新三板和上海股交中心的竞争关系很小，二者的竞争主要存在于张江园区。而上海股交中心面向的企业包括张江园区以外广泛的中小企业，因此不会产生激烈竞争。

The new SanBan and Shanghai shares into the competition between center is very small,The competition exists mainly in zhangjiang park.And Shanghai shares into the center and facing the enterprise including zhangjiang park outside a wide range of small and medium-sized enterprises,So won't produce intense competition.

　　新三板扩容之后，关于各地股权交易市场与新三板之间的竞争关系如何演变，哪个市场更能满足企业的融资或套现需求等诸多话题，受到了市场各方的关注。

The new SanBan after expansion,All about equity trading market and the new SanBan competition between how relationship evolution,Which markets more can satisfy the enterprise financing or cash needs, and many other topics,Subject to market the attention of all parties.

　　与此同时，接受证券时报记者采访的业内人士表示，地方股权交易市场希望未来能够建立转板上市的机制，这有助于企业长远发展。

meanwhile,To accept the securities times reporter the interview the personage inside course of study says,Local equity market hope that the future can establish turn board listing of the mechanism,It will help the enterprise long-term development.

地方股权市场不是四板 Local equity market is not four plate

　　2年前上海股权交易中心曾经被定位为替创业板和新三板输送血液的“四板市场”。业内人士认为，新三板扩容后，将会形成区域性多层次资本市场的完整体系，即由主板、二板(创业板)、新三板、四板(股权托管交易中心)组成。而股权交易中心定位为“四板”，也就相当于是新三板和创业板、中小板、主板等更高层级板块的“预科班”。

2 years ago Shanghai equity trading center has been positioning for for gem and new SanBan transport blood"Four plate market".The personage inside course of study thinks,The new SanBan expansion after,Will form regional multi-level capital market complete system,Namely the motherboard/second(gem)/The new SanBan/Four plate(Equity trusteeship trading center)composition.And equity trading center for positioning"Four plate",Also quite so new SanBan and gem/Small and medium-sized plate/Main board and the higher level of the plate"Prep school".

　　“之前，在监管部门内确实有过这样的表述，认为我们是四板。但现在不再这么表述了，也不存在三板、四板之说，因为它们之间的服务对象、功能和服务条件都是一样的，我们和创业板之间确实存在层次之分，但我们和新三板是处在同一层次的，没有区分。”上海股权托管交易中心总经理张云峰表示。实际上，地方股权交易市场的交易对象是“两非一高”企业：即非上市没有在沪深证券交易所公开发行上市；非公众股东人数在200人以下；高成长具有较高成长性的企业。

"before,In the supervision department inside do have such a statement,Think we are four plate.But now no longer so expressed,Also does not exist SanBan/Four plate say,Because of the service object between them/Function and service conditions are the same,We and gem exists between levels of the points,But we and new SanBan are in the same level,No difference between the."Shanghai equity trusteeship trading center general manager ZhangYunFeng said.In fact,Local equity market trading object is"Two the tallest"enterprise:Non-listed not in Shanghai and shenzhen stock exchange public offering;Non public shareholders in 200 the following;High growth with high growth enterprise.

　　那么地方股权交易市场和新三板之间是否存在竞争关系？“是有竞争关系，但我们的态度是明确的，即鼓励企业上新三板，尽量让更多的企业上新三板。在这一点上，上海股交中心明确要为新三板让路。”张云峰表示，企业有充分的自由，既可以选择在上海股交中心挂牌，也可以选择在新三板挂牌。

So local equity market and new SanBan relationship between whether there is competition?"There is a competitive relationship,But our attitude is clear,Which encourage the enterprise new SanBan,Try to let more enterprise new SanBan.At this point,Shanghai stock into center to clear for the new SanBan keep out of the way."ZhangYunFeng said,Enterprise have full freedom,Not only can choose in Shanghai shares listed into the center,Also can choose in the new SanBan listed.

　　在竞争问题上，上海股交中心认为，自身不仅仅是公司制的交易市场，也更是承载着很多行政职能的交易平台，比如此次推进首批新三板企业挂牌。张云峰表示，新三板和上海股交中心的竞争关系很小，二者的竞争主要存在于张江园区。而上海股交中心面向的企业包括张江园区以外广泛的中小企业，因此不会产生激烈竞争。

In the competition,Shanghai stock into center think,Itself is not only a company type trading market,Also is carrying a lot of administrative function of the trading platform,For example the propulsion the first new SanBan enterprise listed.ZhangYunFeng said,The new SanBan and Shanghai shares into the competition between center is very small,The competition exists mainly in zhangjiang park.And Shanghai shares into the center and facing the enterprise including zhangjiang park outside a wide range of small and medium-sized enterprises,So won't produce intense competition.

