民营企业境内上市融资障碍研究.pdf

ABSTRACT With 26 years’ development, the self-owned economy has played an important role in promoting our country’s economy. More than 70% of the population living in cities is currently working for the private enterprises while about 50% of china’s Gross Domestic Product (GDP) has been created by the private enterprises. However, in the domestic stock market, only 20% of the listed companies are private enterprises and only 6.97% of direct IPOs are processed for private enterprises. The situation that excluding a large number of excellent private enterprises of high quality from china’s stock market not only blocks the advancement of the private economy but also does harm to china’s stock market’s attraction and the strategic adjustment for the state-owned capital. Although the domestic system of securities financing has been improved significantly, in comparison with international standards of listing, efficiency, and effectiveness after going public, the financing environment for private enterprises still needs to be