The most popular Blue Book of China's first new th

China's first "new third board" blue book was released in Beijing

China's first blue book focusing on the development of the new third board market, "China's new third board market development report (2016)" was released in Beijing on August 10. China's first blue book focusing on the development of the new third board market, "China's new third board market development report (2016)" was released in Beijing on August 10. At the report release and seminar jointly organized by the Institute of finance of the Chinese Academy of Social Sciences, tehua postdoctoral research workstation and Social Science Literature Publishing House, experts said that the new third board market has entered the track of rapid development since 2013. Although it is currently large, the system construction, trading and regulatory mechanisms need to be further improved. For enterprises listed on the new third board, we should not only expand, but also strengthen information disclosure and compliance management, maintain the market order of the new third board and maintain the rational development of the market

Liu Kun, a postdoctoral at tehua postdoctoral research workstation, pointed out that the new third board market is an important part of China's multi-level capital market. In a sense, it shoulders the historical mission of helping build an innovation driven country. Since the pilot scope of the new third board market was expanded to the whole country at the end of 2013, in just two years and seven months, the number of companies listed on the new third board has increased rapidly from 356 at the beginning of the expansion to more than 8000 at present, realizing leapfrog development, and the new third board market has grown into the largest basic securities market in China. Therefore, for the rapid development of the new third board market, at a new historical starting point, it is of great significance for the healthy development of the new third board market to thoroughly investigate and study the experience and deficiencies in the early development, and timely summarize the problems existing in the development

Wang Li, executive director of tehua postdoctoral research workstation, said that the preparation and release of the report was in line with the major premise of the state to encourage mass entrepreneurship and innovation and support the development of small and medium-sized enterprises. In the new third board market, there are many star enterprises, which represent the development direction of Chinese enterprises. With the gradual improvement of the new third board market, it will become an important part of China's gradually improved capital market. We should also see that it conforms to the general direction of national supply side reform and is conducive to promoting industrial transformation and upgrading

the report predicts that by the end of 2016, the number of companies listed on the new third board should exceed 10000, and even exceed 20000 in the next three years

the report focuses on the new third board market, and comprehensively combs and summarizes the development and evolution, system construction, function construction and ecosystem development of the new third board market; Objectively analyzed the development advantages, opportunities and prospects of the new third board market; The development characteristics, regional distribution and existing problems of Listed Companies in the new third board market are systematically evaluated; The function realization of the new third board market as a direct financing channel for small, medium and micro enterprises and the corresponding equity investment market are investigated; This paper discusses the Liquidity Dilemma of the secondary market of the new third board, and compares and analyzes the adaptability of the agreement transfer system and the market maker system; Examined the supervision and punishment of the new third board market. On the basis of analysis and research, the report further puts forward policy recommendations to promote the healthy development of the new third board market

from the perspective of the difference in the attention range of the audience, the text of the report is divided into four parts: general report, listed enterprises, market operation and market supervision

Liu Kun pointed out that the real construction process of the new third board is not long. It belongs to a newly growing market and faces many urgent problems in its own system construction, mechanism operation and so on

first of all, the primary market is hot and the secondary market is lack of liquidity. Although the companies listed on the new third board far exceed the Shanghai and Shenzhen stock markets, only 30% of the listed companies have ever traded. The number of trading enterprises every day is often no more than 200, and the number of active companies is less than 10%. Among them, the cumulative turnover rate of enterprises less than 1% is as high as 15%. According to relevant data, under the Liquidity Dilemma, 127 of the 1220 new third board companies that plan to increase their shares have fallen below the additional offering price

there are three main reasons for the continuous growth of cold production in the secondary market of the new third board at an average annual rate of more than 25%. First, the money trapping effect of the listing of the new third board has a strong demonstration effect; Second, the new third board is for small and medium-sized technology enterprises in the growth period. These enterprises are far from mature in their own development, and their investment and valuation changes are very large, with great uncertainty; Third, the investment threshold is too high. The current investor suitability standard requires that the market value of 76 steel wire frame cement polystyrene sandwich panels under an individual's name in the previous trading day is more than 5million

second, the trading characteristics are outstanding and the atmosphere of hype is strong. It is the original intention of the new third board market to connect equity financing and equity investment funds for unlisted companies. Connecting venture capital at all levels and various equity investment funds for small and medium-sized enterprises with growth and development potential is conducive to reducing the selection cost of investment funds, which also encourages off-site private funds to participate in investment in innovative and entrepreneurial enterprises. However, the current frequent equity transactions and transfers do not support the substantive development of listed companies. The new third board market has a strong atmosphere of speculation. For investors, it is just a virtual place to make money

while the market making system improves the activity of stock trading, there are also some disadvantages, especially in the early stage of the development of the new third board, the number of listed companies is small, and the stock prices will be raised to a higher level, making the prices artificially high. Even, some listed enterprises carry out insider trading in the name of market value management and push up the market value by manipulating the rise of share price, which brings challenges to the existing supervision and trading system. In addition, the new third board does not have a price limit system, which has also contributed to the sharp rise and fall of the share prices of many listed companies. Because there is no limit on the rise and fall, the shares of some companies rose by 500% that day

