资本市场普惠价值显现 业者建议关注功能激活与制度完善

Core Viewpoint - The value of capital markets in supporting inclusive finance is increasingly recognized, with a focus on activating the functions of the New Third Board (NTB) and improving its system to enhance resource allocation for small and medium-sized enterprises (SMEs) [1][3]. Group 1: Capital Market and Inclusive Finance - The NTB is inherently a financing market for SMEs, possessing characteristics of inclusive finance, with approximately 25% of main board IPOs originating from the NTB [3]. - As of October 2025, there are over 6,000 companies listed on the NTB, primarily in innovative SMEs, indicating its role in facilitating financing for these enterprises [1][2]. - The China Securities Regulatory Commission (CSRC) emphasizes the unique advantages of capital markets in sharing innovation risks and promoting the formation of innovative capital [4]. Group 2: Financing Mechanisms and Benefits - Direct financing through capital markets improves funding efficiency for innovative SMEs, providing sustainable capital support, unlike traditional bank loans which are rigid and constrained [5][6]. - The NTB allows companies to obtain not only funds but also resources and credibility, establishing long-term partnerships based on shared values and growth [6]. - The NTB's lower listing thresholds and costs compared to the main board enhance its accessibility for SMEs, promoting a more inclusive financial environment [3][5]. Group 3: Future Directions and Recommendations - There is a call for greater attention to the activation of NTB functions and system improvements to support the financing of SMEs, which could help alleviate IPO review pressures [7]. - The development of the NTB could significantly benefit the over 60 million SMEs in China, highlighting the need for a sustainable development path for capital market support of inclusive finance [7]. - The essence of inclusive finance extends beyond mere financing to building a service network that integrates capital, industry, and policy, positioning it as a true engine for innovation [7].