected stocks is basically consistent with the most common and familiar stock market content of investors. What is special is that once the order between investors does not reach the price, there is no cross price in call auction, so there is no reference price to disclose. At this time, the stock market of the new third board will reveal the buying and selling price and quantity of the best file in the order book, and the price displayed in the position of buy one and sell one is different.

Point 10: At present, the refresh frequency of the selected stock market is 6 seconds, which is slightly lower than that of the main board market.

Interpretation: Investors are advised to reasonably determine the entrusted price according to the recent trading situation in the process of participating in the transaction to avoid excessive quotation deviation. It is understood that in the next step, the national share transfer company will increase the frequency of market issuance and expand the trading information capacity depending on the market preparation.

New Third Board investors' account opening conditions

1, institutional investors

1) a legal entity with a registered capital of more than 5 million yuan;

(2) A partnership with a total paid-in investment of more than 5 million yuan.

2. Natural person investors

1) At the end of the last trading day, the market value of securities assets under the name of investors was more than 5 million yuan. Securities assets include customer transaction settlement funds, stocks, funds, bonds, and collective wealth management products of securities companies, except credit securities account assets.

2) Have more than two years working experience in securities investment, or have relevant professional background or training experience in accounting, finance, investment, finance and economics. The starting point of investment experience is the date of the first stock transaction in the national share transfer system, Shanghai Stock Exchange or Shenzhen Stock Exchange.