本报记者 张鹏报道

Our reporter zhang peng

　　科技型中小企业集合债券、知识产权质押、创新基金、天使投资、信用贷款、科技保险、创业板、“新三板”……伴随着促进科技和金融结合试点工作的稳步推进，越来越多的科技型中小企业发现企业融资渠道开始变宽了。

Technology-based small and medium-sized enterprise set bond/Intellectual property rights pledge/Innovation fund/Angel investment/credit/Science and technology insurance/The gem/"New SanBan"......Accompanied by promoting science and technology and the steady progress of financial combined with pilot work,A growing number of small and mid-sized enterprise found that began to widen the financing channel.

　　“2012年，通过促进科技与金融结合，科技支行、科技担保、科技保险等一批专业化金融服务机构发展，帮扶科技型中小企业破解融资困难。”科技部部长万钢在今年年初召开的全国科技工作会议上表示，2013年科技部还将重点研究和出台扶持新型研发组织的财税政策，鼓励创新创业和科技型中小微企业发展的扶持政策，促进成果转化的激励和金融政策。

"In 2012,,By promoting science and technology and financial union,Branch of science and technology/Guarantee of science and technology/Development of science and technology insurance and so on one batch of specialized financial services,Help the small and mid-sized enterprise financing difficulties."Earlier this year, the ministry of science and technology wan gang said at a national conference on science and technology,In 2013 ministry of science and technology also will focus on research and the fiscal and taxation policies to support new research and development organizations,Encourage innovation, entrepreneurship and the development of science and technology of micro, small and medium enterprises supporting policies,Promoting the transformation of achievements of incentives and financial policies.

　　

科技金融政策体系初步形成 Science and technology financial policy system preliminary formation

　　众所周知，由于科技型中小企业存在轻资产、成长高风险等不确定性，普通金融机构对这些企业往往退避三舍。因此，科技型中小企业融资难成为一个世界性的难题。

As is known to all,Small and mid-sized enterprise because there is light/Grow high risk and uncertainty,Regular financial institutions to these companies tend to wince.so,Small and mid-sized enterprise financing difficulties has become a worldwide problem.

　　为破解这一难题，从1985年《中共中央关于科学技术体制改革的决定》提出设立创业投资、开办科技贷款以来，我国开始探索促进科技与金融结合的工作。2006年发布实施的《国家中长期科学和技术发展规划纲要（2006－2020年）》，把科技和金融结合工作推向了新的历史阶段。

For solving this difficult problem,Since 1985,[The central committee of the communist party of China on science and technology system reform]To set up venture investment is put forward/Open loan since science and technology,Our country began to explore to promote science and technology combine with financial work.Released in 2006[The national medium - and long-term plan for science and technology development(2006-2020)],Combine technology and financial work to the new historical stage.

　　为了深化科技和金融结合，2010年科技部会同中国人民银行、中国银监会、中国证监会、中国保监会联合发布了《关于印发促进科技和金融结合试点实施方案的通知》，2011年启动了促进科技和金融结合试点工作，确定中关村国家自主创新示范区、天津市、上海市等16个地区为首批促进科技和金融结合试点地区。

In order to deepen science and technology and financial combination,Ministry of science and technology jointly with the people's bank of China in 2010/The China banking regulatory commission (CBRC)/The China securities regulatory commission/Jointly issued by the China insurance regulatory commission (circ)[About print and distribute to promote science and technology is combined with financial pilot implementation of the notice],Launched in 2011 to promote science and technology and financial combination of pilot work,Determine the zhongguancun national innovation demonstration zone/tianjin/16 regions such as Shanghai's first pilot areas to promote science and technology and financial union.

　　科技部有关负责人日前表示：“根据前期调研情况，首批促进科技和金融结合试点地区工作推进比较顺利，形成了良好的经验和做法，值得下一步推广。”

Ministry of science and technology related officials said yesterday:"According to the research situation,The first pilot area to promote science and technology is combined with financial work more smoothly,Formed the good experience and practices,Worth further promotion."

