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1、2007年中国(宁波)科技创业投资高峰论坛 李刚 博士深圳证券交易所多层次资本市场与高新技术企业发展Evaluation only.Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0.Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd.Copyright 2004-2011 Aspose Pty Ltd.股票配资软件,股票配资软件,189508
2、9788818950897888。外汇喊单网,。外汇喊单网, 职业操盘手带你赚钱!职业操盘手带你赚钱!一、什么是多层次资本市场二、通过资本市场解决高新技术企业发展中的问题 三、主板上市条件及程序四、场外交易市场和创业板Evaluation only.Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0.Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty
3、Ltd.Copyright 2004-2011 Aspose Pty Ltd.股票配资软件,股票配资软件,1895089788818950897888。外汇喊单网,。外汇喊单网, 职业操盘手带你赚钱!职业操盘手带你赚钱!一、什么是多层次资本市场Evaluation only.Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0.Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-201
4、1 Aspose Pty Ltd.Copyright 2004-2011 Aspose Pty Ltd.股票配资软件,股票配资软件,1895089788818950897888。外汇喊单网,。外汇喊单网, 职业操盘手带你赚钱!职业操盘手带你赚钱!1.资本市场结构n市场结构(产品、消费者、生产者 )n资本市场结构(产品、流动性、投 资者、证券的供给、范围、市场准 入条件)n多层次资本市场结构(不同投融资 需求)Evaluation only.Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.
5、0.Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd.Copyright 2004-2011 Aspose Pty Ltd.股票配资软件,股票配资软件,1895089788818950897888。外汇喊单网,。外汇喊单网, 职业操盘手带你赚钱!职业操盘手带你赚钱!2.多层次资本市场的三层架构及功能分 工n主板:大盘蓝筹、债券(稳定或固定收益)n创业板:较低条件,活跃的企业股票n场外交易市场:上市资源培育系统n市场结构的自然分层理论(稳定、活跃、初
6、 级)n三层架构是否具有理论和实践意义(美国市 场、伦敦市场,我国市场的资源优势!)Evaluation only.Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0.Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd.Copyright 2004-2011 Aspose Pty Ltd.股票配资软件,股票配资软件,18950897888189
7、50897888。外汇喊单网,。外汇喊单网, 职业操盘手带你赚钱!职业操盘手带你赚钱!3.我国多层次资本市场建设的三个层次主板市场: 上交所: 856 深交所: 644创业板:积极准备,适时推出场外交易市场中关村股份代办转让系统 (“蓄水池”与“孵化器”) :21 中小企业板: 193局限性:1、倒三角发展不足;2、股权文化基础不牢;3、行政推 动自上而下Evaluation only.Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0.Created with Aspose.Slide
8、s for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd.Copyright 2004-2011 Aspose Pty Ltd.股票配资软件,股票配资软件,1895089788818950897888。外汇喊单网,。外汇喊单网, 职业操盘手带你赚钱!职业操盘手带你赚钱!多层次资本市场之间的关系多层次资本市场之间的关系场场外市场场中小企业业板主 板创业板产权交易市场鼓励两种企业类型:1、合伙制2、股份制Evaluation only.Evaluation only. Created with Aspose.
9、Slides for .NET 3.5 Client Profile 5.2.0.0.Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd.Copyright 2004-2011 Aspose Pty Ltd.股票配资软件,股票配资软件,1895089788818950897888。外汇喊单网,。外汇喊单网, 职业操盘手带你赚钱!职业操盘手带你赚钱!二、通过资本市场解决高新 技术企业发展中的问题Evaluation only.Evaluation on
10、ly. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0.Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd.Copyright 2004-2011 Aspose Pty Ltd.股票配资软件,股票配资软件,1895089788818950897888。外汇喊单网,。外汇喊单网, 职业操盘手带你赚钱!职业操盘手带你赚钱!1.1.高新技术企业发展中要解决哪些问题高新技术企业发展
11、中要解决哪些问题n技术,创立高新技术企业的起点 n资金,商业化突破点n团队,凝聚长期发展的动力n制度,突破小作坊n财富,保护及传承n拥有、控制、参与,企业家精神追求Evaluation only.Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0.Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd.Copyright 2004-2011 Asp
12、ose Pty Ltd.股票配资软件,股票配资软件,1895089788818950897888。外汇喊单网,。外汇喊单网, 职业操盘手带你赚钱!职业操盘手带你赚钱!2.2.多层次资本市场如何支持高新技术企多层次资本市场如何支持高新技术企 业发展业发展n两种经营,跨越增长n股权激励,凝聚团队n规范运作,健康发展n财富神话,品牌效应n传承后代,代理经营Evaluation only.Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0.Created with Aspose.Slides f
13、or .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd.Copyright 2004-2011 Aspose Pty Ltd.股票配资软件,股票配资软件,1895089788818950897888。外汇喊单网,。外汇喊单网, 职业操盘手带你赚钱!职业操盘手带你赚钱!(一)两种经营,跨越增 长n产品经营资本经营两条腿走路(信汇)n产品经营:应对激烈的市场竞争,不进则退初始阶段的天使投资,因为退出渠道而活跃发展阶段,创业资金、产业投资基金产品结构的调整、市场的开发需要充足的资金支持n资本经营:助推企业经营者实现
14、产业梦想增长模式的变化:当企业发展的一定阶段,通过生产、 市场营销、降低成本等途径慢慢把企业做大的内部管理 型战略需要转变,通过资本运营获得更快发展企业是买大的不是做大的资本市场提供并购工具,使并购简单易行Evaluation only.Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0.Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd.Co
15、pyright 2004-2011 Aspose Pty Ltd.股票配资软件,股票配资软件,1895089788818950897888。外汇喊单网,。外汇喊单网, 职业操盘手带你赚钱!职业操盘手带你赚钱!(二)股权激励,凝聚团队n什么人需要股权激励?n中小企业在发展过程中,原有的团队容易 产生“分裂”“副总创业”现象是中小企业普遍的问题n非上市公司的管理层(或员工)持股更多 的体现为分红权,激励效果有限n利用资本市场增值定价功能,给与管理层 更有效的激励,凝聚团队,吸揽人才Evaluation only.Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0.Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd.Copyright 2004-2011 Aspose Pty Ltd.股票配资软件,股票配资软件,1895089788818