自從宣布(bu)設立北京證券交易(yi)所以來(lai),原本較為平(ping)淡的(de)(de)新(xin)(xin)三板(ban)(ban)(ban)市場(chang)行情明(ming)顯活躍起來(lai),且不(bu)說(shuo)未來(lai)將會平(ping)移到北交所交易(yi)的(de)(de)精選層(ceng)股(gu)票(piao)出現了集體大漲(zhang),就(jiu)連創(chuang)新(xin)(xin)層(ceng)、基礎層(ceng)中(zhong)(zhong)的(de)(de)不(bu)少股(gu)票(piao),也都(dou)有不(bu)菲的(de)(de)漲(zhang)幅(fu)。在不(bu)到兩個月的(de)(de)時(shi)間內,新(xin)(xin)三板(ban)(ban)(ban)主要(yao)指數均創(chuang)出歷(li)史新(xin)(xin)高。其中(zhong)(zhong),新(xin)(xin)三板(ban)(ban)(ban)成(cheng)分指數上(shang)漲(zhang)了15%以上(shang),新(xin)(xin)三板(ban)(ban)(ban)創(chuang)新(xin)(xin)成(cheng)指上(shang)漲(zhang)逾25%,新(xin)(xin)三板(ban)(ban)(ban)做市商指數最大漲(zhang)幅(fu)更是超過45%。
無(wu)疑,在(zai)企業的基本面并沒有(you)發生重大改變的情況下,有(you)著7000多家掛牌公司的新三板能夠走出(chu)整體上漲行情,主(zhu)要還(huan)是因為享受到了制(zhi)度改革(ge)的紅利。
自新三板運行(xing)(xing)以(yi)來(lai),幾乎每年都會進行(xing)(xing)一(yi)(yi)些(xie)制(zhi)度(du)改(gai)革,包括實施(shi)做市(shi)商(shang)制(zhi)度(du)、對掛牌(pai)公司進行(xing)(xing)分層(ceng)等。而在(zai)這(zhe)次改(gai)革過(guo)程中,一(yi)(yi)是(shi)設立(li)北交(jiao)所(suo)(suo),二(er)是(shi)大幅降低了(le)(le)投(tou)資(zi)(zi)者(zhe)準(zhun)入(ru)資(zi)(zi)金(jin)門檻(jian)(jian)等,可謂力度(du)空(kong)前。未(wei)來(lai),北交(jiao)所(suo)(suo)的(de)投(tou)資(zi)(zi)者(zhe)準(zhun)入(ru)資(zi)(zi)金(jin)門檻(jian)(jian)與(yu)現(xian)在(zai)的(de)科創板相(xiang)一(yi)(yi)致。同(tong)時,創新層(ceng)的(de)入(ru)市(shi)資(zi)(zi)金(jin)門檻(jian)(jian)也(ye)被大幅下調,再(zai)加上北交(jiao)所(suo)(suo)作(zuo)為場內市(shi)場的(de)定位(wei),的(de)確(que)在(zai)很大程度(du)上改(gai)變了(le)(le)新三板原有(you)的(de)格局。有(you)了(le)(le)這(zhe)樣的(de)制(zhi)度(du)紅利釋(shi)放(fang),一(yi)(yi)些(xie)較早(zao)參與(yu)新三板的(de)投(tou)資(zi)(zi)者(zhe),自然是(shi)獲利匪淺(qian)。
但(dan)是(shi),制(zhi)度(du)紅利畢(bi)竟是(shi)屬于外部因素,新三板(ban)要真正走好(hao),還是(shi)要靠上市公(gong)司自身的(de)(de)業(ye)績(ji)提升。目前(qian),新三板(ban)精(jing)選層的(de)(de)估值,已(yi)經接近(jin)創業(ye)板(ban),與科(ke)創板(ban)的(de)(de)距離也(ye)不遠(yuan)。某種意義上,新三板(ban)改革的(de)(de)制(zhi)度(du)紅利已(yi)經在掛(gua)牌公(gong)司的(de)(de)股價上得(de)到了(le)(le)較為充分(fen)的(de)(de)體現(xian)。近(jin)期,隨著北交(jiao)所(suo)開業(ye)時間(jian)的(de)(de)臨近(jin),新三板(ban)的(de)(de)相關(guan)指數已(yi)出(chu)現(xian)了(le)(le)震蕩(dang)乃(nai)至階段(duan)性調(diao)整。這表明,利好(hao)消息已(yi)經得(de)到了(le)(le)較為充分(fen)的(de)(de)釋放(fang),對投(tou)資者而言,未來更需要關(guan)注(zhu)新三板(ban)公(gong)司的(de)(de)成長紅利。
