政策态度转为明晰，有利于区域股权市场快速扩容，而券商、融资企业以及创投基金等都会从中获益

Policy attitude to clear,Is conducive to regional equity markets rapid expansion,The brokerage/Financing for companies and venture funds will benefit from it

　　经历过两年的政策暧昧不明，随着近来政策态度转为明晰，各地对于区域股权市场的热情正在不断上升。

Experienced two years of the policy is ambiguous,As the recent policy attitude to clear,Around the enthusiasm for the regional equity markets is rising.

　　自2008年9月，中国第一家区域股权市场——天津股权交易所开始运营后，先后有天津、重庆、上海、成都、武汉、福建等省市获准建立区域性股权交易市场。之后，2011年国务院对各类交易所进行了整顿，2012年，政策基调发生了明显变化，直接引发了多家区域股权交易市场的相继设立，让这一阵容迅速扩大。

Since September 2008,China's first regional equity markets - equity exchange after it began operations in tianjin,Successively with tianjin/chongqing/Shanghai/chengdu/wuhan/In fujian province are allowed to set up regional equity market.after,To clean up all kinds of exchange under the state council in 2011,In 2012,,Obvious changes have taken place in the policy tone,Directly triggered several successively set up regional equity trading market,Make this squad is expanding fast.

　　中国的场外市场刚刚起步，而2012年，《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）》的发布，让场外市场建设思路进一步得到了明确，更重要的是，该意见明确了券商参与区域股权市场建设的角色，这为券商开启了包含全业务链的新空间，随后新设立的市场中大多均有各地券商的参与。

Otc market in China has just started,In 2012,,[Of normative securities companies to participate in regional equity trading market guidance(On a trial basis)]The release of the,Let the otc market construction train of thought to get clear,What is more important,The advice has been clear about the brokerage to participate in the role of the construction of the regional equity markets,It contains whole business chain for brokers to open the new space,Then the new brokers around the market are mostly involved in.

　　区域股权交易市场过去的投资方多数为地方国有企业，但券商参与的市场将越来越多。如深圳前海股权交易所有安信证券投资，浙江股权交易中心除了浙江证券和财通证券两家券商持股10%，上交所下属的子公司也持有20%的股权。此外，上交所还收购了上海股权托管交易中心29%的股权。

Regional equity trading market investors mostly local state-owned enterprises in the past,But brokers involved in market will be more and more.Such as equity trading shenzhen sea before all essence securities investment,Zhejiang equity trading center in addition to zhejiang securities and money two brokerages 10% stake,Shanghai affiliate, a subsidiary of also holds a 20% stake.In addition,Shanghai also bought a 29% stake in equity managed trading center in Shanghai.

　　随着政策的明朗，区域性股权交易市场将成为场外市场发展的重点，而券商进入区域股交市场，更有利于区域股权市场快速扩容，而券商、企业以及投资基金都会从中获益。

As the policy clear,Regional equity market will become the key point of the development of the otc market,And access to regional market share,More conducive to regional equity markets rapid expansion,The brokerage/Companies and investment funds will benefit from it.

　　市场扩容 The market capacity

　　“之前国务院发的清理的通知里，感觉区域性股权交易市场的发展也是比较受限制的，但后来证监会的态度转为积极支持”，一位业内人士对《中国投资》表示。

"Before the cleaning the hair under the state council notice,Feel regional equity trading market development is restricted,But then the CSRC's attitude to actively support",One industry source[China's investment]said.

　　由于2011年前各地建立的各类交易所纷纷设立，从金属交易所、产权交易所等不一而足，股权交易所也包含在其中，经历了整顿。而2012年证监会官员对区域股权市场进行了密集调研和表态，释放出管理层对区域股权市场的支持。

Due to establish all kinds of exchanges have been set up around 2011 years ago,From the metal exchange/Property rights exchange, etc,Equity exchanges are also included in it,Experienced consolidation.In 2012, CSRC officials to intensive regional equity markets research and comment,Release management support for regional equity markets.

　　2012年4月17日湖北省资本市场建设工作会上，证监会主席郭树清表示，除了要推出全国性的场外交易市场，证监会还希望年内推出区域性股本转让市场，为地方小微企业融资转让和流转服务。

On April 17, 2012 in hubei province construction work at the capital market,Securities regulatory commission chairman guo shuqing said,In addition to launch a national over-the-counter market,It also hope that years, regional equity transfer market,For the local small micro enterprise financing transfer and circulation service.