　　记者了解到，随着国家和地方诸多涉及科技金融政策的出台，截至2010年，仅在国家层面出台的科技规划纲要配套政策实施细则中，涉及科技金融工作的政策就达20多项；各省市出台的600多个政策文件中，近1/3可以纳入科技和金融结合的范畴。可以说，我国科技金融政策体系正在初步形成，科技金融工作内涵已经从最初的科技贷款，发展到覆盖创业投资、银行信贷、资本市场、保险和投融资服务等多个领域。北京中关村、武汉东湖和上海张江3个国家自主创新示范区等地开展的科技和金融结合试点工作效果彰显。

The reporter understands,Along with the national and local financial policy involves many science and technology,As of 2010,Only at the national level of science and technology plan for supporting policies in the detailed rules for the implementation,Relating to the financial work of science and technology policy more than 20;Provinces and cities of more than 600 policy file,Nearly a third combination can be included in the technology and financial categories.Can say,Financial policy system of science and technology in our country is initially formed,The connotation of the financial work of science and technology "has from the initial lending technology,To cover venture investment development/Bank credit/The capital market/Insurance, investment and financing services and other fields.Beijing zhongguancun/Wuhan east lake and Shanghai zhangjiang national independent innovation demonstration area and other places to carry out the combination of technology and financial pilot work effect.

　　“对科技方面的金融支持体系应先由政府引导，最终要形成包括银行信贷、股票、债券等社会资本的投资选择。”中国科技发展战略研究院有关负责人表示。

"Financial support for science and technology system should be guided by the government,Eventually to form including bank credit/The stock/Bonds and other social capital investment options."China academy of science and technology development strategy officials said.

　　2012年，国家接连出台关于促进科技和金融结合的新政策、新措施：

In 2012,,Countries have introduced combined with the new policy on promoting technology and financial/The new measures:

　　——中共中央、国务院发布《关于深化科技体制改革加快国家创新体系建设的意见》明确提出，加大对中小企业、微型企业技术创新的财政和金融支持，落实好相关税收优惠政策。扩大科技型中小企业技术创新基金规模，通过贷款贴息、研发资助等方式支持中小企业技术创新活动。建立政府引导资金和社会资本共同支持初创科技型企业发展的风险投资机制，实施科技型中小企业创业投资引导基金及新兴产业创业投资计划，引导创业投资机构投资科技型中小企业。

-- the central committee of the communist party of China/Promulgated by the state council[To further the reform of science and technology system to speed up the construction of national innovation system]Clearly put forward,For small and medium-sized enterprises/Miniature enterprise technology innovation of fiscal and financial support,Implement relevant preferential tax policies.Enlarge the scale of small and mid-sized enterprise technology innovation fund,Through the loan discount/Research and development funding methods such as support for small and medium-sized enterprise technology innovation activities.Set up government funds and social capital to support start-up venture investment mechanism of the development of science and technology enterprises,Implementation of small and mid-sized enterprise venture capital guiding fund and emerging industrial venture investment plans,Small and mid-sized enterprise guide venture investment institutions.

　　——国务院出台《关于进一步支持小型微型企业健康发展的意见》，提出29条具体扶持措施。除加大财税支持力度外，《意见》还针对小微企业的融资难问题提出了推进多层次债券市场建设、加快场外市场建设等五方面的政策措施。

- the state council[Further support for the healthy development of small micro enterprises],Article 29 the specific support measures are put forward.Besides increasing the fiscal and taxation support,[opinion]Also in view of the small micro enterprise financing difficult problem put forward multi-layer construction of bond market/To speed up the otc market construction and so on five aspects of policies and measures.

　　——国家发改委、科技部、财政部等九部委与北京市政府联合发布《关于中关村国家自主创新示范区建设国家科技金融创新中心的意见》。这是我国首个科技金融领域的国家级指导性文件，《意见》围绕科技企业信用体系、知识产权投融资体系等9个重点领域阐述了中关村建设国家科技金融创新中心的主要任务，就中关村科技金融发展环境、资源聚集规模、科技金融对接机制、资本市场服务效能、辐射带动作用等方面提出了建设规划和阶段目标。

- the national development and reform commission (NDRC)/Ministry of science and technology/Nine ministries and commissions such as the Treasury and the Beijing municipal government jointly issued[About zhongguancun national innovation demonstration zone construction of national science and technology innovation center].This is China's first science and technology in the field of financial national guidance document,[opinion]Around the enterprise credit system of science and technology/Intellectual property investment and financing system of the nine key areas such as the construction of the zhongguancun national science and technology innovation center's main task,Zhongguancun science and technology financial development environment/Resources gathered scale/Science and technology financial docking mechanism/Service efficiency of the capital market/Radiation impetus function, etc, put forward the construction plan and milestones.

