创业板上市公司不再是稀缺资源 直接融资渠道门槛降低是一大亮点

上一篇 / 下一篇  2013-08-13 16:36:53 / 精华(3) / 置顶(1)


中国政府决心夯实中国经济基石小微企业,小微企业不稳,中国将发生就业危机与社会危机。

 

  8月8日,国务院办公厅发布《国务院办公厅关于金融支持小微企业发展的实施意见》,从直接间接融资等多个角度化解中小企业融资难。从中央层面多次提出小微企业融资,可见重视程度,但多年屡提却无法见效,关键是没有抓住小微企业的融资“三味”。

  小微企业融资有两种方式,美国主要通过股权融资方式,而德国主要通过地方小型银行专业服务方式,中国则是两者兼而有之,风险投资与私募股权投资,加上新三板与创业板,为高科技小微企业打开直接融资通道。银行小微企业贷款,与供应链贷款、仓单质押贷款等,为小微企业打开间接融资通道。

  直接融资渠道门槛降低是一大亮点。

  以往的风险投资与创业板,有如歪嘴和尚念经,中小板与创业板让小微企业创业者提前学会贪婪,今年上半年355家创业板公司经历了一次疯狂的行情,创业板指数回到历史高位,上涨两三倍的公司高高在上,上半年931.59亿元的解禁市值,下半年解禁市值超过1700亿元,8月、9月两个月份就接近900亿元,是创业板成立以来的两大解禁高峰。

  创业板的财富效应激发了贪婪,使中小企业主过早地躺在由投资者资金筑就的功劳簿上,消泯创业的斗志,解禁之后的疯狂套现如同穷极之人乍见金矿,创业板成为中国低迷股市中罕见的创富板与搏傻板。

  未来创业板的日子不再那么好过,创业板上市公司不会是紧俏商品。扩大中小板、创业板、新三板,发行中小企业私募债,是小微企业直接融资的主要通道。《意见》指出,进一步优化中小企业板、创业板市场的制度安排,完善发行、定价、并购重组等方面的政策和措施。适当放宽创业板市场对创新型、成长型企业的财务准入标准,尽快启动上市小微企业再融资。建立完善全国中小企业股份转让系统(即“新三板”),加大产品创新力度,增加适合小微企业的融资品种。进一步扩大中小企业私募债券试点,逐步扩大中小企业集合债券和小微企业增信集合债券发行规模,在创业板、“新三板”、公司债、私募债等市场建立服务小微企业的小额、快速、灵活的融资机制。

  目前创业板的上市门槛是可笑的,如最近两年的营收增长要求等,按照成熟企业设置,失去创业本意,致使风险极高的创业板成为高价宝宝夏令营。可以想像,未来中小板尤其是创业板的门槛将进一步放开,财务门槛大幅降低,从新三板转板到创业板更加容易,创业板将成为被风投看好的小微高科技企业的归宿。多数创业板溢价将归于平淡。

  建立健全征信系统是间接融资的一大亮点。

  小微企业难以从银行得到平价贷款,除了大型银行因为成本高、风险大不屑于贷之外,重要的是小微企业没有完整的征信体系,自身缺乏符合规范的报表,加之普遍的造假失信,使风险难以定价。小微企业不是得到不贷款,而是接近于高利贷。

  《意见》提出,加快建立“小微企业-信息和增信服务机构-商业银行”利益共享、风险共担新机制,是破解小微企业缺信息、缺信用导致融资难的关键举措。积极搭建小微企业综合信息共享平台,整合注册登记、生产经营、人才技术、纳税缴费、劳动用工、用水用电、节能环保等信息资源。加快建立小微企业信用征集体系、评级发布制度和信息通报制度,引导银行业金融机构注重用好人才、技术等“软信息”,建立针对小微企业的信用评审机制。

  电子金融的小贷公司之所以坏帐率低,无非是因为大数据分析得出的信用评级,以及支付系统交易平台构成的约束体制。从超日债等案例看,我国评级机构形同虚设,各政府部门、公共服务公司、金融机构视自己的数据如金蛋,未来增长系于数据一身,绝对不肯轻易示人。让税收部门公布数据,让煤气水电公司公布帐单,让金融机构公布信用数据,相当于割走了各部门的一块肥肉,难度之大可想而知。但无论如何,建立实用的符合中国低信用现实的征信系统,说明认识到了信用对于银行的关键作用,信用定价准确,才能控制银行风险。这比纯粹的号召银行向小微企业贷款前进了一大步。

