对当前创业板上市条件的思考

摘要

从2009年至今，内地创业板已经走过了5年的风风雨雨。创业板发展速度很快，为很多创业型企业、中小企业等需要融资和发展的企业提供了融资渠道和发展空间。但是如今随着创业板上市公司的浪潮，大量的创业板上市公司出现了公司股权架构、公司筹资等问题。改革开放以来，我国企业发展的速度和规模日益迅猛，在保障就业、活跃市场、促进经济的快速增长方面发挥着重要的作用，是新时期实现全面建设小康社会的重要推动力量。但随着当前市场经济的不断深化发展，企业间的竞争日趋激烈，要想在市场竞争中取得优势地位，除了要不断地适应市场的需求外，还需要企业自身对日常经营的资金进行有效的管理和运用。其中，筹资最为企业日常资金管理的过程中必不可少的环节，已经发展成为影响企业能否健康发展的重要内容之一。对于我国的创业板上市公司而言，筹集资金也是其财务管理的核心问题之一。但是目前我国创业板上市公司的筹资依然存在着不规范的现象、筹资的风险因素较多，已经严重影响了创业板上市公司的经济效益。因此，针对创业板上市企业筹资现状问题的分析就变得越来越重要，也成为越来越多的人们关心的问题。同时，在我国稳定持续的股利分配政策对公司健康发展具有重要意义,和发达国家的创业板上市公司相比,我国创业板上市公司在股利分配政策上具有现金股利支付率较低，股利分配的政策缺少一定的连续性和稳定性，分配并不是很均衡等缺点。这不仅会对公司股东的利益造成损失，而且也会对公司的长远发展造成不良影响。因此应制定健全合理的股利分配政策，完善我国相关股利分配法律法规，并最终促使我国股票市场实现良性健康的发展。本文从我国创业板上市公司的条件入手，即分析了发行人应当具备一定的盈利能力、发行人应当具有一定规模和存续时间、发行人应当主营业务突出、对发行人公司治理提出从严要求等条件，并且对我国创业板上市公司的股价波动进行了分析，结合创业板上市公司的盈利指标发现了公司股价下跌的原因，指出了我国创业板上市公司的现存问题分析，第一是筹资方式的问题，如：股权筹资成本低且风险小、市场信号的传递模型在实际生活中未能发挥其真正的作用、创业板上市公司股权结构治理不完善、我国创业板证券市场有待完善等；第二是股利分配的问题，如：分配金股利公司占总体公司数仍然偏少、股利分配政策缺乏连续性稳定性、分配不均衡现象突出。最后，提出了对我国创业板上市公司的一些对策建议，例如：需要预防公司筹资风险，进一步解决创业板上市公司筹资问题，管理者需要制定科学合理的股利分配政策，政府需要完善我国创业板上市公司股利分配法律法规、规范我国创业板上市公司股利分配会计处理等建议。

关键词：创业板；上市条件；股权；筹资方式

Reflections on the Current Conditions of Listing of

Abstract

From 2009 to the present, the mainland GEM has gone through five years of ups and downs. The development of the GEM is very fast, for many entrepreneurial enterprises, small and medium enterprises need to finance and development of enterprises to provide a financing channel and development space. But now with the wave of listed companies on the GEM, a large number of GEM listed companies appeared in the company’s equity structure, corporate financing and other issues. Since the reform and opening up, the speed and scale of the development of enterprises in China has been increasing rapidly. It has played an important role in safeguarding employment, active market and promoting rapid economic growth. It is an important driving force for the construction of a well-off society in the new period. However, with the continuous deepening of the current market economy, the competition between enterprises is becoming increasingly fierce, in order to gain a dominant position in the market competition, in addition to constantly adapt to the needs of the market, but also the need for their own business funds Management and use. Among them, the financing of the most day-to-day capital management process essential link, has developed into an important part of the healthy development of enterprises can be one of the important. For China’s GEM listed companies, raising funds is also one of the core issues of its financial management. However, there are still some irregularities in the financing of listed companies in China, and the risk factors of financing have been greatly affected, which has seriously affected the economic benefits of listed companies. Therefore, the analysis of the status quo of the financing of listed companies on the GEM is becoming more and more important, and it is becoming more and more concerned. At the same time, stable and sustained dividend policy in China is of great significance to the healthy development of the company. Compared with the listed companies in developed countries, China’s GEM listed companies have a low dividend payout rate and dividend distribution Policy is not a certain degree of continuity and stability, the distribution is not very balanced and other shortcomings. This will not only cause the loss of the interests of the shareholders of the company, but also the company’s long-term development of adverse effects. Therefore, we should formulate a sound and reasonable dividend policy, improve the relevant dividend distribution laws and regulations, and ultimately promote China’s stock market to achieve healthy and healthy development. This paper starts from the conditions of listed companies in China, that is, the issuer should have a certain profitability, the issuer should have a certain size and duration, the issuer should be prominent business, the issuer corporate governance strict requirements And the analysis of the stock price fluctuation of listed companies in China, combined with the profitability of listed companies found the reasons for the company’s stock price decline, pointed out that China’s GEM listed companies to analyze the existing problems, the first is the financing of the problem Such as: the low cost of equity financing and the small risk, the market signal transmission model in real life can not play its real role, the listed company equity structure management is imperfect, China’s GEM stock market to be improved; the second is the dividend distribution Such as: the distribution of gold dividend companies accounted for the overall number of companies is still too small, the lack of continuity of dividend policy stability, the distribution of imbalance is outstanding. Finally, the author puts forward some suggestions on the listed companies of China’s GEM, such as the need to prevent the financing risk of the company and further solve the financing problem of the listed companies on the GEM. The managers need to formulate a scientific and reasonable dividend policy. The government needs to improve the dividends of listed companies in China The allocation of laws and regulations, the regulation of dividend distribution accounting treatment of listed companies and other recommendations.

Key words: GEM; listing conditions; equity; financing methods