　　同年9月中国证券业协会发布了《关于规范证券公司参与区域性股权交易市场管理办法的指导意见》，并拟定《证券公司参与区域性股权交易市场管理办法(讨论稿)》。

In September the same year published China securities industry association[About the specification of measures for the administration of securities companies to participate in regional equity trading market guidance],And to formulate[Measures for the administration of securities companies to participate in regional equity trading market(Discussion paper)].

　　“以柜台交易运作的区域性股权交易市场将成为中国多层次资本市场的重要组成部分，在这个定位下，区域股权市场获得了政策的支持”，该人士对记者表示。

"Trading operations to counter regional equity markets will become multi-level capital market is an important part of China,In this position,Regional equity markets won the support of policy",The source told reporters.

　　目前，该市场已被业界称为“四板”市场。在中国的资本市场体系里，主要有场外市场和场内市场，场内市场以主板和创业板为主，其中主板主要为大型成熟和传统行业中小企业提供股权融资和转让服务，创业板和三板市场主要为“二高六新”企业提供股权融资和转让服务，而场外市场主要是新三板市场和区域股权交易市场，均服务于非上市中小企业， “新三板”的定位是全国性的股权交易市场，区域性股权交易市场服务的企业不受国家级高新区等区域和行业的限制。股份的转让交易市场，解决非上市地方小微型企业融资转让流转。

At present,The market has been the industry known as"Four board"The market.In China's capital market system,Mainly include the otc market and the internal market,Based on the market is given priority to with main board and gem,Including motherboard mainly for large mature and traditional industry of small and medium-sized enterprise equity financing and transfer services,The gem and SanBan market mainly"Two high six new"Enterprise provide equity financing and transfer services,And otc market are mainly new SanBan market and regional equity markets,All services in unlisted small and medium-sized enterprise, "New SanBan"Positioning is a national equity trading market,Regional equity trading market of enterprises are not restricted by region and industry such as the state-level high-tech zone.Stake in the transfer market,Small micro enterprise financing unlisted local transfer flow.

　　根据该意见，区域股权交易市场仍由所在地省级人民政府批准设立，如果使用“交易所”字样，省级人民政府批准前还需要征求联席会议意见。

According to the opinion,Regional equity trading market still be approved by the provincial people's government to set up,If you are using"exchange"The words,The people's governments at the provincial level for approval before also need to solicit opinions from the joint meeting.

　　“总体来看，区域股权交易市场遵循一省一家，但就具体操作来看，由于各地发展水平不一，其设立股权交易市场的必要性也不尽相同，如上市资源并不丰富的西部地区，单独一省可能无法建立活跃的市场，这样可以考虑几个省区联合建立一个交易中心，实现资源的共享和市场的活跃”，申燕表示。

"In general,A regional equity markets following a province,But in the concrete operation,Due to various places have different level of development,It has established the necessity of the equity exchange market also is not the same,Such as public resources are not abundant in the western region,A province alone may not be able to establish active markets,So that we can consider several provinces jointly set up a trading centre,Share the resource and market of active",ShenYan said.

　　因此，虽然原则上是一省一家，最终扩容的规模可能不会达到31个。照目前已经建立的数量来看，扩容才刚刚开始。

so,Although in principle is a province,Expansion of the scale may not reach 31 finally.According to the number of has been established,Expansion has only just begun.

　　地方政府对区域性股权交易市场的支持力度也非常大，各地对挂牌企业的财政补贴政策还没有全面出台，但部分交易市场已经为其区域内的优质企业提供了挂牌后的帮助。

Local government support for regional equity trading market is very big,Around the financial subsidies to the listed companies haven't fully come,But part of the market has been to provide high quality companies in the area after the quotation's help.

　　例如，企业挂牌之后可以提高知名度，获得地方政府优惠政策，从而更有利于获得银行贷款。目前部分省市对挂牌新三板和地方OTC的企业给予财政补贴，因而有业内人士预计地方政府对挂牌区域性股权交易市场的财政补贴介于40万-100万元。

Such as the,After listing can improve the enterprise reputation,Preferential policies for local government,Thus more conducive to get bank loans.Now part of provinces and cities to new SanBan and local over-the-counter (OTC) listed companies to give subsidies,Thus the personage inside course of study is expected to local government fiscal subsidies for listed regional equity trading market is between 400000-1 million yuan.