  《意见》体现了政府的强制力,对于银行的小微企业贷款数据的考核,核销小微企业贷款坏帐、由地方政府参股与控股部分担保公司等举措,有浓厚的行政色彩。这是一份集市场化与运动式为一体的《意见》书,在政府主导下推进市场融资,并不奇怪,改革能否成功,是否会成为雷声大雨点小的短期运动,还得看各个政府部门真正的改革决心。

  注:昨晚飞机继续延误

  只有一个多小时让我们喜出望外

  忙得透不过气

  今天发上博客

  诸位守候的网友,抱歉

  终于有一个撕掉遮羞布的世袭国家了

  对,就是现在,信息几秒钟可以覆盖全球的时代

  倒退并不奇怪,只要条件成熟、洗脑成功

  如果上海、广东等地获得银行千亿贷款是真

  新一轮刺激低调展开

  周期如此低迷,国企改革成果仍然吹破天

  越刺激,越可怕

  真正的改革绝不可能有无风险看跌期权

  与友相聚,上午倾听投资界的声音,下午的新财富夜谭

  这是基本共识

站内搜索:

TAG: 国务院 上市公司 中国经济 中国政府 中小企业

引用 删除 shekplos6z   /   2018-04-21 00:46:49
The 80% of the job seekers use networking websites for the  <a href="http://www.nflbearsfansclub.com/Black-Friday-Mike-Ditka-Jersey/">Mike Ditka Jersey</a> search of their job. . When <a href="http://www.nflbearsfansclub.com/Black-Friday-Jordan-Howard-Jersey/">Womens Jordan Howard Jersey</a>  you decide to teach abroad or take a decision to hire a foreign teacher requires lot of information that is usually not provided by the recruiters, mainstream network,Mike Ditka Jersey, job boards, etc. You need  <a href="http://www.nflbearsfansclub.com/Black-Friday-Jordan-Howard-Jersey/">Jordan Howard Bears Jersey</a> t
引用 删除 mynamikw9x   /   2018-04-20 23:58:15
Learn.What does it take to make  <a href="http://www.baseballphilliesshop.com/Lenny-Dykstra-phillies-jersey/">Authentic Lenny Dykstra Jersey</a> it all the way to the C Suite, and how do I get there?What most  <a href="http://www.baseballphilliesshop.com/Pat-Neshek-phillies-jersey/">at Neshek Jersey</a> of these individuals don?t realize until much later down the road is that the secret to successful leadership development is really no secret at all. Deng’s clean and jerk li <a href="http://www.baseballphilliesshop.com/Maikel-Franco-phillies-jersey/">Maikel Franco Phillies Jersey</a> ft also broke her own record b
引用 删除 mynamikw9x   /   2018-04-20 15:36:27
All these things are there to take care of the different party necessity <a href="http://www.authenticvikingsgear.com/women-anthony-barr-jersey/">Anthony Barr Authentic Jersey</a>  of the people.83. Therefore it <a href="http://www.authenticvikingsgear.com/women-ben-gedeon-jersey/">Ben Gedeon Authentic Jersey</a>  is a smart decision to visit the actual brothels. Its not really because of his lack of skill or even awareness in weight lifting; blame it on inertia a physique in motion has a tendency <a href="http://www.authenticvikingsgear.com/women-fran-tarkenton-jersey/">Vikings Fran Tarkenton Jersey</a>  to be in
引用 删除 shekplos7p   /   2018-04-20 14:58:34
Costa Ricaqualified for next year's W <a href="http://www.cheapnfljerseysdiscount.us.com/">Cheap Jerseys From China</a> orld Cup, while Hungary failed.GREEN, HIGHTECH DELI <a href="http://www.cheapnfljerseysdiscount.us.com/">Cheap NFL Jerseys China Online</a> VERYYet sustainable packaging is only one aspect of the ecotrend in the industry. She was the first Chinese national to Cheap Jerseys From China win a No <a href="http://www.cheapnfljerseysdiscount.us.com/">Cheap Nike NFL Jerseys Wholesale</a> bel prize in science.Hosszu Katinka of Hungary claimed vict
引用 删除 shekplos6z   /   2018-04-20 11:26:54