　　——科技部与国家开发银行在北京签署了《支持国家科技创新开发性金融合作协议》，双方决定以更大的力度加快构建支持科技自主创新和企业科技创新的金融服务体系，引导金融资源向科技领域配置，促进科技和金融结合。

- ministry of science and technology and the state development bank signed in Beijing[Developmental financial support of national science and technology innovation cooperation agreement],The two sides decided to greater efforts to speed up the building to support science and technology independent innovation and enterprise technology innovation of financial service system,Configuration guide financial resources to the areas of science and technology,To promote science and technology and financial combination.

　　——“新三板”试点首次扩容，上海张江国家自主创新示范区、武汉东湖国家自主创新示范区、天津滨海高新区进入试点。

--"New SanBan"Pilot scale for the first time,Shanghai zhangjiang national independent innovation demonstration zone/Wuhan east lake national innovation demonstration zone/Tianjin binhai hi-tech zone into the pilot.

　　——作为全国性场外交易市场运营管理机构的全国中小企业股份转让系统有限责任公司正式成立。

- as a national over-the-counter market operation management institution of the national small and medium-sized enterprise stock transfer system co., LTD was formally established.

　　——创新基金中央财政投入44亿元，在研项目达1.6万项，直接带动社会各类资本投入1083亿元。国家创投引导基金累计投入20.6亿元，带动地方设立各类创投引导基金规模超过260亿元，间接带动社会资本规模超过1400亿元。

The central government spent 4.4 billion yuan - innovation funds,In 16000 research projects,Directly drive the society all kinds of capital investment of 108.3 billion yuan.National venture capital guiding fund accumulative total investment of 2.06 billion yuan,Lead to set up all kinds of local venture capital guiding fund more than 26 billion yuan,Indirect impetus social capital more than 140 billion yuan.

　　财政部有关人士表示，2013年财政投入将充分发挥创业投资引导基金的作用，扩大科技型中小企业创业投资引导基金规模，引导创业投资机构向初创期科技型中小企业投资，促进科技型中小企业创新发展。

Treasury officials said,2013 fiscal inputs will give full play to the role of the venture capital guiding fund,Enlarge the scale of small and mid-sized enterprise venture capital guiding fund,Small and mid-sized enterprise lead venture capital institutions to their initial investment,Promote the development of science and technology innovation of small and medium-sized enterprises.

　

　高新区探索科技和金融结合新模式 Combined with new high-tech zone exploration technology and financial model

　　细心的人会发现，无论是促进科技和金融结合试点地区，还是创业板、“新三板”，都与国家高新区有着密不可分的关系。

Careful people will find that,Whether to promote science and technology is combined with financial pilot areas,Or the gem/"New SanBan",All of the intimate relationship with the national high-tech zone.

　　实际上，国家高新区从20多年前诞生之初就开始在缓解中小企业融资难方面进行了卓有成效的探索和实践。多年来，国家高新区始终把金融资本作为创新的重要要素，在政策探索和制度创新方面不断实践，促进了公共财政与商业资本、社会资本的结合，直接融资与间接融资的结合，逐步形成了政府财政资金、企业担保基金、天使投资、创业投资、风险投资、产业投资基金、企业股权交易与并购、多层次资本市场上市融资等构成的科技金融环境。在国家高新区6万余家企业中，上市公司就达到近千家，吸引的创业投资额、在创业板上市的企业数量都无可争议地位列国内之首，中关村代办股份报价转让试点为探索建立统一监管下的全国性场外交易市场积累了经验。而在纳斯达克、纽交所等境外资本市场上市的企业中，来自国家高新区的企业形成重要板块，已经成为境外中国概念股的重要力量。仅中关村国家自主创新示范区在纳斯达克上市的企业数就占全国的1／3，在纽交所上市的企业数占全国的1／4。