新三板(ban)最大(da)的(de)特點就是構建(jian)(jian)了(le)(le)(le)企業從初創到(dao)上市(shi)的(de)全過程服務體系。在這(zhe)里(li),企業在基礎(chu)層掛牌后(hou)通(tong)過一(yi)段時間的(de)培育(yu),有的(de)就可(ke)能會快(kuai)速成(cheng)長起來,不但建(jian)(jian)立了(le)(le)(le)相應的(de)法人治理結構,同時也(ye)借助資本市(shi)場的(de)力量,實現(xian)了(le)(le)(le)較快(kuai)的(de)發(fa)(fa)展,從而晉(jin)級到(dao)創新層。企業再(zai)通(tong)過在創新層的(de)運行,使股本結構得到(dao)進(jin)(jin)一(yi)步(bu)優化(hua),不僅(jin)獲(huo)得了(le)(le)(le)社會融資,公(gong)司運作也(ye)更(geng)加規(gui)范(fan),經(jing)營規(gui)模大(da)踏步(bu)上了(le)(le)(le)臺階(jie),進(jin)(jin)而具備了(le)(le)(le)遞進(jin)(jin)到(dao)北交(jiao)所(suo)上市(shi)的(de)條件。一(yi)旦走完(wan)了(le)(le)(le)這(zhe)一(yi)步(bu),企業也(ye)就成(cheng)為了(le)(le)(le)一(yi)個嚴格意義上的(de)公(gong)開上市(shi)公(gong)司,實現(xian)了(le)(le)(le)發(fa)(fa)展歷程中的(de)飛(fei)躍(yue)。
以往,企(qi)業要完成這一過程可謂困難重(zhong)重(zhong),特別(bie)(bie)是在規模還比較小的(de)時期,既(ji)無融資渠道,也缺乏改制輔導。如今,新三板可以為企(qi)業提(ti)供全流(liu)程的(de)支持,在多(duo)層次(ci)資本市場體系(xi)內對企(qi)業進行(xing)培育(yu),這對企(qi)業的(de)發展,特別(bie)(bie)是廣大中小企(qi)業的(de)發展,具有十分重(zhong)要的(de)意義(yi)。
從目前新(xin)(xin)三板(ban),特別是(shi)精選(xuan)層的(de)(de)情況來看,有(you)很多企(qi)業(ye)具有(you)良好的(de)(de)發展前景。在創(chuang)新(xin)(xin)層中(zhong)(zhong)(zhong),也有(you)不少公司顯(xian)現出(chu)“專精特新(xin)(xin)”的(de)(de)特征。這(zhe)些企(qi)業(ye)的(de)(de)持續快速(su)發展,正(zheng)是(shi)新(xin)(xin)三板(ban),尤(you)其是(shi)未來北交所提(ti)振市(shi)場(chang)吸引(yin)力(li)的(de)(de)基礎(chu)。未來,更(geng)多的(de)(de)公司將選(xuan)擇從新(xin)(xin)三板(ban)起步,跨(kua)入資本市(shi)場(chang),從而進一(yi)步提(ti)高中(zhong)(zhong)(zhong)國資本市(shi)場(chang)的(de)(de)總(zong)體(ti)發展水平。作為投資者,現在無(wu)疑應該把(ba)注意力(li)放在對新(xin)(xin)三板(ban)公司的(de)(de)研究上,從中(zhong)(zhong)(zhong)挖(wa)掘出(chu)真正(zheng)具有(you)發展潛力(li)的(de)(de)企(qi)業(ye),實現個人財富與企(qi)業(ye)的(de)(de)共同成(cheng)長。
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