山东打造区域性股权交易市场的努力终于迎来回报。

Shandong make regional equity market efforts finally usher in return.

　　“区域性股权市场的合法性被明确，下一步我们就是要大刀阔斧的发展。”3日下午5点，刚开完主任办公会的齐鲁股权托管交易中心（下称“齐鲁股交中心”）副主任金栋告诉经济导报记者，中国证监会8月31日发布的《关于规范证券公司参与区域性股权交易市场的指导意见（试行）》（下称《指导意见》），承认区域性股权交易市场是多层次资本市场的重要组成部分，使得区域性市场合法化，齐鲁股交中心作为山东省着力打造的场外股权交易市场试点平台，也将迎来难得的发展机遇。

"Regional equity market legitimacy is clear,The next step is to the development of our aggressive."3, 5 o 'clock in the afternoon,Just open the club director of qilu equity trusteeship trading center(said"Qilu shares into the center")Deputy director of the economic JinDong told reporters newsletter,The China securities regulatory commission on August 31, the release[On regulating the securities companies to participate in regional equity market's instruction opinion(trial)](said[Guiding opinions]),Admit that regional equity market multi-level capital market is an important part of,Make regional market legalization,Qilu shares into the center of shandong province as to create street equity market pilot platform,Also will have a rare opportunity for development.

　　而依托齐鲁股交中心，山东省打造区域股权市场的路径渐明。按照山东省金融办的部署，齐鲁股交中心“十二五”末挂牌企业总数要力争达到300家，实现私募融资100亿元以上，建成立足全省、辐射周边省市的国内区域性股权交易市场模板。不过，在国内其他几家股交中心（公司）纷纷与上交所、深交所洽谈合作之际，齐鲁股交中心事业单位的性质，却对引入其他股东造成障碍。对齐鲁股交中心而言，机遇与挑战并存。

But relying on the qilu shares into the center,Shandong create regional equity market path fadein.According to the shandong finance do deployment,Qilu shares into the center"1025"The total listed enterprise to strive to reach 300,Realize private financing 10 billion yuan of above,Built based on the/Radiation surrounding provinces and cities of domestic regional equity market template.but,In other domestic several shares into the center(The company)In succession and ShangJiaoSuo/The shenzhen to discuss cooperation,Qilu shares into the center of the nature of the business unit,But the other shareholders to introduce a barrier.Qilu shares to pay for center,Opportunities and challenges.

市场合法化 Legalized market

　　3日下午2点40分左右，位于淄博证券大厦2楼的齐鲁股交中心交易大厅内，硕大的显示屏上，60多家挂牌企业的交易行情信息不断滚动，买入价、卖出价、最近成交量等信息一目了然，三三两两的投资者或盯着屏幕、或窃窃私语，并不知道上周证监会发布的《指导意见》，会让这个市场进一步爆发。

3, 40 minutes or 2 o 'clock in the afternoon,Is located in zibo securities building 2 floor of qilu shares trading hall into center,Big screen,More than 60 listed enterprise trading market information continuous rolling,Buying rate/Selling rate/Recently, such as volume information be clear at a glance,The 3322 investors or staring at the screen/Or whispered,Don't know last week issued by the CSRC[Guiding opinions],Can let the market further outbreaks.

　　“区域性市场合法化，我们就可以放手发展了。”齐鲁股交中心顾问杨少军告诉导报记者，该中心目前挂牌企业63家，平均每家挂牌企业实现直接融资3000万元左右，为企业提供了有力的资金支持。此外还有挂牌后备资源企业200余家，与10家银行、4家券商签署了战略合作协议。可在《指导意见》公布前，齐鲁股交中心一直处于敢做不敢说的状态，政策的空白也让市场发展束手束脚，而《指导意见》最重要的是肯定了区域性股权交易市场的地位。

"Legalization of regional market,We can let it go developed."Qilu shares into center consultant YangShaoJun told reporters newsletter,The center has listed 63 enterprises,Average each listed enterprises to achieve 30 million yuan of direct financing,For the enterprise provides a strong financial support.In addition to listing backup resources enterprise more than 200,And 10 Banks/Four brokers signed a strategic cooperation agreement.Can be in[Guiding opinions]Before the promulgation,Qilu shares into center has been in a dare do dare not say state,Policy blank also let market development overcautious,and[Guiding opinions]The most important thing is definitely the regional equity market position.