In fact,National high-tech zone from the beginning of the birth of more than 20 years ago in terms of ease of small and medium-sized enterprise financing difficulties has carried on the effective exploration and practice.Over the years,National high-tech zone has the financial capital as an important elements of innovation,In the policy system of exploration and innovation practice constantly,Promote the public finance and commercial capital/The combination of social capital,The combination of direct financing and indirect financing,Gradually formed the government financial funds/Enterprise guarantee fund/Angel investment/Venture investment/Venture capital investment/Industrial investment fund/Enterprise equity trading and mergers and acquisitions/Multi-level capital market financing financial environment of science and technology, etc.More than 60000 in the national high-tech zone enterprises,Listed companies reached nearly thousand,Attract business investment/Number of companies listed on the gem are domestic undisputed status listed in the first place,Zhongguancun pilot do STH for sb share price transfer for exploring to establish unified under the supervision of a national over-the-counter market has accumulated experience.While on the nasdaq/Foreign capital markets such as the nyse listed companies,From national high-tech zone enterprises is important plate,Has become an important force in overseas Chinese stocks.Zhongguancun national innovation demonstration zone only the companies listed on nasdaq is more than one-third of the country,The nyse listed companies make up about a quarter of the country.

　　而作为我国的科技创新中心和战略性新兴产业的策源地，中关村示范区近年来在聚集金融服务资源、完善技术和资本对接的机制、政策先行先试、科技金融产品创新等方面进行了卓有成效的探索和实践，并在积极拓宽融资渠道、搭建融资服务平台的同时，形成了具有中关村特色的科技金融机制，初步形成“一个基础、六项机制、十条渠道”的科技金融服务体系，并以建设国家科技金融创新中心为目标，初步形成了跨部门、跨系统的科技金融联动工作机制。

And as a centre of innovation in science and technology and the birthplace of strategic emerging industries,Zhongguancun demonstration zone in gathering financial service resources in recent years/Improve the technology and capital docking mechanism/Policy first try first/Science and technology innovation of financial products has carried on the effective exploration and practice,And to actively broaden the financing channels/Set up financing service platform at the same time,Financial mechanism formed with the characteristic of the zhongguancun science and technology,Preliminary form"A foundation/Six mechanisms/Article 10 the channels"The financial service system of science and technology,And the construction of the national center for science and technology innovation as the goal,Initially formed across departments/Across the system of science and technology financial linkage mechanisms.

　　据介绍，“一个基础”是指以企业信用体系建设为基础，以信用促融资、以融资促发展；“六项机制”为信用激励机制、风险补偿机制、以股权投资为核心的投保贷联动机制、银政企多方合作机制、分阶段连续支持机制、市场选择聚焦重点机制，以促进技术与资本高效对接；“十条渠道”包括天使投资、创业投资、境内外上市、代办股份转让、担保融资、企业债券和信托计划、并购重组、信用贷款及小额贷款。

According to introducing,"A foundation"Is based on the enterprise credit system construction,In order to credit for financing/Promoting development in financing;"Six mechanisms"For credit incentive mechanism/Risk compensation mechanism/Equity investment as the core of insurance credit linkage mechanism/Silver enterprise multilateral cooperation mechanisms/Continuous support mechanisms in stages/Focused market selection mechanism,In order to promote efficient docking technology and capital;"Article 10 the channels"Including the angel investment/Venture investment/Domestic and overseas market/Do STH for sb share transfer/Secured financing/Corporate bonds and the trust plan/Merger, acquisition and reorganization/Credit loans and small loans.

　　中关村示范区着力打造国家科技金融创新中心。根据相关部门2012年出台的《关于中关村国家自主创新示范区建设国家科技金融创新中心的意见》，中关村建设国家科技金融创新中心将分阶段实施：2013年，形成科技金融机构和中介服务组织汇聚的发展态势；2015年，中关村科技金融发展环境建设取得重大突破，境内外上市公司总数达到300家左右；2020年，初步形成具有全球影响力的中关村科技金融服务体系，辐射带动全国科技金融发展。

Zhongguancun demonstration zone on national science and technology innovation center.According to the related department in 2012[About zhongguancun national innovation demonstration zone construction of national science and technology innovation center],Construction of the zhongguancun national science and technology innovation center will be implemented in stages:In 2013,,Form of financial institutions and intermediary service organization of science and technology development trend;In 2015,,Major breakthroughs were made in the zhongguancun science and technology financial development environment construction,Domestic and overseas listed companies a total of about 300;In 2020,,Preliminary form the global influence of zhongguancun science and technology financial service system,Radiation driven financial development of the national science and technology.

