【编者按】对于一级市场而言，科创板的设立将会为一级市场带来有利的正循环，在引入新经济企业进入的同时，也为VC、PE引入了新的退出渠道，而明确退出通道反过来又有利于资本进入。这有助于新经济龙头加速形成，但也加速了企业优胜劣汰的过程。
“zuijinzhengzaimangzhekanxiangmu，youtuijiandema？tuijianchenggongbiyouzhongxie！”zaibeiwenjiruhemianduijijiangluodidekechuangbanshi，yiweidaxingshangshiquanshangdetouxingyewudongshizongjinglimangbudiededuitengxun《lengjing》zuochuleyishanghuifu。
jutacheng，qisuozaidebumen，muqianzhengzaiheyixievcjigoujiechu，zhuyaoshikanyixieqiyedeyewufanwei、shourumoshiyijichuangxindian。“dadaxiaoxiaodedujiaoshoudoubunengfangguo！”
wuduyouou，zaijuligaiquanshangzongbusuozaidi1000yugongliwaidebeijing，yijiadaxingzonghequanshangdetouxingzongjianyeduitengxun《lengjing》biaoshi，zijiyezhengzaigezhong“fengkuang”dizhaoren、zhaoxiangmu。“zhibuguoxianzaikechuangbandegeleixizedoumeiyouchulai，zhishixianchuangjiangelianxi，youbeiwuhuan。”
彼时，距离官方宣布上交所将设立科创板并试点注册制仅过去2个月，而一位接近证监会的人士向腾讯《棱镜》透露，有关科创板可以落地的指导与政策仍在酝酿中，最快在一季度出台。
他同时表示，虽然各地政府已征集了不少企业名单，但经由券商保荐的中介模式并不会在科创板上改变。“aguweishitijingjiderongzigongnengshizhongshizaidiyiweide。”shangshurenshirenwei，zheigeqianzhitiaojianjuedinglekechuangbandetuichuyeyaoweiraogaizongzhi。
不过，市场一种担忧是，科创板是否会变成另一个没有流动性的新三板？
一位发审委员表示，新三板的困境很大程度上是由于投资者的门槛标准设置过高。zaitakanlai，kechuangbanyuzhucezhinengfouchenggong，hendachengdushangqujueyushihedetouzimenjian。“2018nianbushaominyingqiyehetouzizhexinxinshoucuo，touzizhenengfouyongyuecanyukechuangbanzheigexinshichang，youdaizhengcehongli。”
“bujuedegenchuangyebanyoushenmequbie，haowuganjue。”yiweiaguyiliaogongsidongmizebiaoshi，kechuangbanduanqilaikan，shijiciqiantoulebushaoxiangmudepeyigelvsetuichuqudao。
kechuangbandaodishi“zhucezhidegaigeshiyantian”、“zhongguotesedenasidake”haishi“petaoxiandelvsetongdao”、“gongsirongzidezhongnanjiejing”，tanengfouchengweiyigeagude“zhidutequ”？zuizhongnengjichudaande，rengshiluodidezhengceyuyongqiantoupiaodeshichang。
dankeyikendingdeshi，kechuangbanshidiandebeihou，shiduiipochenkejiujidegaigeyiyuan。
bushijigoumentaiji，ershikechuangbanxueziluodiqianliujishichangdeshijianqueshibuduo。
2018nian11yue5ri，zhengjianhuiheshangjiaosuofenfenbiaotai，jiansheduliyuxianyouzhubanshichangdexinshebankuai——kechuangban，bingzaigaibankuaineijinxingzhucezhishidian。
jinjiezhedequnian11yue14ri，shangjiaosuofaxingshangshibuzongjingliweiganggongkaibiaoshi，kechuangbanzhengqu2019nianshangbannian“jiandaochengxiao”。
中金公司预计，科创板的推进速度可能会明显快于此前的中小板、创业板和新三板。xiangbizhixia，houmiansangebankuaicongchuqiyousheliyixiangdaozhenzhengchengli，junjinglilezhishaoliangnianzuoyoudeshijian。
chuletouxingbumen，quanshangdeyanjiutuanduiyejiadalezaizheiyilingyudetourulidu。
dongbeidiquyijiaquanshangdeyanjiuzongjiangaosutengxun《lengjing》，qisuozaidetuanduijinqizhengzaijiabanjiadianyanjiukechuangbanzheiyixinshengshiwu。jiujutineihelaikan，tarenwei，zuoweiguoneizibenshichangshougeshixingzhucezhidebankuai，bixuyaoduikechuangbanyuxinsanban、chuangyebandengzhijiandeguanxizuojiweixizhideshuli，bixufeichangshuxiguowaidejinrongshichangzhuangkuang，lejieguowaizibenshichangyuzhucezhixiangpipeidejianguanzhidu、zhongjiejigouquanzebianjiedeng。