No <a href="http://www.nflbearsfansclub.com/Bears-Mike-Glennon-Jersey/">Mike Glennon Jersey</a> w if we only continue to keep continuing exactly the same workout routines which  <a href="http://www.nflbearsfansclub.com/Black-Friday-Tarik-Cohen-Jersey/">Authentic Tarik Cohen Jersey</a> we did a few days before,Mike Glennon Jersey, as well as the week just before that,Authentic Tarik C <a href="http://www.nflbearsfansclub.com/Black-Friday-Eddie-Jackson-Jersey/">Eddie Jackson Bears Jersey</a> ohen Jersey, each of our muscle groups will only come to terms with that particular body weight,Eddie Jackson Bears J
引用 删除 mynamikw9x   /   2018-04-20 08:52:03
You can transfer these roms and can save money in the expensive games. <a href="http://www.thebrownslockroom.com/women-myles-garrett-jersey/">Myles Garrett Jersey</a>  He carefully,Myles Garrett Jersey, deliberately practices his s <a href="http://www.thebrownslockroom.com/women-xavier-cooper-jersey/">Browns Xavier Cooper Jersey</a> trokes, ducking his head under water and emerging unscathed until he can do so with confidence. To do and perform verification, you can visit the internet dating sit <a href="http://www.thebrownslockroom.com/women-joe-haden-jersey/">Joe Haden Jersey</a> e
引用 删除 mynamikw9x   /   2018-04-20 07:20:25
You look for your ice chisel and widen the hole to get a better vie <a href="http://www.baseballmetsshop.com/Jay-Bruce-mets-jersey/">Jay Bruce Jersey</a> w.He said the Nusra action means that foreign intelligence could be behind the at <a href="http://www.baseballmetsshop.com/Nolan-Ryan-mets-jersey/">Nolan Ryan Mets Jersey</a> tacks, such as those in the Gulf states as some of them known of backing the Nusra. The main key to comfortability is transparency which is usually pro <a href="http://www.baseballmetsshop.com/Asdrubal-Cabrera-mets-jersey/">Asdrubal Cabrera Jersey</a> m
引用 删除 shekplos7p   /   2018-04-20 04:06:18
33 and Roland Schoeman of South Afri <a href="http://www.cheapwholesalesportsnfljerseys.com/">Cheap Jerseys Shop</a> ca <a href="http://www.cheapwholesalesportsnfljerseys.com/">Wholesale Jerseys From China</a>  22. His life completely changed in 2004 after watching an online video of U. There are also long courses, Cheap Jerseys Shop such as 1. Stretch Limousines are perfect for that ro <a href="http://www.cheapwholesalesportsnfljerseys.com/">Cheap NFL Jerseys Shop</a> mantic getaway to Niagara Falls, or for having your family spend their vacation in
引用 删除 shekplos4x   /   2018-04-20 03:32:56
Don’t get puzzled, the <a href="http://www.nbasportsshop.com/Atlanta-Hawks-Josh-Smith-Jersey-Sale/">Josh Smith Jersey</a> y all function the sam <a href="http://www.nbasportsshop.com/Golden-State-Warriors-Klay-Thompson-Jersey-Sale/">Klay Thompson Jersey</a> e to suit your needs. Prior to going out and get your site, take a minute to browse the next area."All of our fur systems,Josh Smith Jersey, <a href="http://www.nbasportsshop.com/Denver-Nuggets-Jamal-Murray-Jersey-Sale/">Jamal Murray Jersey</a>  how we model the way light moves through the scene and other materials, have all grown significantly more sophistic
引用 删除 shekplos6z   /   2018-04-19 21:21:43
Unlike any other sports, football is the most exciting sport of all time.The  <a href="http://www.nflbearsfansclub.com/Black-Friday-Mitchell-Trubisky-Jersey/">Mitchell Trubisky Bears Jersey</a> guidelines recommend using ear drops to treat swimmer's ea <a href="http://www.nflbearsfansclub.com/Black-Friday-Adam-Shaheen-Jersey/">Adam Shaheen Jersey</a> r locally and say that oral antibiotics should not be used unless the infection has spread outside the ear canal or if there are other symptoms that call for oral a <a href="http://www.nflbearsfansclub.com/Black-Friday-Walter-Payton-Jersey/">Walter Payton Bears Jersey</a> n
