中国创业板是中小企业希望所在（标签 经济）

China's ChiNext stock market is the great red hope for small companies

By Peter Foster in Beijing
By Friday lunchtime on the opening day’s trading, shares in all of the 28 companies to debut(v.初次登场) on the ChiNext exchange had more than doubled in value, including the Da Yu Water-saving Co. in which Mr Xiao was lucky enough to be allocated(v.分配、分派) 500 shares at 14 yuan (£1.24) each.

By the time Mr Xiao shuffled(v.拖着脚走) off to find a plate of dumplings for lunch, his initial 7,000 yuan (£620) investment was worth nearly 19,500 yuan (£1,700) — the kind of money it would take a worker six months or more to earn on the factory floor.

Whether Mr Xiao will still be smiling later this week is much less certain, thanks to the almost entirely speculative(adj.投机的) nature(n.本质) of Chinesestock markets, where ramping(n.诈骗) and insider dealing（内部交易）are an occupational hazard(职业病) for anyone daring to dabble(v.涉足).

      时至首个交易日的中午，所有中国创业板首批上市的28支股票涨幅均超过100%，包括大禹节水。肖先生很幸运的以14元的价格抽到该公司500股股票。
      当肖先生拖着步子出去找地方吃盘饺子的时候，他原始投资的7000元已价值19500元，相当于在一个工人在工厂工作至少六个月的工资。
      不能确定肖先生能否笑到本周末，由于中国股市几乎完全投机的本性，中国股市诈骗和内部交易的职业病是所有想入市的人都必须面对的事情。

Based in the boom town（新兴城市）of Shenzhen, it will enable small, innovative Chinese companies like the Da Yu and the 27 other biotech（生物科技）, medical, software and entertainment enterprises, to raise money publicly for the first time.

Equally importantly as raising money through public subscription(公债发行), the ChiNext also provides an avenue for venture capital investors to cash out(套现) their profits, a fact which is expected to encourage investment in start-ups.

For small- and medium-sized businesses in China, these are two potentially major breakthroughs. Even though small- and medium-sized businesses account for 80pc of jobs, half of all tax revenues and 60pc of GDP, they receive surprisingly little help and encouragement from China’s government.

The mere fact that it has taken China’s government almost 10 years to launch the ChiNext market is itself a sign, say analysts, of the reluctance(n.勉强) of the Chinese state to release its grip(n.掌握,控制) on the financial levers(n.杠杆) that are the ultimate bedrock(n.岩床、根基) of its political power.

      创业板以新兴城市深圳为基地，将使类如大禹节水和其他27个生物技术、传媒、软件及娱乐企业的小型、创新企业第一次公开募资。
      与通过公债发行募集资金同样重要的是，创业板也为风险投资人套利提供了新途径，这点将会鼓励对新兴企业的投资。
      分析师说，中国政府用了将近10年的时间推出创业板，这本身说明政府不愿松动金融杠杆，这是其政治权力的最终源泉。

The experience of Hong Kong, a much more mature financial centre which launched a similar enterprise market 10 years ago, is not encouraging; a decade after launch, that market is still only equal to 0.6pc of the value of the main board.

Arthur Kroeber, of the Beijing-based Dragonomics consultancy, says that to put the ChiNext in perspective, consider that the market capitalisation of the 28 companies at launch, some £1.4bn is equal to just 0.08pc of the Shanghai bourse, or less than 3pc of total loans disbursed by China’s banks in September.

“Is this market going to have an impact in the short term on the way capital is allocated in China? Answer: No. Does the ChiNext potentially open the door to improvements in capital allocation in the longer term? Answer: Yes, but probably only up to a point.”

    香港的经验并不鼓舞人心：香港作为一个更为成熟的金融中心，10年前推出一个类似的中小板市场。10年后，这个市场的市值仍然只有主板市场的0.6%。
      总部设在北京的龙州经讯的亚瑟·克罗伯说，我们要正确的看待创业板，首批上市的28家公司融资总额只有14亿英镑，相当于上海交易所的0.08%，还不足中国银行业9月份借贷额的3%。
    “创业板短期内对于中国的资本分配有影响吗？答案是否定的。创业板长期内会潜在的推动中国的资本分配吗？答案是肯定的，但仅仅是一定程度上。”