产业结构优化激励下地方政府的创业板上市“过度扶持”研究

摘要

创业板作为国家产业结构优化战略的重要载体，成立五年来其规模稳步扩张并且产业带动效应初显。在地方政府相一致的区域产业战略导向下，其对区域内企业创业板上市存在行政资源上和经济资源上的“过度扶持”现象。虽然这一“过度扶持”行为具有制度性原因，但更重要的是这将扭曲创业板引导资源流向新兴经济领域的市场机制，并进一步阻碍创业板发展。因此，需要从多方面入手重构地方政府的行为边界，使其真正服务于创业板市场发展。%As an important factor of China’s strategy for industrial structure optimization,Growth Enterprise Market(GEM)has produced some effect and expand its scale steadily. Local governments have excessive support for listing on GEM in the respect of administration and economy when directed by the same indus-trial strategy. This kind of practice has its institutional cause. It will moreover distort the mechanism of prompting financial resource to new economy by GEM,and hinder GEM development. Hence,Local govern-ments should reconstruct its behavior scope to serve the development of GEM.