中经记者 许璐 李晖 北京报道 在构建多层次、广覆盖、差异化、可持续的普惠金融机构体系过程中，资本市场的价值正在被市场关 注。 "资本市场支持普惠金融的作用长期被低估。未来应更多关注新三板市场的功能激活与制度完善，通过 提高市场透明度和投资者结构优化，使资本市场的资源配置更具普惠性与长期性。"首正泽富创新投资 （北京）有限公司总经理马起华在近期举行的2025中国普惠金融国际论坛期间接受《中国经营报》记者 采访时表示。 记者了解到，今年中国普惠金融国际论坛首次设立"资本市场如何破解科创企业融资难题"分论坛，正是 关注到资本市场作为普惠金融重要组成部分的价值正在显现。Wind数据统计，截至2025年10月，全国 中小企业股份转让系统，即新三板挂牌企业超过6000家，其中多数集中在创新型中小企业领域。 "从被投资主体看，在新三板上投资的对象都是中小微企业，具有普惠属性；从融资渠道看，企业挂牌 后不仅能够更便捷地获得银行贷款，也能通过股权融资拓宽资金来源，融资可得性显著提升；从成本角 度看，挂牌门槛和费用远低于主板市场，体现出成本可负担的优势；从市场功能看，新三板具备交易与 价格发现机制，为企业股权提供了一定程度的流 ...

Group 1 - The meeting organized by Shandong Securities Regulatory Bureau aimed to enhance the effectiveness of continuous supervision by lead underwriters for companies listed on the New Third Board [1][3] - The lead underwriter system is a fundamental and distinctive system in the New Third Board market, which has helped improve compliance awareness and quality of listed companies, with several high-quality enterprises successfully listing on the Beijing Stock Exchange [3] - The meeting emphasized the need for lead underwriters to seize new opportunities, address challenges, and enhance their professional capabilities in order to support the regulatory service framework [3] Group 2 - Key issues faced by lead underwriters in their advisory and continuous supervision roles were discussed, with multiple firms sharing experiences and suggestions for improvement [3] - The Shandong Securities Regulatory Bureau plans to maintain a dual focus on regulation and development, ensuring both projects and institutions are monitored effectively to promote the healthy and stable development of the New Third Board and Beijing Stock Exchange markets [3]