自分の記事をコピーする（株式上場する企業が無くなる日）
えーー怠慢でありますが、別のネット記事に掲載された
私の記事を掲載させていただきます。
こちら見ても同じ記事です。
http://bizmakoto.jp/makoto/articles/0910/23/news013.html
http://www.insightnow.jp/article/4389
とうことで、下記に。
今年株式公開を果たした企業は、10月20日時点で16社。今年もあと2カ月を残すところでだ。ちなみに、2006年は188社、2007年は121社、2008年は49社で、今年は20社未満。異常なまでの株式公開社数の激減である。
もちろん、大きな要因は経済環境の悪化であることは事実だが、株式公開を目指すベンチャー企業市場というのは、ある種、景気に左右されずに独自に成長路線を進む企業の集まりである。また、次世代の経済価値を生むであろう企業に資本というドライブをつけて成長させていく役割が本来、東証マザーズ、大証ヘラクレスにあったはずである。それが有名無実化した。
一方で、上場を取り消す企業も増加している。TOB、MBOによる上場廃止企業は、今年は現時点で29社。企業によって、理由はさまざまであろうが、恐らく簡単に言えば上場に対するメリットがないのである。
株価が低迷し、内部統制などの規則による間接コスト増、経済環境の悪化による業績の低迷、踏んだり蹴ったりの状態の中、十分な株主への還元もできず、また、あえてここで短期の利益を見込まず、長期的視点から健全な投資（赤字）を出そうとしても、財務状況からも、株主の圧力からもできないとすれば当然の帰結といえる。
以前、東京証券取引所が、自身の株式公開を検討していたが「現在の株式市場の悪化」から、延期となった。株式市場は、あなたがた取引所そのものではないか。自己否定のコメントを出す市場に、誰が魅力を感じえようか。そのうち、景気もよくなるからそれからでも良い、なんて悠長なことを言っている場合であろうか。
今や、証券取引所に上場する意味は、本当にあるのだろうか。
取引所がこの経済環境下においても、なおも成長企業をうながす方法を明確に示し、例えば、上場コストを軽減する方法なり、そもそもの上場基準のバーを下げる方向なり、示すべきである。あるいは、多産多死を奨励し、入るのはたやすいが、ある一定基準を満たさなくなった場合には、容赦なく退場してもらうルール作りなどシンプルかつ具体的に明示すべきである。
でなければ、株式上場する企業はなくなるだろう。既存の上場している企業も、主体的に上場をやめるであろう。それは未来の日本経済に暗い影を落とすことは間違いない。今の大企業が、しっかり税金を落としていけば安泰などという妄想を持ってはいけない。
次世代の経済価値を創生する企業を、どんどん輩出してく環境がなければ、日本は確実に衰退の一途ではないか、と考える。次のソニーやホンダが生まれない土壌というのは、あまりに悲しい。
中国版ナスダック市場が先日誕生した。これによる最初の数十社の調達金額は、2000億円といわれている。
いっそのこと、日本のベンチャー企業は、海外で上場して資金調達したほうが、もしかするとメリットがあるかもしれない。大陸（中国・韓国）の企業は、国を越えることに何ら抵抗感がない。商売とあらば、あるいは資金が供給されるとあらば、どこにでも行く用意がある。小さいベンチャー企業でさえも、である。事実、中国、韓国企業が、米国ナスダック市場に進出する例は散見される。
今度はその市場を中国が担おうとしている。活路を見出すとすれば、次は海外かもしれない。株式上場は、何も日本国内がすべてではない、という時代に来ているのかもしれない
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