Since its official operation in 2013, the new third board has adhered to the market orientation of serving innovative, entrepreneurial and growing SMEs, built a basic system with characteristics for the needs of SMEs, broadened the coverage of the capital market and the financing channels of SMEs, and played a role in solving the financing difficulties of SMEs, promoting innovation and entrepreneurship, and promoting the transformation and upgrading of economic structure It has played a positive role and achieved remarkable results.
Data shows that as of October 31, 2019, 9175 companies have been listed in the whole market, covering 88 industry categories. Among them, private enterprises accounted for 93%, small and medium-sized enterprises accounted for 94%, modern service industry and advanced manufacturing industry accounted for 72%. It has helped more than 6000 small and medium-sized private enterprises to realize direct equity financing of nearly 500 billion yuan.
At the same time, as a capital platform mainly serving the development of innovative, entrepreneurial and growing small and medium-sized enterprises, the R & D investment of companies listed on the new third board is increasing, with an average R & D intensity of 3.23% in 2018, 1.05 percentage points higher than that of the whole society. From 2017 to 2018, 37 listed companies have won the national science and technology award. In 2018, each innovation layer listed company has 9 invention patents on average, an increase of 28.57% year on year; the density of invention patents is 15530 / 10000 people, about 10 times of the national level.
In addition, data from the national equities transfer system for small and medium-sized enterprises (hereinafter referred to as the national equities transfer company) show that 429 listed companies meet the financial indicators selected by the Ministry of industry and information technology. In the first half of the year, the total operating revenue and net profit of these companies increased by 13.73% and 33.56% respectively, with an average R & D intensity of 8.74%. The role of the new three board has gradually emerged.
It can be seen that after six years of development, the new third board market has not only gradually made up for the short board of Chinas capital market in serving small and medium-sized micro enterprises, but also cultivated a large number of large-scale, fast-growing, high-quality innovative enterprises with strong profitability.
However, in recent years, with the rapid growth of the new third board market and the growth and expansion of listed companies, the market structure is changing day by day, and the market demand is becoming more and more diversified. There are some new situations and problems in the new third board, such as the decrease of financing amount, the inactivity of transactions, the decrease of companies applying for listing, and the increase of companies actively delisting. The organic connection of multi-level capital market system interconnection still needs to be improved, the function of the new third board to continuously and accurately serve small and medium-sized enterprises still needs to be improved, and there is an urgent need for comprehensive measures, deepening reform, improving market functions and stimulating market vitality.
On October 25, China Securities Regulatory Commission announced to launch the comprehensive reform of the new three board market, including building a diversified issuance mechanism; improving market stratification, setting up a selective layer; establishing a listing mechanism for listed companies; implementing classified supervision; improving the market exit mechanism, improving the delisting system and other reform measures.
On November 8, the national stock transfer company asked for public opinions on the relevant business rules of deepening the new third board reform, and comprehensively optimized and adjusted the system of new third board issuance, trading, market stratification, company supervision, investor appropriateness, etc.
The above reform measures involve all aspects of the market and clearly outline the road map for comprehensively deepening the reform of the new third board market.
The author believes that through the reform, it is conducive to a clearer market positioning and a more complete market structure of the new third board; it is more conducive to broaden the financing channels of small and medium-sized enterprises, reduce financing costs, and make the new third board fully play its role as an important platform for capital market to serve small and medium-sized enterprises and private economy. Moreover, this reform is an important arrangement to improve the basic system of capital market and promote the gradual improvement of multi-level capital market system based on the successful experience of science and technology innovation board, and will become an important measure to help the construction of an innovative country.
Source: responsible editor of Securities Daily: Yang qian_nf4425