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读了贵刊上期《中小企业板的有限影响》后,深有同感。千呼万唤之下中小企业板终于在5月28日在深交所启动,然而,无论是散户还是券商好象没有对此表现出太多的热情,观望是一种普遍的心态。其实,这是中小企业、投资者和监管者三方博弈的结果。首先,作为中小企业板的主角,中小企业的作为起着极为重要的作用。许多成长性好,盈利状况佳的中小企业大多谋求到国外或香港创业板市场上市。而其中一些海外上市无望的企业才选择在中小板上市。这就出现了“劣币驱逐良币”的现象,制约了中小板块的长足发展。
After reading the last issue of your magazine, “The Limited Influence of SME Board,” I feel the same. The long-awaited SME board finally launched on the Shenzhen Stock Exchange on May 28, however, whether retail investors or brokers did not seem to show much enthusiasm for this, wait and see is a common attitude. In fact, this is the result of the tripartite game among SMEs, investors and regulators. First of all, as the protagonist of SME board, the act of SME plays an extremely important role. Many SMEs with good growth and good profitability are mostly seeking listing on the GEM abroad or in Hong Kong. Some of the overseas listed companies hopeless listing on the small board. This has led to the phenomenon of “bad money driven by good money”, restricting the long-term development of small plates.