　　其实，在《指导意见》公布前，齐鲁股交中心的清理整顿工作也早已完成。导报记者了解到，在去年国发（2011）38号文件下发，要求清理整顿各类交易场所后，齐鲁股交中心也对自身进行了全面的规范完善。杨少军向导报记者表示，齐鲁股交中心从未进行过等份额公开发行，不存在拆细、份额标准化、集中竞价等38号文明令禁止的内容，非公众公司股东人数严格控制在200人以内，而针对市场存在的交易时间为T+1问题，也早就调整为T+5。

In fact,in[Guiding opinions]Before the promulgation,Qilu shares into the center of the rectifications program already completed also.Offer the reporter understands,Last year in nation(2011)38 issued by document no.,Requirements of all kinds of rectification after trading places,Qilu shares into the center also own the overall standard and perfect.YangShaoJun newsletter to reporters,Qilu shares into center has never had a public share, etc,Does not exist split/Share standardization/Centralized price bidding and 38 civilization to the content of the ban,The public company shareholders in 200 people within the strict control,And according to the existing market trading hours for T + 1 problem,Have been adjusted for T + 5.

　　“场外市场本身就不是很活跃，正常情况下，一个挂牌企业要20来天才能成交一笔，所以从T+1修改成T+5对市场影响并不大。”齐鲁股交中心负责市场发展的高鹏飞博士告诉导报记者，而为了给挂牌企业未来上市预留引入战略投资者的空间，齐鲁股交中心甚至规定挂牌企业交易过程中股东人数不能超过170人。在合格投资人制度方面，则把个人投资者10万元的资金门槛，提高到20万元。

"Otc market itself is not very active,normally,A listed enterprise to 20 days to clinch a deal a pen,So from T + 1 modified to T + 5 influence on the market is not big."Qilu shares into center is responsible for the market development GaoPeng flying doctor told reporters newsletter,In order to give listed enterprises listed on the future of the space reserved introduced strategic investors,Qilu shares into center even provisions listed enterprise in the course of a transaction shareholders can't more than 170 people.In the qualified investors system,The individual investors is RMB 100000 of funds threshold,Increased to 200000 yuan.

　　“省里的清理整顿小组曾多次了解市场情况，要求规范发展，到8月份已经验收过了，我们现在的压力就在发展方面了。”杨少军说。

"The province and rectify group has repeatedly know the market situation,Requirements specification development,August has acceptance after,We are now in the pressure of the development."YangShaoJun said.

机遇与挑战并存 Opportunities and challenges

　　“《指导意见》的发布对我们而言是把双刃剑，一方面合法化后市场能获得更好的发展，但另一方面竞争也可能更激烈。”金栋坦言，以前政策不明确时，大家都不敢搞，现在政策明确了，可能其他地方也会以各种名义设立股交中心，对企业资源的争夺可能会更激烈。

"[Guiding opinions]Release for us a double-edged sword,On the one hand after the legalization of market to get a better development,But on the other hand may also be more fierce competition."JinDong said,Before the policy is not clear,Everyone can't make,Now policy has been clear about the,May other place also will be with all sorts of nominal set up shares into the center,To the enterprise resources race may be more intense.

　　导报记者了解到，承担着全省性股权交易市场试点任务的齐鲁股交中心，从成立伊始就被山东省寄予厚望，2011年7月，山东省金融办、人民银行济南分行、山东银监局等5部门就明确提出，“推动齐鲁股权托管交易中心发展，尽快形成立足淄博、面向全省、交易活跃、辐射力强的股权交易市场”。其后，省政府又提出，推动齐鲁股交中心向山东半岛蓝色经济区扩大辐射面，为建设全省性股权场外交易市场积累经验。

Offer the reporter understands,Bear the prevailing equity market pilot task qilu shares into the center,From the founding of shandong province was expected,In July 2011,Shandong financial do/People's bank jinan branch/Shandong silver inspect bureau five departments is put forward,"Promote qilu equity trusteeship trading center development,Based on the formation of zibo as soon as possible/Facing the/Transaction active/Radial force strong equity market".subsequently,Provincial government and puts forward,Promote qilu shares into center to the shandong peninsula blue economic zone expanded radiating surface,For construction prevailing equity over-the-counter market accumulate experience.

　　实际上，齐鲁股交中心在缓解中小企业融资难、提升中小企业规范管理水平方面，已经显露出作用。以山东七河生物有限公司为例，作为现代化蘑菇生产企业，其2011年9月在齐鲁股交中心挂牌时，实现私募融资3300万元，建立了新的生产基地；挂牌后提升了企业知名度，使当地政府给了很多优惠政策，并联合农发行给予3000多万元的无息贷款。而齐鲁股交中心已挂牌的63家企业，共实现直接融资加间接融资近40亿元。

In fact,Qilu shares into center in small and middle-sized enterprise financing difficult/Small and medium-sized enterprises improve management level,Have show effect.With seven river biological co., LTD., shandong province as an example,As a modern mushroom production enterprise,The September 2011 in qilu shares listed in the center,Realize private financing is 33 million yuan,To establish a new production base;After listing promoted enterprise awareness,Make the local government gave a lot of preferential policies,And joint NongFaHang give more than 3000 dollars in interest-free loans.And qilu shares into center already listed 63 enterprises,Common realize direct financing and indirect financing of nearly 4 billion yuan.