引用 删除 mynamikw9x   /   2018-04-19 18:01:05
There is also the 'itch factor'chlorine can cause certai <a href="http://www.theredskinsfansclub.com/Black-Friday-Jonathan-Allen-Jersey/">Jonathan Allen Redskins Jersey</a> n skin types to become itchy and irritated."We were rivals at the court, b <a href="http://www.theredskinsfansclub.com/Black-Friday-Chris-Thompson-Jersey/">Womens Chris Thompson Jersey</a> ut she cared for me as a good friend," said Zhu. Sports are one of the best things that an individual may participate because it will develop their physical ability and  <a href="http://www.theredskinsfansclub.com/Black-Friday-Kirk-Cousins-Jersey/">Kirk Cousins Redskins Jersey</a> m
引用 删除 mynamikw9x   /   2018-04-19 14:32:42
These cha <a href="http://www.baseballoriolesstore.com/Kevin-Gausman-orioles-jersey/">Authentic Kevin Gausman Jersey</a> rges are criticized because they <a href="http://www.baseballoriolesstore.com/Ubaldo-Jimenez-orioles-jersey/">Authentic Ubaldo Jimenez Jersey</a>  are really expensive,Authentic Kevin Gausman Jersey, which is why a lot of people get payday loans to stay away from them. Medium banks averaged $11.Some of the excellent bachelorette party ideas are the ones that expect interaction.In recent years,Authentic
引用 删除 shekplos4x   /   2018-04-19 11:58:21
On the other hand, if you are able to develop somethin <a href="http://www.nhlhockeyshopuk.com/boston-bruins-anders-bjork-jersey-uk/">Anders Bjork Jersey UK</a> g that's catchy the ones will keep in mind; it could be just be <a href="http://www.nhlhockeyshopuk.com/nashville-predators-pekka-rinne-jersey-uk/">ekka Rinne Jersey UK</a> cause effective.0. Magnesium fire starter:<b> Learn how to make a fire without matches and always carry a way to make fire with you whenever you get off the payment like water proof  <a href="http://www.nhlhockeyshopuk.com/edmonton-oilers-grant-fuhr-jersey-uk/">Grant Fuhr Jersey UK</a> m
引用 删除 shekplos2g   /   2018-04-19 06:49:34
"Each of the winners was awarded a Huaweilat <a href="http://www.wholesalesoccerjerseys.cc/">Wholesale Soccer Jerseys Cheap</a> est model smart phone and cash gift.S.Brazil's gold medal winners <a href="http://www.wholesalesoccerjerseys.cc/">Wholesale Jerseys Cheap</a>  included Rafaela Silva in judo, Thiago Braz in the pole vault, Robson Conceicao in boxing (60 kilos), Martine Grael and Kahena Kunze in the women's  <a href="http://www.wholesalesoccerjerseys.cc/">Wholesale Jerseys Free Shipping</a> 49er FX class sailing, and Alison Cerutti
引用 删除 mynamikw9x   /   2018-04-18 20:50:51
President David Granger is urging citizens to hold strong to <a href="http://www.cheapmlbjerseys2018.us.com/">Cheap NFL Jerseys China</a>  the value of fellowship,Cheap NFL Jerseys China, which is best exemp <a href="http://www.wholesalenfljerseysdiscount.us.com/">Cheap Authentic NFL Jerseys</a> lified at Christmas time. The President made these remarks yesterday at Onderneeming Village, West Coast Berbice, where he distributed Christmas gifts to over 300 childre <a href="http://www.cheapnfljerseysall.com/">Cheap Stitched Jerseys</a> n
引用 删除 mynamikw9x   /   2018-04-18 20:48:06
