科创板能保持“一池春水”吗?  

Can STIB Market keep a pool of flowing water?

作　　者：吴秀波[1] Wu Xiubo

机构地区：[1]复旦大学

出　　处：《价格理论与实践》2019年第2期23-27,共5页Price:Theory & Practice

摘　　要：科创板的进展可谓神速。科创板的设立大大放宽科技企业上市的条件,且试行在A股市场曾经阻力巨大的注册制。但是,全球为高成长的科技企业设立的资本市场只有美国的纳斯达克市场比较成功。因此,科创板不能走初期爆炒,最后一地鸡毛的老路。为保持科创板的"一池春水",在发行承销阶段必须规避高发行价格冲动;在股票上市交易后既要防止过度炒作又要充分保障流动性;要采取最严格退市措施,及时剔除"臭鱼烂虾"。The development of STIB is very fast. The establishment of STIB will loosen the IPO condition of scientific firm, and implement registration-based IPO system which was resisted since its outset. So far all the capital markets for growing scientific firms except NASDAQ market was failed, STIB cannot run the same way in which success in the initial stage but failure in the end. To keep the vitality of STIB, We must avoid the high IPO price, and ensure adequate liquidity on the one hand and avoid excessive speculation on the other hand, and use the strict delisting rules to eliminate unqualified firms.

关 键 词：科创板 IPO 超额配售选择权 退市 NASDAQ市场 纳斯达克指数 

分 类 号：F832.51[经济管理—金融学]