　　此外还可以低价取得土地，或者解决现有土地权证的问题，税收政策方面，可以免除以往欠缴税款，或者未来几年新增税收财政返还，资金资助政策方面，可以取得政府挂牌奖励，或者企业改制奖励，各地从50万-150万不等，各地政府的政策支持力度差别很大。

And also can make land at a low price,Or solve the problems of the existing land card,Tax policy,Outstanding taxes may be exempted from before,Or new fiscal tax return in the next few years,Funding policy,Can be obtained by the government for reward,Or enterprise restructuring awards,Ranging from 500000-500000,Around the government's policy support varies widely.

　　谁获益最大 Who will benefit most

　　券商、挂牌企业以及投资基金，都将成为该市场的赢家。

brokers/Listed companies and investment funds,Will be the market winners.

　　有券商估计，未来5年，区域性股权交易市场挂牌企业数量有望近8000家，总市值有望达到约万亿元。其中，广东、江苏、浙江、山东、天津、上海和重庆作为主要区域市场,挂牌公司合计将突破3000家，总市值有望突破4000亿元。

Brokers estimate,In the next five years,Regional number listed companies equity trading market is expected to nearly 8000,Market capitalization is expected to reach about one trillion yuan.Among them,guangdong/jiangsu/zhejiang/shandong/tianjin/Shanghai and chongqing as the main regional markets,Listed company together will break through 3000,Market capitalization is expected to exceed 400 billion yuan.

　　赛迪顾问公司分析师申燕在接受《中国投资》采访时表示，区域性股权交易市场是多层次资本市场的重要组成部分，其目的是促进企业特别是中小微企业股权交易和融资，鼓励科技创新和激活民间资本，“基于此定位，区域股权市场的投资对象主要为中小微企业，投资者收益主要在于：一是降低投资机构对于企业价值的发现成本，二是降低退出成本，从而更易获得所投企业的价值溢价”。

ShenYan, an analyst at ccid consulting company[China's investment]Said in an interview with,Regional equity trading market is an important part of the multi-level capital market,Its purpose is to promote micro enterprises, especially small and medium-sized enterprise equity trading and finance,Encourage scientific and technological innovation and to activate nongovernmental capital,"Based on the location,Regional equity markets investment mainly for micro, small and medium enterprises,Income mainly depends on investors:A cost is found to reduce investment institutions to enterprise value,2 it is to reduce the exit cost,Thus are more likely to get shot by enterprise value premium".

　　申燕表示，初期场外市场对券商收入的提升幅度约为5%，考虑到成熟阶段场外市场股本扩大及活跃度迅速提升，届时场外市场收入占券商收入比重可达25%以上。

ShenYan said,Early otc market for brokerage revenue increase of about 5%,Considering mature otc equity and active increasing rapidly ascend,The otc securities market accounted for revenue proportion can reach more than 25%.

　　由于证监会上述意见明确了券商参与区域性市场的两种方式：一是作为区域性市场会员开展相关业务；二是作为区域性市场的股东参与市场管理并开展相关业务，因此，事实上证券公司参与股权交易市场，不仅可以投资入股区域性市场交易场所，还可开展全业务：在承销和保荐业务上，可为非上市公司提供与挂牌推荐、定向股权融资、私募债券融资等相关服务；在证券经纪业务上，可为投资者提供代理买卖服务；在证券自营业务方面，可买卖在区域性市场挂牌的股权或私募债券；在证券资产管理业务方面，可发行以区域性市场挂牌的股权或私募债券为投资标的的资产管理产品。券商还可在区域性股权交易市场创新交易方式或开展创新业务。

Due to the CSRC the advice has been clear about the brokerage to participate in the regional market in two ways:As a member of the regional market to carry out the relevant business;Two is as the regional market of shareholders to participate in market management and carry out related operations,so,In fact in securities companies to participate in the equity market,Can not only investing in regional market trading place,Also can carry out the whole business:On the underwriters and sponsors,Can be recommended for unlisted companies and listed/Directional equity financing/Private debt financing and other related services;On the securities brokerage business,Acting sale of services for investors;In the securities proprietary business aspects,Can buy and sell in local market the equity of listed or private debt;In terms of securities assets management business,Can be issued to the regional market for equity or asset management products of private bond for the investment target.Brokers also can be in regional equity trading market innovation way to trade or conduct business.