tengxun《lengjing》lejiedao，qunian11yue13ri，shangjiaosuozhaojileguoneizhuyaoquanshangtouxingyewufuzerenjiukechuangbanjuxingzhuantiyantaohui。xianchanggejiaquanshangjiukechuangbandingwei、shangshiqiyemenjian、jiaoyizhidusheji、zhucezhiruheshidiandengyitijinxingtaolun。
就共性意见来看，券商投行相关业务负责人普遍认为，科创板不能只看成一个板块，应该是一个独立的新市场，要承担中国资本市场改革创新的重任，要有新的监管逻辑，独立的市场定位和制度。
ciwai，kechuangbanyaojujiaoguojiachuangxinqudonghekejifazhanzhanlve，kaibanchuqiying“qiuzhibuqiuliang”，huiyuanyingzuohaoshangshiziyuanchubei，chengshuyijiashenbaoyijia；yaoyouyitaocuoshiqianghuazhongjiejigoudezerenhequanli，tongguozhengquangongsizibenyueshudengxinzhidurangzhongjiejigouqinmianjinze；tamentongshixiwangjinkuaimingqueguize，wendingshichangyuqi。
ershichanggejieyezhengzaitongguobutongdebichu，shitugoulechukechuangbandebiaodehuaxiang。
zhongjingongsiyuji，zheileibiaodejubeiyidingdexianjinhexinjishubilei、chanyezizhuxingjiaoqiang、youqianzaijinkoutidainengli、yanfatourujiaogaoqiechuqichengbenyalijiaodadeqiyeyouwangyouxiankaolv。
ciwai，ruoyinglijiguquanjiegouxianzhifangkai，bupaichubufenhaiwaishangshigongsihe“dujiaoshou”qiyeyekenengtongguodenglukechuangbandexingshizaiagushangshi；xinsanbanzhijiezhuanbankechuangbandezhuanbanjizhiyeyouwangyanjiutuijin。
erzhongxinjiantouzeyijubutongdeweidu，shaixuanchulebutongleixingbiaodedekenengshuzi。
从标的的范围来看，中信建投认为，场外市场与一级市场最有可能产生满足科创板上市要求的潜在标的。changwaishichangzhuyaobaokuoquyuguquanshichang、xinsanbanshichang，yebaokuoxinsanbantuishihexianjieduanipopaiduiqiye。
juci，zhongxinjiantoucongchangwaishichangzheisangelaiyuanfenbieshaixuanchu141jia、599jiayu67jiafuhebiaozhundebiaode。yijishichangzhuyaoweifuhefaxingcdrdehongchouqiyeyufuhechuangxinqiyegupiaofaxingtiaojiandedujiaoshou，zhongxinjiantoufenbieshaixuanchu7jiayu17jiamanzuyaoqiudebiaode。
erciqiande11yue20ri，shanghaishiweishujiliqiangzaishangjiaosuodediaoyan，zegoulechuqijinweizhiwomenkandaodekechuangbangongsizuiqingxidehuaxiang。
通过他的讲话，外界捕捉到科创板的定位主要为独角兽、隐形冠军和5大领域的创业项目：集成电路、人工智能、生物医药、航空航天、新能源汽车。
gaocengdingdiaozhihou，kechuangbanjinrujinluomigudetuijinzhizhong。danzitichuzhijin，gejieduiyukechuangbandetaolunyebingweitingzhi。
duiyukechuangbanhuifoulunweixiayigexinsanbandeshichanghuaiyi，jiyanzibenfuzongcaicensaiyinxiangtengxun《lengjing》biaoshi，shenjiaosuodechuangyebanshishenhezhi，henduoxinjingjiqiyerengrannanyihuodeshangshidejihui。erxinsanbansuiranqiyeshuliangfeichangpangda，zuoweiyigequanguoxingdejiaoyichangsuoeryan，weibushaozhongxiaoshuangchuangqiyetigonglerongzi，danerjishichangdejiaoyibuhuoyue，dingjiagongnengboruo。
zaizheiweicengbangzhubzhandenglunasidakedecaopanshoukanlai，duiyuyijishichangeryan，kechuangbandeshelijianghuiweiyijishichangdailaiyoulidezhengxunhuan，zaiyinruxinjingjiqiyejinrudetongshi，yeweivc、peyinrulexindetuichuqudao，ermingquetuichutongdaofanguolaiyouyouliyuzibenjinru。zheiyouzhuyuxinjingjilongtoujiasuxingcheng，danyejiasuleqiyeyoushenglietaideguocheng。
