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更快、更高(gao)效、更透明(ming)的(de)發(fa)審理念吸引(yin)著(zhu)(zhu)越來越多的(de)企(qi)(qi)業(ye)申(shen)報科(ke)創板(ban)(ban)(ban)，也讓那些原本(ben)符合主(zhu)板(ban)(ban)(ban)、中小板(ban)(ban)(ban)和創業(ye)板(ban)(ban)(ban)上(shang)市標準的(de)高(gao)新企(qi)(qi)業(ye)轉(zhuan)投(tou)到(dao)科(ke)創板(ban)(ban)(ban)旗下，科(ke)創板(ban)(ban)(ban)的(de)分(fen)流效應正(zheng)改變(bian)著(zhu)(zhu)資本(ben)市場的(de)新股(gu)生態，也倒逼著(zhu)(zhu)存量市場加(jia)速改革。

一組數據有著足夠的(de)(de)(de)說(shuo)服力，3月22日，科(ke)創(chuang)板(ban)(ban)(ban)(ban)自受(shou)(shou)理上(shang)市(shi)(shi)申請至今(jin)，共受(shou)(shou)理了(le)81家(jia)企(qi)業(ye)的(de)(de)(de)上(shang)市(shi)(shi)申請，而同期主板(ban)(ban)(ban)(ban)、中小板(ban)(ban)(ban)(ban)和(he)(he)創(chuang)業(ye)板(ban)(ban)(ban)(ban)受(shou)(shou)理的(de)(de)(de)新(xin)申報(bao)企(qi)業(ye)數僅(jin)有26家(jia)，其中，主板(ban)(ban)(ban)(ban)和(he)(he)中小板(ban)(ban)(ban)(ban)17家(jia)，創(chuang)業(ye)板(ban)(ban)(ban)(ban)9家(jia)，數據相(xiang)差稍顯懸(xuan)殊。更值(zhi)得關(guan)注的(de)(de)(de)是，新(xin)光(guang)光(guang)電(dian)、啟明醫療、聚辰半導體、申聯(lian)生物等不少申報(bao)科(ke)創(chuang)板(ban)(ban)(ban)(ban)的(de)(de)(de)明星企(qi)業(ye)，本身盈利(li)、營收等財務指標均達到了(le)主板(ban)(ban)(ban)(ban)或(huo)創(chuang)業(ye)板(ban)(ban)(ban)(ban)的(de)(de)(de)上(shang)市(shi)(shi)標準，更快(kuai)的(de)(de)(de)上(shang)市(shi)(shi)速(su)度、更便(bian)利(li)的(de)(de)(de)融資(zi)形式、更透明的(de)(de)(de)審(shen)核(he)規則(ze)、更受(shou)(shou)市(shi)(shi)場青(qing)睞的(de)(de)(de)投資(zi)平臺(tai)，成(cheng)為這(zhe)些企(qi)業(ye)最終選擇科(ke)創(chuang)板(ban)(ban)(ban)(ban)的(de)(de)(de)關(guan)鍵因素(su)。

其實，對于(yu)大(da)部分(fen)擬上市企(qi)業來講(jiang)，并(bing)不需要做“我是(shi)(shi)(shi)上主(zhu)板(ban)(ban)(ban)(ban)(ban)、中小(xiao)(xiao)板(ban)(ban)(ban)(ban)(ban)、創(chuang)業板(ban)(ban)(ban)(ban)(ban)還(huan)(huan)是(shi)(shi)(shi)上科(ke)(ke)創(chuang)板(ban)(ban)(ban)(ban)(ban)”這道選擇(ze)題，那(nei)些和(he)新經濟(ji)定位還(huan)(huan)有(you)一(yi)些差距(ju)的(de)優質傳(chuan)統(tong)企(qi)業，在發審通過率大(da)增、發審效率和(he)透明(ming)度大(da)幅提升(sheng)、IPO“堰塞湖”水位明(ming)顯下(xia)降的(de)當下(xia)，主(zhu)板(ban)(ban)(ban)(ban)(ban)、中小(xiao)(xiao)板(ban)(ban)(ban)(ban)(ban)和(he)創(chuang)業板(ban)(ban)(ban)(ban)(ban)是(shi)(shi)(shi)最合適的(de)選擇(ze)；而(er)那(nei)些高研發高投入、尚(shang)未盈利(li)，未來還(huan)(huan)將持(chi)續(xu)投入并(bing)還(huan)(huan)可能繼續(xu)虧損的(de)生物醫藥、信(xin)息技術類企(qi)業，科(ke)(ke)創(chuang)板(ban)(ban)(ban)(ban)(ban)無疑是(shi)(shi)(shi)首(shou)選。反倒是(shi)(shi)(shi)那(nei)些原本就(jiu)符合主(zhu)板(ban)(ban)(ban)(ban)(ban)、中小(xiao)(xiao)板(ban)(ban)(ban)(ban)(ban)和(he)創(chuang)業板(ban)(ban)(ban)(ban)(ban)財務(wu)標準，又(you)符合科(ke)(ke)創(chuang)板(ban)(ban)(ban)(ban)(ban)定位的(de)高新企(qi)業才會(hui)陷入兩難境(jing)(jing)地，這時候，上市便(bian)利(li)度、融資(zi)快慢程度就(jiu)會(hui)成(cheng)為關鍵因素，科(ke)(ke)創(chuang)板(ban)(ban)(ban)(ban)(ban)無疑在當前(qian)的(de)融資(zi)環境(jing)(jing)中有(you)著極大(da)的(de)優勢。