third, the quality of listed enterprises is uneven, affecting the healthy development of the new third board market. Different from the positioning of the Shanghai and Shenzhen stock exchanges, the new third board market mainly provides financing needs for start-up and growth enterprises. In terms of listing conditions, the new third board has no rigid requirements for profitability. As long as the company has been established for two years, its main business is prominent, its corporate governance structure is sound, and its development potential is considerable, it can basically apply to the Securities Industry Association for listing. In order to be listed on the new third board, these companies beautify their development status, profitability and future development through packaging. Information asymmetry is easy to attract a large number of investors, which makes some stocks rush to buy

according to the current statistical data, at least small and medium-sized enterprises in China will be listed and traded on the new third board every year. The audit is simplified, and there is no need to queue up for a long time. Among the listed enterprises, there are large and powerful companies such as Xiangcai securities, lianxun securities, Jiuding investment and China Science and technology investment, subsidiaries of listed companies such as CSL cable, Han's laser and Huayi Brothers, as well as financial institutions such as small loan companies, guarantee companies and rural credit cooperatives, There are also companies with small volume, weak anti risk ability, and even unclear profit model and prospects. The number of enterprises listed on the new third board is large, with good and bad intermingled, which to some extent makes the financing of listed enterprises uneven, and some enterprises have been hyped, attracting high market attention; And some enterprises are rarely visited, with few transactions or even no trading volume

fourth, high equity concentration and insufficient information disclosure. From the perspective of trading system, both call auction system and continuous bidding transaction can promote the realization of the maximum trading volume, but the premise to achieve this effect is that the equity of listed enterprises should be relatively dispersed, highly liquid, and fully disclosed. In addition, the degree of equity dispersion of enterprises on the new third board transferred to the gem is also an important measure. From the current situation, the equity concentration of the new third board is high. According to relevant data, as of the first half of 2015, there were less than 170 enterprises with more than 200 shareholders in the new third board, accounting for less than 5%, and nearly 40% of the company had no more than 10 shareholders. According to the company law of the people's Republic of China, shares cannot be circulated after less than one year of enterprise restructuring. Due to the late restructuring of some enterprises, 1056 new third board companies have no tradable shares

in addition, for the new third board, the threshold for listing enterprises is very low, the scale of enterprises is also very small, and it is conceivable that their management is not standardized. Various things that harm the interests of investors may be inevitable. On the basis of not being familiar with the real situation of enterprises, it is difficult for investors to make correct investment decisions. Therefore, information disclosure is particularly necessary. However, in practice, due to the inertia of the enterprise system, many private enterprises have been directly restructured from the family management mode and listed on the new third board. Due to tax evasion, product competition and other considerations, information disclosure is still very irregular

strengthen policy guidance and market norms

in view of the current problems, the report puts forward targeted policy recommendations for the development of the new third board market. First, strengthen the guidance of enterprise listing. Although the threshold conditions for listing on the new third board are relatively low, not all enterprises are suitable for listing on the new third board. From the perspective of the industry attributes of the enterprises listed on the new third board, the number of listed enterprises in the manufacturing industry is the largest, accounting for 53.5% of the total number of listed enterprises. The number of listed enterprises in the top three industries accounts for about four fifths of the total number of Listed Enterprises. Among the listed enterprises, the financial industry, which accounts for 2.05% (105) of the total, accounts for 32.2% of the total financing scale of issuing shares. The financing scale of issuing shares of listed enterprises in the top three industries accounts for 76.78% of the total financing scale

the type of enterprises listed on the new third board should be risk-based enterprises suitable for developing strategic emerging industries. The prospects of such companies are generally optimistic, and the market attention and expectations are also high, which has a good incentive effect on the growth of enterprises' financing and subsequent business improvement

the listing of the financial industry on the new third board not only deviates from the original intention of the new third board, but also has a bad misleading effect on the development of the financial industry itself. The financial industry is a capital intensive industry, which has strong flexibility. The financing scale and financing effect of financial enterprises are different from those of general enterprises. Moreover, the listing of the financial industry on the new third board is contrary to the requirements of the service objects of the new third board for entrepreneurial and growing small and medium-sized enterprises. For example, the market value of Qilu bank is very large when it logs into the new third board; PE institutions such as Jiuding and Zhongke merchants were listed on the new third board and issued shares for financing for many times. These are not conducive to the healthy development of the new third board

second, improve the trading system. The current trading system of agreement transfer and market making transfer of the new third board can not meet the needs of the development of the new third board market. A perfect capital market should not only have market scale, but also have very active secondary market transactions, through which the function of price discovery and the circulation function of securities and funds can be realized. Agreement transfer and market making transfer are more suitable for institutional investors