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【白话新三板】第三回:新三板与主板有哪些不同  

2015-06-29 04:19:26|  分类: 默认分类 |  标签: |举报 |字号 订阅

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【白话新三板】第三回:新三板与主板有哪些不同

【摘要】【白话新三板】第三回,我们接着上次的话题,聊聊股转系统(新三板)与沪深交易所有哪些区别。

【白话新三板】第三回,我们接着上次的话题,聊聊股转系统(新三板)与沪深交易所有哪些区别。

首先,服务对象不同。与沪深交易所服务于“大而壮”的企业不同,新三板服务的企业往往具有“小而美”的特征,这些企业可能没有厂房、设备等值钱的资产,只有几间办公室,几台电脑,很难从银行获得贷款;而它们往往处于“砸钱抢市场”的创业阶段,也拿不出一张漂亮的报表,迈不进沪深交易所的大门。但是它们创新性强、科技含量高、拥有成熟的盈利模式和广阔的发展前景。新三板正是为了服务这些企业而存在的,让社会资本对创新体系的支持由企业的成熟期,前移到初创、成长期。

其次,正因新三板服务对象的特殊性,它在挂牌准入、发行融资、交易结算、并购重组和投资者准入方面也有一套量身定制的制度规则。

比如,在挂牌准入上,新三板不设财务门槛,企业只要存续期满两年、股权清晰、业务明确,有主办券商推荐,即使尚未盈利,也可以挂牌。而且,新三板挂牌成本低、周期短。

交易制度方面,主板只有竞价交易一种方式,而新三板则提供协议、做市、竞价三种方式。

融资方面,新三板可自行选择融资对象及融资时点。主板、创业板市场只能选择IPO方式向不特定对象发行新股融资,上市当时就要稀释原股东的股权,上市后再融资也要经过严格的审批程序。而在新三板挂牌则可由企业自行决定是否融资,以及融资时点、融资对象。例如,紫光华宇由于股东看好企业前景普遍惜售,挂牌以来只发生过一笔交易。

  信息披露方面,新三板实行“适度披露”原则。与主板、创业板相比,新三板对强制披露事项、流程进行简化。例如,不要求披露季报,指定网站披露即可。具体制度区别如下图:


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