本报记者 蔡宗琦

Our reporter Cai Zongqi

　　全国股份转让系统有关负责人26日表示，全国股份转让系统挂牌公司不会成为公开发行、交易所上市的障碍。根据股份转让系统业务规则，如挂牌公司向证监会申请首次公开发行股票并上市，或向证券交易所申请股票上市，挂牌公司应向全国股份转让系统公司申请暂停转让。如中国证监会核准挂牌公司首次公开发行股票申请，或证券交易所同意挂牌公司股票上市，全国股份转让系统公司将终止其股票挂牌。

The national officials said 26, stock transfer system,The stock transfer system does not become a public listed company/Exchange barrier.According to the stock transfer system business rules,Such as listed company apply to the securities regulatory commission (CSRC) for initial public offering and listing,Or apply to the stock exchange for shares,Listed companies shall apply to the company share transfer system for transfer.Such as the China securities regulatory commission approval listed company ipo application,Or stock exchange listed company shares,The stock transfer system company will terminate its stock.

　　上述暂停转让、摘牌情形规定为挂牌公司“转板”预留了通道，体现了市场化、包容性的制度设计理念。

The suspension of transfer/Delisting rules for listed companies"Rotating plate"Reserved channel,Reflects the market/Inclusive system design concept.

　　专家表示，全国股份转让系统挂牌公司是经证监会核准的非上市公众公司，现行法规制度并不禁止符合沪深交易所上市条件的公司向相关交易所直接提出上市申请。主板上市公司如不符合上市条件，可以向全国股份转让系统“转板”。同理，全国股份转让系统挂牌公司如符合交易所上市条件，按照自愿和市场化的原则，企业应当也可以向交易所“转板”。

Experts say,The stock transfer system of listed company is approved by the CSRC non-listed public company,The current laws and regulations is not banned in line with the Shanghai and shenzhen stock exchange listed companies listed on request to the relevant exchange directly.Main board listed companies such as does not conform to the conditions listed,Stock transfer system to the whole country"Rotating plate".In the same way,The listed company shares transfer system such as eligible for exchange,According to the principle of voluntary and marketization,Enterprises should also can to exchange"Rotating plate".

　　针对一些市场主体把能否转板作为市场参与的核心考虑，全国股份转让系统有关负责人表示，多层次资本市场是有机联系的整体，不同层次的市场有不同的功能定位，全国股份转让系统将坚持开放发展的市场化理念，充分尊重企业的自主选择权，不做“跑马圈地”的禁止性规定。企业根据自身发展的需要，可以自主选择进入不同层次的资本市场，全国股份转让系统包容有转板要求的企业，在制度设计上充分创造便利条件。

For some market players can turn the panels as the core of market in consideration,Officials said the stock transfer system,Multi-level capital market is a whole organic connection,Have different functions of different levels of market,The stock transfer system will adhere to the open development of marketization concept,Fully respect the independent choice,Don't do"Their rapid"The prohibitive provisions.Enterprise according to the needs of the development of oneself,Can choose on their own into the different levels of capital market,The stock transfer system tolerance has turn plate for a enterprise,Which convenient conditions are created on the system design.

　　但是，企业转板的基础是自身发展需要与市场功能满足的匹配度，能否成功“转板”关键是看能否符合相关市场的准入条件，而相关市场的准入条件将在很大程度上与公开发行核准条件相衔接，避免监管套利的空间。

but,Enterprise board is based on their own development needs and meet the matching degree of market function,The success of"Rotating plate"The key is to see if I can conform to the relevant market access conditions,And relevant market access conditions will to a large extent and corresponding public approval conditions,To avoid regulatory arbitrage space.

　　近几年，资本市场的服务对象逐步从大中型企业向中小企业拓展，从相对成熟的产业向新型产业拓展，从相对成熟的传统业态向一些新型业态拓展，而企业对资本市场的需求也呈现多元化的特征，对多层次资本市场的发展提出了新的需求。以中小企业为例，业态的新兴化、业绩的波动性、融资需求的小额快速、公司治理的规范程度等特点，决定了中小企业的成长需要更具包容性的资本市场。

In recent years,Capital market service object from large and medium-sized enterprises to small and medium-sized enterprises gradually expand,From the relatively mature industries to new industries development,From some relatively mature traditional forms to expand new business modes,The enterprise demand for capital market also has diversified characteristics,Puts forward a new demand for the development of the multi-level capital market.In small and medium-sized enterprises, for example,New XingHua formats/Earnings volatility/Financing needs of small fast/Corporate governance level of specification etc,Determines the growth of small and medium-sized enterprises need more inclusive of the capital market.

　　全国股份转让系统有关负责人表示，全国股份转让系统的业务规则力求满足市场的多元化需求，为广大中小企业享受证券市场的金融服务创造条件。今后，将根据市场培育程度和市场规模拓展，逐步完善市场功能体系，并将沟通协调有关方面，与其它市场的有机衔接机制将进一步畅通。

Officials said the stock transfer system,The stock transfer system of business rules to meet the diversified needs of the market,For the majority of small and medium-sized enterprises enjoy financial services to create conditions of the stock market.In the future,Will according to market growth degree and the size of the market to expand,Gradually improve the function of market system,And will coordinate related aspects,Organic link mechanism with other market will further open.