清华五道口：北交所新规对中小企业融资影响分析（30页）.pdf

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1、 2021 11 100 2021 10 20 棬 - - - Research report 2021-10-20 Edition How Beijing Stock Exchange affects SME financing XIN Real Estate Fintech Research Center Abstract: The series of new ions issued by the Beijing Stock Exchange will help to improve the vicious circle of low enterprises quality - unsou

2、nd system - poor market environment decreasing investors and form a new virtuous circle. The new rules guide the internal governance of the company to be stricter, the market system to be more comprehensive, the disclosure to be more transparent, the penalties for violations to be more serious and t

3、he market environment to be better, thereby attracting qualified investors to gradually enter the market and balancing the financing supply and demand sides of Beijing Stock Exchange gradually. Small and medium-sized enterprises seeking financial support enter the base layer, and companies with grea

4、ter goals enter the second board with broader financing support through the board system from the National Equities Exchange and Quotations. With the connective multi-level capital market, the entire market financing flow appears a virtuous circle, showing economic vitality. 1 . 1 2 . 3 2.1 . 4 2.2

5、. 6 2.3 . 8 2.4 . 10 2.5 . 11 3 潫 . 13 3.1 . 13 3.2 . 18 3.3 潫 . 23 3.4 . 24 4 . 25 5 . 25 1 2021 9 2 2021 1 2001 2006 塱 2013 2016 2020 7 27 档塱塱 2 1 巢 2001 2006 2013 2016 2020 2021 徫 2021 9 3 壩 9 5 1 9 10 2 9 17 9 23 1 2 壩壩壩 3 塢 塢飬 2 2020 1.4 95.68 62.98 , 53.46 4 2.1 棬 58.4% 70% 棬 5 2019 1.3%3.41%

6、70%壩 20 棬 谭 2013 2018 263.1 10691 0.4% 6 棬 2019 825.69 2020 1294.64 57% 2.2 鲻 档 淶 7 硢 谭桢粿 2017 30% 8 巢 2.3 İ 塣 2013 3 裬 谭 3 2020 6 3 9 1 / 5 / 1000 涨 軨 涨徫 ,飬淶 10 2.4 桢桢 2020 11 11 10 3 86 2021 4 7 2021 3 5 105 档涨 淶 涨壬壬 11 2.5 2020 棬 1飻 2 3 4 谭 1 12 2020 6 3 壻