　　记者从中关村管委会了解到，截至2012年10月，中关村示范区上市公司总数达到224家，其中境内上市145家，境外上市79家，累计IPO融资额超过1900亿元。创业板“中关村板块”不断发展壮大，上市的企业数量达到62家，成为创业板的主力军和最重要的资源基地。截至2013年1月初，中关村示范区已有248家企业参与代办股份报价转让系统试点，已挂牌的中关村企业达到182家，仅2012年就新增挂牌企业79家，相当于前四年的总和。此外，2012年，中关村示范区还启动了科技孵化器资产证券化、中小企业高收益债券等新的科技金融试点工作。目前中关村活跃着全国最大的天使投资者队伍，创业投资持续活跃，创业投资案例数、投资额约占全国1／3。

The reporter understands from zhongguancun administrative committee,As of October 2012,Zhongguancun demonstration zone a total of 224 listed companies,Which listed in 145,Listed abroad by 79,Has raised more than $190 billion.The gem"Zhongguancun plate"Continue to grow stronger,Number of listed companies reached 62,Become the main force of the gem and the most important resource base.By early January 2013,Zhongguancun demonstration zone has 248 enterprises to participate in the pilot do STH for sb share price transfer system,Has listed 182 zhongguancun enterprises,Added in 2012 alone 79 listed enterprises,Equivalent to the sum of the first four years.In addition,In 2012,,Zhongguancun demonstration zone also launched a technology incubator asset securitization/Small and medium-sized enterprise financial pilot high-yield bonds and other new technology.Zhongguancun currently active in the country's largest angel investors,Venture investment continues to active,Venture investment case number/Investment accounts for about one-third.

　　不仅仅是中关村示范区，诸多国家高新区都在积极探索促进科技和金融结合的新机制、新模式。

Not only is the zhongguancun demonstration zone,Many countries are actively exploring in the zone to promote science and technology and financial mechanisms/The new model.

　　成都高新区提出“内源融资+政府扶持资金+风险投资+债权融资+股权融资+改制上市”的“梯形融资模式”，根据不同类型、不同发展阶段、不同规模的中小企业的融资需求和差异，由政府扮演“人梯”角色。依照“梯形融资模式”，成都高新区以政策性担保贷款为核心，构建起多层次债权融资服务体系，基本建立起涵盖政策性担保、商业性担保和财政性再担保在内的多层次担保增信服务体系，累计帮助1600多家（次）科技型企业获得担保贷款、信用贷款、知识产权质押贷款近百亿元。

Chengdu high-tech zone is put forward"Internal finance + + government support fund, risk investment, equity financing and debt financing in listed"the"Trapezoidal financing model",According to the different types/Different stages of development/Different sizes of small and medium-sized enterprise financing needs and differences,Played by the government"A ladder"The role.In accordance with the"Trapezoidal financing model",Chengdu high-tech zone policy guaranteed loans as the core,Build up multi-level creditor's rights financing service system,Basic building covers the policy guarantee/Commercial guarantee and finance to guarantee, the multi-level credit guarantee service system,Has helped more than 1600(time)Science and technology enterprises get guaranteed loans/credit/Intellectual property rights pledge loan nearly one hundred million yuan.

　　同时，通过设立总规模达15亿元的创业投资引导基金，成都高新区还打造了富有特色的创业企业投融资增值服务平台——ICON盈创动力，与200余家投融资机构建立战略合作关系，吸引60余家专业机构入驻，注册资本超过150亿元，管理资金规模超过330亿元。

At the same time,By setting up a total of 1.5 billion yuan of venture capital guiding fund,Chengdu high-tech zone also makes the rich characteristics of value-added services to entrepreneurial companies investing and financing platform, gen power ICON,Establish strategic cooperative relations with more than 200 investment and financing institutions,Attract more than 60 professional institutions,Registered capital of more than 15 billion yuan,Management of funds more than 33 billion yuan.

