创业板的设立对完善我国多层次资本市场的构建具有里程碑式的意义。本文拟针对我国资本市场创业板与中小企业板并存的现状,通过对两个市场准入条件及上市公司特点的分析、比较,揭示两市场在实际运行中存在一定程度的功能重叠及趋同风险。在此基础上,笔者为清晰两个板块之间的市场分工与层次差异、完善我国多层次资本市场建设提出相关建议。
The establishment of growth enterprise market is a milestone in the construction of China's multi-tier capital market.Given the fact that growth enterprise market and small and medium enterprises board coexist in China's capital market,the paper compares and analyzes the entrance conditions and features of listed companies in these two boards,and reveals the overlapping functions and convergence risks in these two boards.On the basis,the paper suggests on the clarification of market positions of two boards and the construction of China's multi-tier capital market.