　　“上海股交中心的态度很明确：一是支持张江园区企业在新三板挂牌；二是，企业上不上新三板由企业自己决定，如果在上海股交中心已经挂牌的企业提出要转新三板，上海股交中心必定会大力支持。”张云峰表示，“截至目前，上海股交中心内的挂牌企业中已有十几家具备转到新三板的条件。但上海股交中心还没有得到任何企业要转上新三板的消息。”

"Shanghai stock into center attitude is very clear:One is to support the zhangjiang park enterprises in the new SanBan listed;The second is,Enterprise in the new SanBan decided by enterprises themselves,If in Shanghai stock into center has listed enterprise puts forward new SanBan turn,Shanghai stock into center will support."ZhangYunFeng said,"So far,Shanghai stock into center within the listed enterprises have a dozen have turned to the new SanBan conditions.But Shanghai stock into center also didn't get any enterprise to turn on a new SanBan news."

　各市场融资能力存差异 The market financing ability save differences

　　日前监管部门相关人士赴上海股交中心进行调研，其中一项议题就是有关上海股交中心成立以来表现出的融资能力。

Recently the supervision department relevant personage to Shanghai shares into the center carries on the investigation and study,One of the issues is about to hand in Shanghai shares since the establishment of the center show financing ability.

　　实际上，对于拟挂牌企业来说，考虑在哪个市场挂牌之前，企业首先要弄清楚自身的需求，即去哪里挂牌最符合企业发展的需求。总体来看，这些企业挂牌主要有两个目标：一是融资，二是套现。

In fact,For quasi listed for enterprise,Consider in which market before listing,Enterprise must first make clear its own demand,That is where to go listing the most accord with the demand of enterprise development.overall,These enterprises listed there are two major goals:One is the financing,The second is to cash.

　　从交易情况看，新三板成立7年以来，挂牌企业为127家，而上海股交中心成立5个月挂牌企业达24家由于有部分企业股改不满一年，实际可交易的挂牌企业为12家，由此可见，新三板可交易对象数量远远高于上海股交中心。但是，若按照单个公司单月交易量来计算，则相差较大，上海股交中心挂牌企业平均每月交易量为230万元，而新三板挂牌企业平均每月交易量只有40万元。

See from the transactions,The new SanBan established since 7 years,Listed enterprise for 127 home,And Shanghai stock into center five months listed enterprise of 24 home because of some enterprise reform is less than one year,The actual tradable listed enterprise for 12 home,Thus it can be seen,The new SanBan tradable object number is much higher than the Shanghai stock into center.but,If the individual companies trading to calculate monthly performance,Is large difference,Shanghai stock into center listed enterprise mean monthly sales for 2.3 million yuan,The new SanBan listed enterprise mean monthly sales only 400000 yuan.

　　其次，从市场活跃程度来看，新三板7年的交易量为21亿元，其中有80%来自申银万国推荐挂牌的企业。而整个新三板市场，能实现撮合功能的只有申银万国证券一家券商。其他众多券商则缺乏相应能力，这造成整个新三板市场有高达80%的交易量来自一家券商。对新三板市场而言，这种表面的市场活跃度并不是靠机制来实现的，而是靠人去做的。而上海股交中心并不存在这一情况，张云峰表示，“目前，上海股交中心的挂牌企业，如果价格合理，不需要撮合就可以卖出去。目前主要的问题是有些企业价格偏高，特别是原始股”。

secondly,From the market active intensity,The new SanBan seven years of trade volume for 2.1 billion yuan,There are 80% from all the nations ShenYin recommend listing enterprise.And the whole new SanBan market,Can realize the transaction function only ShenYin universal securities a brokers.Many other brokers is lack of the corresponding ability,This causes the entire new SanBan market has as much as 80% of the volume of trade from a dealer.To the new SanBan for market,The surface of the market liveness and not by mechanism to achieve,But by the man to do.And Shanghai stock into center does not exist the situation,ZhangYunFeng said,"At present,Shanghai shares listed into the center of the enterprise,If the price is reasonable,Don't need to bring together can sell.At present the main problem is that some enterprise price is on the high side,Especially the initial offerings".

　　从交易的市盈率来看，新三板的平均市盈率是9倍，上海股交中心剔除极端市盈率公司之后的平均市盈率是66倍，远高于新三板企业。

The p/e ratio from trade to see,The new SanBan average p/e ratio is 9 times,Shanghai stock into center to eliminate extreme p/e company after the average p/e ratio is 66 times,Far higher than new SanBan enterprise.