　　宁波高新区为促进天使投资良性发展，定期举办投资知识培训、创业投资沙龙、投资运作经验交流会等，安排投资人与意向企业沟通，聘请风险投资专家作为投资顾问，帮助投资人降低风险。由上百名当地及周边地区的民营企业家、高级职业经理人等组成的天使投资人俱乐部，投资规模已有数亿元。

Ningbo hi-tech zone to promote the benign development of angel investments,We regularly organize investment knowledge training/Venture investment salon/Investment operation experience exchanging meeting,Arrangements for investors and corporate communications,Risk investment experts invitation as an investment adviser,Help investors to reduce risk.By hundreds of local and surrounding areas of private entrepreneurs/Angel club composed of senior professional managers, etc,Investment scale has hundreds of millions of yuan.

　　广州高新区出台包括科技发展资金管理办法、科技计划项目管理办法、科学技术奖励暂行规定等在内的“1＋10”创新政策体系，为创新型企业提供从种子期到成熟期的全过程多样化持续性解决方案，形成财政收入优先保障创新活动需求的良好机制。园区设立10亿元的创业投资引导基金，聚集风险投资超过100亿元，设立了5000万元的种子资金和3亿元的科技担保资金。

Guangzhou introduced high-tech zone including the measures for the management of the development of science and technology funds/Science and technology plan project management approach/Provisional rules of science and technology award"1 + 10"Innovation policy system,Innovative companies provide whole process from seed to mature variety sustainable solutions,The revenue preferential support innovation needs a good mechanism.Park set up venture capital guiding fund of 1 billion yuan,Gather risk investment more than 10 billion yuan,Set up a $50 million of seed money and technology guarantee fund 300 million yuan.

　　作为我国中部地区首个国家自主创新示范区，武汉东湖国家自主创新示范区也成为科技金融机构“扎堆”的地区之一。国家开发银行、招商银行(600036,股吧)、中国工商银行(601398,股吧)与武汉东湖示范区签署战略合作协议，推动中小企业“集合贷款”，2012年累计向企业授信超过1000亿元。目前，在武汉东湖示范区设立分支机构的银行达20家，创投及管理机构达150多家。

As one of the first areas of central China national independent innovation demonstration zone,Wuhan east lake national innovation demonstration zone has become financial institutions of science and technology"cluster"One of the regions.China development bank/China merchants bank(600036,stocks)/The industrial and commercial bank of China(601398,stocks)Signed strategic cooperation agreement with wuhan east lake demonstration area,Small and medium-sized enterprises"Collection of loans",Cumulative to the credit of more than 100 billion yuan in 2012.At present,Set up branches in wuhan east lake demonstration area of the bank up to 20,Venture capital and management of the 150 - plus.

　　据介绍，我国创业风险投资机构近几年来对高新技术企业的投入占其投资总额的半数以上，支持了一大批科技成果实现产业化，涌现出中星微电子、展讯通讯等一批高新技术企业。

According to introducing,Entrepreneurial venture capital institutions in our country in recent years for high and new technology enterprise investment accounted for more than half of the total amount of their investment,Support a large number of scientific and technological achievements to realize industrialization,A pioneer emerged/Spreadtrum communications, such as a batch of high and new technology enterprise.

　　在银行信贷方面，中关村示范区等一批国家高新区已实施知识产权质押贷款、银行科技支行和科技型中小企业抵押投融资等工作；中国农业银行(601288,股吧)在无锡高新区、交通银行(601328,股吧)在苏州工业园区、杭州银行在杭州高新区、中国建设银行(601939,股吧)在成都高新区分别设立了科技支行或中小企业贷款融资中心。

In the aspect of bank credit,National high-tech zone of zhongguancun demonstration zone and such intellectual property pledge loan has implemented/Bank branch of science and technology and small and mid-sized enterprise mortgage financing, etc;Agricultural bank of China(601288,stocks)In wuxi high-tech zone/Bank of communications(601328,stocks)In suzhou industrial park/Hangzhou bank in hangzhou high-tech zone/China construction bank(601939,stocks)In chengdu high-tech zone, respectively, set up a branch of science and technology center or small and medium-sized enterprise loan financing.