jiuerjishichangeryan，censaiyinrenweikechuangbankeyishuoshizhongguobandenasidake，buguoduanqilaikan，shichangkenengdanxinzhucezhidekaizhahuiladishichangguzhi，youqishiduichuangyebanyijigaoguzhidekejigushidalikong。
yiweizishenquanshangfenxirenshizedui《lengjing》biaoshi，congzhongguozibenshichangdegaigejiaodulaishuo，tongguozengliangdegaige，bashichangdedangaozuoda，cujincunliangshichangdegaige，zheishiyigexunxujianjin、yimaixiangchengdeguocheng。
不过这位分析人士也谈到，在科创板试点注册制的过程中，中介机构如券商投行，以及会计师事务所、律师事务所等，都要承担实质性的责任，对自己所服务项目的真实性、全面性、有效性，进行全面深入的分析，承担更大的责任。
“biruquanshangsuofuwudexiangmu，ruguochulewenti，yaobizhiqianshenhezhideshihou，chengdandezerenyaodahenduo，fengxianyexiangyingdehuidahenduo。”tarenwei。
censaiyinhairenwei，pe/vctouzishengwuyiyaochuchuangqiye，yiwangmeiyouyinglideyiyaoshengwuqiyehuixuanzezaihaiwaishangshi，ruguokechuangbanshelihouquxiaoguoneishangshixuyaoyinglizheigeyingxingtiaojian，shouxianzheixiexinjingjiqiyeipojiuduoleyigexuanze，weiguoneishichangzhuruxindenengliang；qici，zheixieqiyeyekeyixiangshouguoneishangshidegaoguzhigaoyijia，biruhuiruizhiyaozaimeiguoshangshihuodele11beideguzhi，ertongxingyedehengruiyiyaozaiaguxiangshoudaolewuliushibeideguzhi。
2018niannianchu，xianggangjiaoyisuofabiao《xinxingjichuangxinchanyegongsishangshizhidu》zixunwenjian，zhizaixiyinhegulixinxinghechuangxinchanyegongsidengluxianggangzibenshichang。qizhong，zhenduishengwukejichanyedelihaozhengcebaokuoyunxuweiyoushourujiyinglijiludeshengwukejiqiyeshenqingzaigangshangshi。xinguizaiqunianyinfaleyiboxinjingjigongsifugangshangshirechao。
yijiadaxingquanshangdehaiwaitouxingrenshiyefenxishuo，kechuangbanweilaiduiyuxianggangdezibenshichanghuigouchengyidingdeweixie，yinweikenengcunzaihexianggangdeshengwukejibankuaiyijitonggubutongquandebankuaidaduitaidegainian，danshixijiehaimeichulai，haiwufazuizhongpanduan。
“duiyubentudezhongjiejigou，wulunzheigebankuaihaohaishibuhao，wuyishiduoleyimenshengyi。danshiduiyufuwuyuxianggangshichangdezhongjiejigoulaishuo，kenenghuichanshengyidingdeyingxiang。”tatandao。
muqian，duiyuzhunbeiipodekejigongsieryan，xuanzebuwaihushiagu、dengdaikechuangbankaizhahuozhehaiwaishangshi。
mianduibingbuquedingdekechuangban，yijiacongzhejiangqibu、zhengzaijieshouipofudaoyewudegongyezhizaoqiyedongshizhangjiuduitengxun《lengjing》jiandingdibiaoshi，xuanzezaiagupaidui，zuohaozhengchangdeipozhunbeigongzuo。yuanyinzaiyu，“kechuangbanganggangluodishibuquedingbijiaogao，danxinqiyeshangshihoudehouxurongzishoudaoyingxiang”。
guangfengguangdiancfozhouxuehuazexiangtengxun《lengjing》toulu，xuanzenagebankuaishangshi，zuizhongyaodekaoliangzhibiaoshiguzhitixishifouheli，nengfoufanyinggongsidezhenshijiazhi。
qibuyushenzhendejiguangtouyinggongsiguangfengguangdian，yongyoubushaoxingyezhuanliyujiaogaodeshichangfene，yeshishenjiaosuozhongdianpeiyudeniipokejiqiyezhiyi。