　　从融资量来看，新三板127家企业7年融资总量为17亿。上海股交中心12家可交易的企业合计实现融资总量为3.06亿元。而武汉股权托管交易中心自2011年11月揭牌运行以来至8月10日，托管登记企业总数达181家，共为19家公司办理了23笔股权质押融资业务，实现质押融资总额达33.1亿元；目前股权挂牌交易企业21家，并通过柜台交易的方式进行了交易，共成交2599.58万股，成交总金额1.6亿元。

From RongZiLiang to see,The new SanBan 127 enterprises 7 years financing amount for 1.7 billion.Shanghai shares into the center of 12 tradable enterprise total realize financing amount is 306 million yuan.And wuhan equity trusteeship trading center from nov. 2011 to uncover its operation on August 10,,Trust registration enterprise total 181,A total of 19 companies deal with 23 pen equity pledge financing business,Realize pledge financing totalling $3.31 billion;Current share listing for trading enterprise and home,And through the counter transaction way the transaction,A total of 25.9958 million shares to clinch a deal,Clinch a deal the total amount is 160 million yuan.

　　天津股权交易所相关人士表示，截至8月31日，天津股权交易所运营近4年，累计挂牌企业数量已经达到192家，市场总值超过200亿元，挂牌企业覆盖22个省市，注册投资人15242个，平均市盈率8倍。

Tianjin equity exchange relevant personage says,As of August 31,,Tianjin equity exchange operation nearly four years,Accumulated listed enterprise quantity has reached 192,Market value is more than $20 billion,Listed enterprise covering 22 provinces and cities,Registered investors 15242,The average p/e ratio 8 times.

呼吁建立转板机制 Calling for rotating plate mechanism

　　地方股权交易市场希望未来能够建立转板机制，帮助企业运作上市，实现更大的发展。

Local equity market hope that the future can establish turn plate mechanism,Help enterprise operation listed,To achieve greater development.

　　张云峰表示，企业从上海股交中心再转到新三板，重走一遍流程，对企业来说增加了成本。“我们希望在上海股交中心挂牌的企业去新三板能够顺畅，上海股交中心目前也在研究实现从上海股交中心转板的可能性。”

ZhangYunFeng said,Enterprise from Shanghai stock into center turn again to the new SanBan,ChongZou again process,For enterprises increased cost."We hope that in Shanghai shares listed into the center of the enterprise to the new SanBan to smoothly,Shanghai stock into center has also in research to realize from Shanghai stock into center the possibility of rotating plate."

　　“上交所入股上海股权托管交易中心，对上海股交中心具有重要意义，有利于股交中心借鉴上交所的运营经验。”张云峰表示，“这也为未来上海股权托管交易中心挂牌的企业建立转板上交所的机制提供了可能性。”

"ShangJiaoSuo become a shareholder Shanghai equity trusteeship trading center,Shares in Shanghai into center has important significance,To share ShangJiaoSuo into center reference of operating experience."ZhangYunFeng said,"This also for future Shanghai equity trusteeship trading center listed enterprise establish turn plate ShangJiaoSuo mechanism provides a possibility."

　　针对转板机制问题，天津股权交易所相关人士向记者表示，在天津股权交易市场规模不断扩大的同时，部分挂牌企业在市场的孵化培育下快速发展，上市需求愈发迫切。天津股权交易所针对这种需求，在境内上市培训服务的基础上，启动了挂牌企业海外上市培训服务。目前，在天津股权交易所摘牌并运作上市的企业已经达到15家，已经有部分企业开始运作走向海外资本市场。

According to turn plate mechanism,Tianjin equity exchange relevant personage told reporters,In tianjin equity market continues to expand the scale at the same time,Part of the listed enterprise in the market incubation nurturing rapid development,Listing requirements increasingly urgent.Tianjin equity exchange according to this demand,Listed in China on the basis of training services,Start a listed enterprise overseas listing training services.At present,In tianjin equity exchange delist and operation listed enterprise has reached 15,Have some enterprise running to overseas capital market.

　　武汉股权托管交易中心相关负责人向记者表示，虽然目前关于地方股权交易市场的法律地位和监管政策仍不甚明朗，但中心一直坚持积极开拓市场，培育挂牌后备企业资源。共举办了20多场次推介会和培训会累计走访企业130多家次，储备了一批挂牌后备企业资源。武汉股权托管中心也希望本地区的企业踊跃参与市场，通过到中心来挂牌交易，缓解企业融资困难，帮助企业尽快成长壮大，进而实现转板上市、做大做强的目标，助推地方经济社会发展。

Wuhan equity trusteeship trading center related person in charge told reporters,Although at present about local equity market legal status and regulatory policy is still unclear,But the center has been insisting actively explore the market,Cultivate listed backup enterprise resources.Held more than 20 session seminar and training accumulated visit enterprise than 130 times,Reserve a batch of listed backup enterprise resources.Wuhan equity custody center also hope that the enterprise of our region to participate in the market,Through to the center to listing for trading,Ease enterprise financing difficulties,Help enterprises to develop as soon as possible,Then realizing the turn plate listed/The goal of becoming big and strong,Boost the local economy and social development.