　　

“新三板”运行制度初定 "New SanBan"At the beginning of operation system

　　“新三板”建设是我国多层次资本市场建设的一个重要创新举措。自2006年中关村代办股份报价转让试点正式启动以来，“新三板”已逐步成为科技型非上市股份公司股权顺畅流转的平台，创业投资与私募股权基金的聚集中心，多层次资本市场上市资源的“孵化器”和“蓄水池”，准上市公司信息披露的演练场。由于中关村的成功实践，继2012年“新三板”首次扩容后，2013年“新三板”建设速度明显加快。

"New SanBan"Construction is an important innovation of our country's multi-level capital market construction measures.Since 2006, zhongguancun do STH for sb share price transfer since the launch of the pilot,"New SanBan"Has gradually become a technology-based private joint-stock company equity smooth flow of the platform,Venture capital and private equity fund gathering center,Multi-level capital market resources"The incubator"and"reservoir",The practice of the standard information disclosure of listed companies.Due to the successful practice of zhongguancun,Since 2012"New SanBan"After the expansion for the first time,In 2013,"New SanBan"Significantly speed up the construction speed.

　　2013年1月16日，全国中小企业股份转让系统在北京挂牌运营，司职全国场外市场建设、发展和运营管理，为非上市股份公司股份的公开转让、融资、并购等相关业务提供服务。

On January 16, 2013,The national small and medium-sized enterprises in Beijing for stock transfer system,The secretary the national over-the-counter market construction/Development and operation management,For non-listed public of a corporation represented by shares transfer/financing/Mergers and acquisitions and other related businesses to provide services.

　　2013年2月2日，中国证监会正式发布实施《全国中小企业股份转让系统有限责任公司管理暂行办法》。随后，全国中小企业股份转让系统有限责任公司发布实施《全国中小企业股份转让系统业务规则(试行)》及相关业务规定和细则。至此，备受瞩目的“新三板”扩容改革后的系列操作性配套文件悉数亮相，标志着全国场外市场运行制度初步建立，“新三板”由此前的小范围、区域性试点进入面向全国的常规发展阶段。

On February 2, 2013,The China securities regulatory commission promulgated formally[National small and medium-sized enterprise management interim measures for stock transfer system co., LTD].then,The national small and medium-sized enterprises promulgated stock transfer system co., LTD[The national small and medium-sized enterprise stock transfer system business rules(On a trial basis)]And related business rules, and regulations.At this point,high-profile"New SanBan"Expansion reform after a series of operational all supporting documents,Marks a national over-the-counter market running system preliminary established,"New SanBan"Before the small scope/Entered the stage of regular development of national regional trial.

　　业内分析，新政策最大的亮点就在于将做市商制度引入“新三板”。作为“新三板”交易制度的重大突破，引入做市商制度可以用混合的交易方式、稳定的交易价格、活跃的市场交易、新增的利润来源激发券商的参与热情，增强对高科技企业、投资人的吸引力，形成交投活跃的场外市场，进而起到对主板排队在审企业分流的作用，并可为风险投资／私募股权投资（VC/PE）机构开辟另一个有价值的退出途径。

The industry analysis,New policy is the biggest bright spot is that introducing market-making system"New SanBan".As a"New SanBan"The major breakthrough in the trading system,Introduction of market maker system can use a mix of way to trade/Stable prices/Active market transactions/New source of profits stimulate brokerage participation enthusiasm,Increasing access to high-tech enterprises/Attraction of investors,Formation of actively traded otc market,To play a role of motherboard queuing in triage,And for the venture capital/private equity investment(VC/PE)Institutions set up another valuable exit way.

　　新政策的出台给了人们信心，更多的国家高新区将目光瞄向了2013年或将再度试点扩容的“新三板”，如苏州高新(600736,股吧)区、成都高新区、西安高新区、长沙高新区、广州高新区、深圳高新区等都在为“新三板”试点第二批扩容做准备。一些高新区所在地的地方政府还对高新区内企业成功挂牌给出了数十万元的现金奖励允诺。在部分高新区，由于各种政策的支持，挂牌企业甚至可以实现“零成本”挂牌。

The new policy gives people confidence,More of the national high-tech zone will eye on a pilot scale or will again in 2013"New SanBan",Such as suzhou high-tech(600736,stocks)area/Chengdu high-tech zone/Xi 'an high-tech zone/Changsha high-tech zone/Guangzhou hi-tech zone/For such as shenzhen high-tech zone"New SanBan"Preparing for the second batch of expansion pilot.Some high-tech zone is located within the local government to high-tech zone enterprises successfully presents the hundreds of thousands of yuan of cash incentives.In some parts of the high-tech zone,Because of various policy support,Listed companies can even realize"Zero cost"listed.