　　此外，对中小微企业而言，最大的好处是区域股权市场可以缓解其融资难的问题，而在区域股权交易市场挂牌相比在其他板块上市，可以消除长期等待的被动，而股权融资时间短，费用低，仅需要其他资本市场费用的1/5-1/10。同时，还可以为股东提供退出的平台。

In addition,For micro, small and medium enterprises,Area is the main benefit of equity market can relieve the difficulty of financing,In the area than in other sectors listed equity trading market listing,Can eliminate the passive waiting for a long time,Time is short and equity financing,Low cost,Only need other 1/5-1/10 the cost of the capital markets.At the same time,Can also provide exit platform for shareholders.

　　而且，一些企业以转板上市和做大做强为目标，进入区域股权市场为进入其他板市场打下基础，因为公开资本市场上市都比较关注公司的历史沿革，规范运作和财务的独立性等，通过股权市场挂牌实践，可以让企业熟悉资本市场的运作，提前预演。不过，当前还没有转板制度。

and,Some listed companies to turn plate and become bigger and stronger as the goal,Into the regional equity markets to lay the foundation for the other plate market,Because of the public capital market are focus on the history of the company,Standard operation and financial independence, etc,Practice through stock market listing,Can let the enterprise be familiar with the operation of the capital market,Preview in advance.but,Currently there is no transfer board system.

　　河南省产权交易中心副总裁钟冠华也撰文指出，区域股权交易市场采取非连续竞价交易，交易节奏慢，区域市场信息传递快，可以限制制造假消息误导投资者，人为操纵导致股价大幅波动的空间。

Vice President of property rights trading center in henan province Zhong Guanhua also wrote,Regional equity deals take non continuous auction market,Trading slow,Regional market information transmission faster,Can restrict manufacturing false information to mislead investors,Manipulation space of the lead to sharp fluctuations in stock prices.

　　除了券商和融资企业，投资基金如VC和PE也会受益于业务承揽、投资交易和退出路径3方面。

In addition to brokers and financing companies,Investment funds such as VC and PE will also benefit from the business contracts/Investment transactions and the exit path three aspects.

　　低门槛 高风险 Low threshold, high risk

　　挂牌企业数量是衡量一个区域性股交市场发展的重要指标，因而挂牌企业资源也成为各地区域股权市场争夺的热点。

Number listed companies is a important index of regional shares in market development,Therefore listed companies around regional equity markets compete for resources has become a hot spot.

　　由于目前尚未有统一的管理制度，因此各地市场均按照自身需求制定了挂牌制度。例如浙江股交中心申请挂牌应具备基本条件只需要股份公司成立满一年，主业突出，具有持续经营能力，治理结构健全，运作规范，股东大会决议通过。上海股交中心首批19家挂牌企业中甚至有13家企业未满一年。

Because at present there is no unified management system,So markets are set up according to their own demand system.Such as zhejiang listed stocks pay center application should have the basic conditions only need co., LTD was set up for a full year,Main business is prominent,Capable to continue as a going concern,Governance structure and improve the,Operation specification,The shareholders meeting resolution.Shanghai stocks pay center the first 19 listed companies even have 13 companies in less than one year.

　　总体而言，相比其他市场，区域股权市场的门槛最低，以深圳前海股权交易中心为例，该市场是国有企业控股的区域性股权交易市场，从对挂牌企业的股本要求来看，前海与新三板相同，挂牌前要大于等于500万，创业板发行后总股本大于等于3000万，主板和中小板发行前总股本均要求大于等于3000万，发行后总股本大于等于5000万。

On the whole,Compared to other markets,The threshold of the regional equity markets,Shenzhen sea before equity trading center, for example,The market is the state-owned enterprises controlled by the regional equity trading market,From the perspective of listed companies equity requirements,Before the sea the same as the new SanBan,Greater than or equal to 5 million before quotation,Gem after the release total equity is greater than or equal to 30 million,Main board and small and medium-sized panels before issuing a total demand is greater than or equal to 30 million,After the release total equity is greater than or equal to 50 million.

