【作者】 沈明；

【导师】 吴飞； 卢申林；

【作者基本信息】 上海交通大学 ， 工商管理， 2014， 硕士

【摘要】 中小企业在我国经济中占到举足轻重的地位，对于促进全社会的就业、推动技术进步等多方面作出了重大贡献。但是中小企业在发展过程中面临一些瓶颈，比如申办手续复杂、实际税负较重等，其中最大的问题是资金短缺。目前中国企业的融资结构中，银行贷款的占比最大，而中小企业规模较小，且缺乏抵、质押物，因此较难从银行获得贷款，资金问题严重制约了广大中小企业的发展。在中国经济结构转型的过程中，中小企业的作用愈发明显，为了促进中小企业的发展，相关部门也不断出台扶持中小企业的政策与措施，希望能够改善中小企业融资难的问题，助推中小企业成长。在资本市场层面，陆续推出中小企业集合债券、中小企业集合票据、中小企业私募债、场外市场等金融产品与工具，但是效果却始终不理想，直到新三板扩容并修订与之相关的制度，未来中小企业的融资、发展问题将会得到明显的改善，作为一项新的融资工具，新三板与中小企业集合票据、中小企业集合债券等相比，是更为适合中小企业融资的融资工具。通过在新三板挂牌，中小企业除了可以获得资金之外，还能实现完善公司治理结构、对核心员工实施股权激励等目标，可以说，推进新三板的建设，将成为中国资本市场上里程碑式的一项举措。本文立足于中国资本市场这一历史性的突破，以一个从业人员的角度，分析中小企在新三板挂牌的意义，并提出完善、发展新三板的政策建议，主要有：尽快推出做市商制度、明确转板机制、降低投资者门槛、给予新三板挂牌企业一定的财税方面的优惠等政策。更多还原

【Abstract】 Small and medium enterprises are taking a dominant part of China·seconomy, making great contribution to employment and technologicaladvancement. In the growth stage, small and medium enterprises will facemany obstacles. The biggest problem is fund shortage. In China, bank loansare the largest part of the financing structure. It is hard for small and mediumenterprises to get bank loans, because small and medium enterprises arerelative small in scale, and lack of collaterals. Thus the development of smalland medium enterprises is severely restricted by the funding problem.During transformation of China·s economy, the contribution of small andmedium enterprises is clear. The government has put forward a lot of policiesto help small and medium enterprises, hoping to relieve the funding problem.In the capital market, a lot instruments such as small and medium-sizedenterprise set bond, small and medium-sized enterprise set note, privately raised company bonds. But the result is far from satisfaction. Under theexpansion of National Equities Exchange and Quotations· and theamendment of relative regulations, the situation will change. Since NEEQ is amore suitable way for small and medium enterprises to get funding, besides,the corporate governance will be improved. Also, the company can exercisestock-based incentive. The acceleration of NEEQ will be a mile stone ofChina·s capital market.NEEQ is a breakthrough of China·s capital market. The significance oflist of NEEQ for small and medium enterprises will be analyzed from apractitioner·s perspective. In the end, proposes will be made on three aspects:improve market making system, make transfer-plate-mechanism clear, andprovide tax incentive for listed small and medium enterprises.更多还原