　　而在更高的层面上，金融监管机构则不断完善推动科技创新的金融支持政策，将战略性新兴产业与金融体系、资本市场紧密结合，力促科技、产业与资本的良性互动。

But at a higher level,Financial regulators are continuously improve to promote scientific and technological innovation of the financial support policy,Strategic emerging industries and the financial system/Capital market closely,For science and technology/The positive interactive between the industry and capital.

　　2013年，《非上市公众公司监督管理办法》正式施行。业内分析，《非上市公众公司监督管理办法》为“新三板”挂牌企业的存量发行以及公众化奠定了法律基础，“新三板”的融资功能将大幅提升。对此，业内普遍认为，在A股市场首次公开募股（IPO）“堰塞湖”这一背景下，“新三板”的推进速度很可能超出市场预期。

In 2013,,[Non-listed public company supervision and management measures]Formal enforcement.The industry analysis,[Non-listed public company supervision and management measures]For the"New SanBan"Listed companies of the stock offering, and laid the legal basis for public,"New SanBan"The finance function would increase greatly.For this,The industry generally believe that,In the a-share market ipo(The IPO)"The lake"Under the background of this,"New SanBan"Advance speed is likely to exceed market expectations.

　

　科技型中小企业境外上市通道拓宽 Technology-based small and medium-sized enterprise listed abroad channel widened

　　“加快发展多层次资本市场不仅指多层次的股票市场，也包括多层次的债券市场以及私募市场，此外还包括推进对外开放，利用好境外资本市场。”中国证监会副主席姚刚表示。

"Speed up the development of multi-level capital market not only means a multi-level stock market,Also include the multi-level bond market and private market,In addition also includes promote the opening to the outside world,Make good use of foreign capital markets."Yao gang, vice chairman of China securities regulatory commission said.

　　2013年1月1日，由中国证监会发布的《关于股份有限公司境外发行股票和上市申报文件及审核程序的监管指引》正式实施，中国企业在境外上市应符合4亿净资产、5000万美元融资额、6000万元人民币净利润标准的“456”门槛退出历史舞台，中小企业境外上市门槛降低，很多中小企业可直接境外上市，不用再走曲线。业界分析，《指引》放宽了中国企业境外上市的条件，为中小企业特别是科技型中小企业开辟了更为广阔的融资渠道。

On January 1, 2013,Released by the China securities regulatory commission[About the company limited by shares issued shares and listed overseas regulatory filing and audit program guide]The formal implementation,Chinese companies listed overseas should comply with the 400 million net worth/Raised $50 million/RMB 60 million net income standard"456"The threshold,Small and medium-sized enterprise listed abroad to reduce the threshold,A lot of small and medium-sized enterprises (smes) can be directly listed abroad,Don't have to go curve.The industry analysis,[guide]Eased the conditions of the Chinese companies listed abroad,For small and medium-sized enterprises, especially small and mid-sized enterprise opened up a wider financing channels.

　　针对多层次资本市场体系建设的下一步重点工作，中国证监会主席助理吴利军表示，中国证监会将按照总体规划、分步推进、稳妥实施的原则，尽快将符合条件的国家高新区纳入非上市公司股份转让试点范围，加快推进场外市场建设。

For the next focus of multi-level capital market system construction work,The China securities regulatory commission chairman assistant Wu Lijun said,The China securities regulatory commission will be in accordance with the overall plan/Step by step forward/Err on the side of the principle of implementation,As soon as possible will conform to the conditions of national high-tech zone into unlisted company share transfer pilot range,Accelerate the construction of otc market.

　　此外，中国证监会将继续规范发展主板、中小企业板和创业板市场，深入推进新股发行体制改革，稳步实施退市制度改革，推进再融资和并购重组制度完善，逐步形成多层次、高效率、全覆盖的市场体系。

In addition,The China securities regulatory commission will continue to standardize and develop the motherboard/Small and medium-sized enterprise board and the growth enterprise market,Ipo reform promoted deeply,Steady implementation of the delisting system reform,With financing and merger, acquisition and reorganization system is perfect,Gradually form multi-level/High efficiency/Full coverage of the market system.