分流儲(chu)備企(qi)業(ye)(ye)(ye)資(zi)源不可避免(mian)，但這并非壞(huai)事。資(zi)本(ben)市(shi)(shi)場(chang)包容性增強，不同發(fa)(fa)展(zhan)階段、不同盈利模式、不同股(gu)權結構的企(qi)業(ye)(ye)(ye)都能(neng)在A股(gu)找到相應(ying)的融資(zi)渠道，不僅(jin)能(neng)夠讓企(qi)業(ye)(ye)(ye)高(gao)效(xiao)率地獲得資(zi)本(ben)市(shi)(shi)場(chang)支(zhi)持(chi)(chi)，還能(neng)提(ti)(ti)(ti)升A股(gu)服(fu)務(wu)具有(you)核(he)心(xin)技術、行(xing)業(ye)(ye)(ye)領(ling)先、有(you)良好(hao)發(fa)(fa)展(zhan)前(qian)景(jing)和口(kou)碑的企(qi)業(ye)(ye)(ye)的能(neng)力。同時(shi)，分流效(xiao)應(ying)還會倒(dao)逼主板(ban)(ban)(ban)、中(zhong)小板(ban)(ban)(ban)和創(chuang)業(ye)(ye)(ye)板(ban)(ban)(ban)加速改(gai)革，科創(chuang)板(ban)(ban)(ban)的設立與注冊制的試行(xing)為現(xian)(xian)(xian)有(you)板(ban)(ban)(ban)塊改(gai)革提(ti)(ti)(ti)供了(le)理(li)論和經驗(yan)，尤其(qi)是實(shi)施以信息披露為中(zhong)心(xin)的發(fa)(fa)行(xing)審(shen)(shen)核(he)制度，在根植科創(chuang)板(ban)(ban)(ban)的同時(shi)，也在持(chi)(chi)續不斷地推動現(xian)(xian)(xian)有(you)板(ban)(ban)(ban)塊發(fa)(fa)審(shen)(shen)制度改(gai)革進(jin)程，《IPO審(shen)(shen)核(he)50條》的首次公開就是佐證，系(xi)統的監(jian)管問(wen)答讓規則透明化(hua)，減少了(le)窗口(kou)指(zhi)導，既明確(que)展(zhan)示了(le)監(jian)管意圖，又提(ti)(ti)(ti)高(gao)了(le)公平性，是市(shi)(shi)場(chang)化(hua)、法治化(hua)理(li)念的重(zhong)要(yao)體現(xian)(xian)(xian)。

科創板剛(gang)剛(gang)起步，會遇到一系(xi)列新問題(ti)新情況，需(xu)要(yao)本(ben)著(zhu)全(quan)程監管(guan)、充分披露、市場約束、歸位盡(jin)責的(de)理念統籌設計(ji)各項核(he)心(xin)制度(du)安排，需(xu)要(yao)發行人(ren)、投資者、中(zhong)(zhong)介機(ji)構(gou)等不同(tong)主體共同(tong)探索，力爭把科創板這(zhe)塊(kuai)試驗田耕種好，形成可(ke)復制可(ke)推廣(guang)的(de)經(jing)驗和(he)成果，肥(fei)沃主板、中(zhong)(zhong)小板和(he)創業板這(zhe)塊(kuai)黑土地。