　　挂牌也使七河生物受到投资机构的青睐。“现在，几乎每周都有三四家投资机构来考察企业，我手里投资机构的名片都好几摞了。”七河生物总经理苏建昌说。

Listing also make seven river creature takes from the investment organizations."now,Almost every week have three or four home investment institutions to investigate enterprise,My hand investment agency business card have several stack of the."Seven river biological general manager SuJianChang said.

　　导报记者注意到，尽管对挂牌企业财务指标要求较低，比如股本不少于500万元、最近一年净利润不少于100万元等，但齐鲁股交中心对股东间关联关系、股权变动、财务信息、信用状况、内部治理等方面的信息披露都有严格要求。在挂牌时，企业要发布详细的挂牌交易说明书，包括历史沿革、财务资料、市场风险等方方面面；挂牌后，则通过定期报告和一般报告，随时披露企业信息，使企业经营决策透明化。

Offer reporter noticed,Despite the listed enterprise financial index has low requirements,Such as capital of not less than 5 million yuan/A recent year net profit of not less than 1 million yuan, etc,But qilu shares to shareholders into center relationship between/Equity changes/Financial information/Credit status/The internal management of the information disclosure has strict requirements.When listed in,Enterprise to publish detailed instructions listed for trading,Including history/Financial information/Market risk etc aspects;After listing,Is through the periodic report and general report,Disclosure of the enterprise information at any time,Make enterprise management decision and transparent.

　　“私募融资、股权交易都是我们的功能，但我们更注重公司规范这一功能，以及由此带来的上市培育方面的作用。”杨少军说。导报记者了解到，目前齐鲁股交中心托管挂牌企业中已有8家公司启动了上市程序，证券公司则优选出18家企业进行跟踪辅导，企业上市孵化器的作用正在显现。

"Private financing/Equity transaction are our function,But we pay more attention to the company principle this function,And thus bring the role of public cultivation."YangShaoJun said.Offer the reporter understands,At present in qilu shares listed enterprises in custody center already 8 companies launched the listing process,Securities companies is preferred out 18 enterprise tracking guidance,The role of enterprise listed incubator is emerging.

　　尽管成绩不俗，但齐鲁股交中心也面临着挑战。

Although earned good grades,But qilu shares into center also faces a challenge.

　　导报记者了解到，7月中旬与齐鲁股交中心同时参与中国证监会全国规范发展区域性股权交易市场座谈会的其他4家股交中心，都已启动引入战略投资者步伐。上海证券交易所已经入股上海股交中心，成为其第二大股东，入股浙江股交中心的事宜也在洽谈中；而天津、重庆等地的股权交易中心，也在和深交所或中登公司洽谈入股合作事宜。而齐鲁股交中心受制于事业单位身份，目前还难以启动引资动作。与证券公司的合作，也只能局限在业务合作范畴。

Offer the reporter understands,In the middle of July and qilu shares into the center of the China securities regulatory commission at the same time to participate in the national standard development regional equity market symposium of the other four shares into the center,Are already starting to introduce strategy investors pace.Shanghai stock exchange has become a shareholder Shanghai shares into the center,Become the second largest shareholder,In the center of the zhejiang shares into matters in the negotiation;And tianjin/Chongqing equity trading center,Also in shenzhen and the company to negotiate or boarding in cooperation.And qilu shares into center is subject to institution identity,It is hard to start yet investment action.With the securities company's cooperation,Also can only limited in the category of business cooperation.

　　而更大的威胁还在于其他股交中心的兴起可能。导报记者注意到，日前通过的《青岛市金融发展促进条例》中，有“依法建立非上市股份公司股权场外交易市场，吸引各类股权投资者参与股权交易，推动股权场外交易市场发展”的内容。若青岛也成立股权交易市场，势必会与齐鲁股交中心形成直接竞争，而山东其他地市会否效仿，也未可知。

And the greater threat is that other shares into the rise of center may.Offer reporter noticed,Through a[Qingdao financial development promotes regulations]in,have"Established in accordance with the private joint-stock company equity over-the-counter market,Attract various equity investors to participate in equity trading,Promote equity over-the-counter market development"content.If Qingdao also established equity market,Will and qilu shares into direct competition center formation,And other cities in shandong province will not follow,Also a mystery.

　　“未来股交中心的竞争，就是市场化的竞争，看谁给企业提供给的服务更好，能满足企业的需求。”金栋表示，优胜劣汰也将在场外市场上演。而齐鲁股交中心年内的目标，是争取挂牌企业达到100家以上，完成省金融办的部署要求。

"The future shares into the center of the competition,Is the market competition,See who give enterprise to provide better service,Can meet the needs of the enterprises."JinDong said,Survival of the fittest will also be in the otc market stage.And qilu shares into center years goal,Is to strive for the listed enterprises reached 100 above,Complete province financial do deployment requirements.