“weilaikechuangbancaiyongdezhucezhishihelidingjiajichu，shideerjishichangdetouzizhejieshoujiagebuchanshengguodudepianli，wanshanzibenshichangdejichuzhidukeyibaohutouzizheliyi。”censaiyintandao。
erzibenshichangdingjiadeyouxiaoyuheliyilaiyuzhuduoyinsu，biruliudongxing、fengxianduichonggongju、jianchizhengce、touzizhejiegou、tuishijizhi、jitisusongzhidudengdeng。
kechuangbannengfouchengweiyigeagude“zhidutequ”，rengyaodengdaishicaoxizeluodi。
yiweiquanshangcelvefenxishicheng，muqianagurengshiruoyouxiaoshichang，xiangduiyumeiguhuozheganggushichang，gupiaojiazhihuiguidemanyixie。
“biruchuangyebandebushaogegu，congbaibeishiyinglvmanmandiexiashentan，huale2nianduoshijian。”danruguokechuangbanshijigoutouzizhezhudao，neimejiazhihuiguijianghuigengjiaxunsu，dingjiayehuigengjiaheli。tacheng，yigeshichangsuishijigoutouzizhezhudao，bingbuyiweizhesanhuwufacanyu。ruhepinghengtouzimenjianyujiangdichaozuofengxian，shijianguancengxuyaokaoliangde。
科创板的另一个使命，则是提高融资效率。
wukefourendeshi，muqiangongsitongguoipoderongzixiaolvzhengzaizhujianjianruo。qiyexiangyaozaiagushangshi，zhishaoxuyaomanzulianggezuijibendeguanjianyinsu：yishizaiguoneizhucedegongsi，ershiyijingyingli。
ruoshijihuazaichuangyebanshangshi，xuyaofaxingqianliangniandejinglirunchaoguo1000wanrenminbihuodannianyinglichaoguo500wanrenminbi；erruguojihuazaizhubanhezhongxiaobanshangshi，zexuyaofaxingqiansanniandeleijijinglirunchaoguo3000wanrenminbi。
erjiuliuchengzhouqilaikan，agudeshangshishenpichengxu，yibanxuyaosandaowuniandeshijian，ruoshijiashangpaiduideshijiankenengxuyaogengjiu；erjingwaidezibenshichangliuchengxiangduibijiaojiandan，yibanyinianjiukeyigaodingfaxing。
jin9nianaguiporongzijine
shangtukeyikanchu，2018nian，gongsitongguoipochoujidezijinjinjingaoyu2012nianyu2014nian，zhiyou1378yiyuan。
bujinshirongzie，guohuilvyetongyangbugao。zi2018nian1yue3rizhijin，201jiaqiyeshanghuishenqingshoufa，zuizhong111jiashunliguohui，guohuilvzhiyou55.22%。
xiangbibinggouzhongzu、kezhuanzhai、peigu、faxingcdrdengzichanzhengquanhuaderongzishouduan，muqianipowuyishizuiweijiannandeyitiaolu。
yinci，weileyouhuaiposhenheliucheng，shutongrongziqudao，tigaozibenshichangderongzixiaolv，shixingzhucezhiwuyishizuiweiheshidejiejuebanfa。
“danzaixianxingdehushenjiaoyisuobankuaizhongshishizhucezhichengbenjiaogao，yincilingshekechuangban，tigonggaigedeshiyantian，shigengfuheshijiqingkuangde。”shangshujiejinzhengjianhuiderenshibiaoshi。
airuhechixushentoupinganchengshi？anfangqiyeweihefenfen“jinjun”shangye？zhihuijiaotongchule“danao”haigaiguanzhushenme？ruhezhuazhunjiatingshequanquanlingsandeshichang？
2019nian5yue23/24ri，yioujiangjubangiis2019zhongguozhihuichengshifenghui，bencifenghuijiangyanxuqianliangcihuidezhuti，yaoqingzhimingzhuanjiaxuezhe、xingyelongtouqiye、biaoganchuchuangqiye、zhimingtouzirendeng，jujiaojishuzaizhihuichengshilingyu（pinganchengshi、zhinengshangye、zhihuijiaotong、jiatingshequanquan）deyingyongxianzhuangjiweilaifazhan。
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