　　从财务指标的要求来看，前海没有硬性的财务指标要求，只要求主营业务明显有一年持续经营记录就行。新三板市场的要求多一条，就是要求企业是高新园区的高新技术企业。创业板则要求企业最近两年持续盈利，净利润累计大于等于1000万元，且持续增长，或者大于等于30%。还要求企业最近一年盈利，且净利大于等于500万，最近一年营业收入大于等于5000万，最近两年营业收入增长率不低于30%，最近一期没有弥补增长。

From the perspective of the requirements of financial indicators,Before the sea without rigid financial index requirements,Main business is only required to clear the continued operation of one year record.More than a new SanBan market demands,Is to require companies are high-tech zone of high-tech enterprises.Gem requires the most consistently profitable over the last two years,Greater than or equal to net income is 10 million yuan RMB,And continue to grow,Or greater than or equal to 30%.Profits also requires enterprises in recent years,And the net profit is greater than or equal to 5 million,In recent one year operating income is greater than or equal to 50 million,The last two years operating income growth rate no less than 30%,A recent issue of did not make up for growth.

　　因此， 区域股权市场适合那些有一定的业务规模、希望进入资本市场但不符合其他板条件的企业。

so, Regional equity markets for people who have a certain scale of the business/Hope to enter the capital market but does not meet the requirements for the other boards.

　　而且交易的品种不止有股权，还有债权、金融衍生品、跨境人民币业务、场外非标准化金融产品等。交易方式包括协议交易、活跃交易和T+0回转交易，没有股份限售，对融资也只做基本的形式审查。

And trade varieties more than with equity,And creditor's rights/Financial derivatives/Cross-border RMB business/Otc non-standardized financial products, etc.Way to trade including trading agreement/Active trading and T + 0 swing trading,Not restricted shares,For financing, also only do the basic form of censorship.

　　“交易所市场和场外市场在资本市场中分工不同，在多层次资本市场中不存在竞争关系”，申燕表示。“新三板市场和区域股权交易市场作为资本市场的补充，为中小企业提供了进入资本市场的平台。中小企业通过在区域性股权交易市场完成股份制改造、规范公司治理机构、熟悉财务管理要求和信息披露制度等上市必修课，通过股权流转、定向融资和股权质押融资获得发展支持。”简言之，区域性股权交易市场主要为新三板、创业板、中小板、主板等板块培育和提供优质企业资源。

"Exchange market and otc market in the capital market division of labor is different,Don't compete in the multi-level capital market",ShenYan said."New SanBan market and regional equity markets as a supplement to the capital markets,Provides access to capital markets platform for small and medium enterprises.Small and medium-sized enterprises (smes) through the completion of shareholding system reform in regional equity trading market/Standardize corporate governance institutions/Familiar with financial management requirements and information disclosure system of listed required courses,Through the equity transfer/Directional support finance and equity pledge financing for development."In a nutshell,Mainly for new SanBan regional equity trading market/The gem/Small and medium-sized plate/Motherboard plate cultivation and to provide quality companies such as resources.

　　不过，亦有不少人士表达了对当前区域股权市场风险的担忧。作为私募市场，目前还没有专门的、完整的、全国性的市场管理法规，申燕表示，对于投资者来说，由于区域性股权市场的标的企业均为中小企业，其业绩往往会出现大幅波动，价值判断难度较大，同时市场建立初期，在信息披露、风险预案等方面均待完善，因此，投资风险相比成熟的主板市场更大。

but,Many people also have expressed concern about the current regional equity market risk.As the private equity market,There is no special/The complete/National market management rules and regulations,ShenYan said,For investors,The regional equity markets of target enterprises are based on small and medium-sized enterprises,Its results tend to be a sharp fluctuations,Value judgment is difficult,At the same time the market set up early,In the disclosure of information/Are to improve the risk preparedness, etc,so,Investment risk compared with the mature of the mainboard market bigger.

　　申燕认为，对于此类风险，有关机构在风险预案、信息披露、投资者教育、准入条件等方面需出台更多更完善的规定来强化区域股权交易市场的风险防控。

ShenYan think,For this type of risk,The relevant authorities in the risk response plan/Disclosure of information/The investor education/Access terms and so on should be more better to strengthen regional equity trading market risk prevention and control.

　　而河南省产权交易中心副总裁钟冠华认为，未来应采取市场化取向，建立在政府严格立法基础上的自律管理型监管模式。

And Zhong Guanhua thinks that property rights trading center vice President in henan province,Should be taken to market orientation in the future,Based on the government strictly self-discipline management on the basis of legislative supervision mode.