Ice fishing is a popular sport in Finland,Danilo Gallinari  <a href="http://www.nuggetsbasketballteamshop.com/danilo-gallinari-nuggets-jersey/">Danilo Gallinari Nuggets Jersey</a> Nuggets Jersey, Sweden, Norway, Canada, Germany and Rus <a href="http://www.nuggetsbasketballteamshop.com/allen-iverson-nuggets-jersey/">Allen Iverson Nuggets Jersey</a> sia.Observers believe that the size of the bombings, the number of the attackers, and the way they snuck into the headquarters indicate a sophisticated planning by the alQaidalinked Nus <a href="http://www.nuggetsbasketballteamshop.com/wilson-chandler-nuggets-jersey/">Wilson Chandler Nuggets Jersey</a> r
引用 删除 mynamikw9x   /   2018-04-18 18:14:56
"It is true before las <a href="http://www.footballjetsonline.com/women-jordan-jenkins-jersey/">Jets Jordan Jenkins Jersey</a> t year win in Chicago, I had a  <a href="http://www.footballjetsonline.com/women-ardarius-stewart-jersey/">Jets ArDarius Stewart Jersey</a> lot ofinjuries.NAPROXENBest for beating: Joint pain and arthritis Hidden benefits: May reduce the risk of lung cancer when taken daily.40,Jets Jordan Jenkins Jers <a href="http://www.footballjetsonline.com/">Elite Jets Jersey</a> ey, but outofnetwork ATM went up 18 cents to $1. Fondant cakes call for a great deal
引用 删除 mynamikw9x   /   2018-04-18 10:25:14
BENGAL FARM, CORENTYNE – Rice farme <a href="http://www.wholesalechinajerseysauthentic.us.com/">Wholesale Jerseys</a> rs in Region Six – <a href="http://www.salecheapjerseys.us.com/">NFL Cheap Jerseys</a>  East Berbice/Corentyne are paid the lowest prices in Guyana for their produce. This is according to the President of the Guyana Rice Producers’ Association, Leeka Rambric <a href="http://nhl.frlodge.com/">Cheap NHL Jerseys Authentic</a> h.In this geographic location, there are only two main buyers – the Mahaicon
引用 删除 shekplos6z   /   2018-04-18 09:23:00
Most of the children right now are being sent to any sport by their parents for  <a href="http://www.49ersfootballgear.com/women-jerry-rice-jersey/">Jerry Rice Jersey</a> them to have experience on what m <a href="http://www.49ersfootballgear.com/women-elvis-dumervil-jersey/">Elvis Dumervil Jersey</a> akes them to be a better athlete someday. But I am now fine and looking forward to challenge forthe medal. This method will help you more.Zhu said she may continue to play with Vakifbank <a href="http://www.49ersfootballgear.com/women-ahkello-witherspoon-jersey/">Ahkello Witherspoon Jersey</a>
引用 删除 dgs2u6cc   /   2018-04-18 08:28:01
Individuals are becoming much more conscious about their own health and <a href="http://www.authenticbrownsshoponline.com/brock-osweiler-browns-jersey/">Authentic Brock Osweiler Jersey</a>  also fitness level nowadays. From the reception venues, the varie <a href="http://www.authenticbrownsshoponline.com/danny-shelton-browns-jersey/">Danny Shelton Jersey</a> ty of guests,Authentic Brock Osweiler Jersey, all the way down for the wedding cakes, each bit is critical. 23 (Xinhua)Yao Ming, the newlyelected Chinese Basketba <a href="http://www.authenticbrownsshoponline.com/duke-johnson-browns-jersey/">Duke Johnson Browns Jersey</a> l
 

评分:0

我来说两句

显示全部

:loveliness: :handshake :victory: :funk: :time: :kiss: :call: :hug: :lol :'( :Q :L ;P :$ :P :o :@ :D :( :)

日历

« 2018-04-21  
1234567
891011121314
15161718192021
22232425262728
2930     

数据统计

  • 访问量: 121142
  • 日志数: 920
  • 建立时间: 2007-08-16
  • 更新时间: 2013-08-15

RSS订阅

Open Toolbar