Catalysts for Growth: Boosting UK Growth Markets增长的催化剂：提振英国成长型市场增長的催化劑：提振英國成長型市場

Produced by TheCityUK with a sub-group of its Capital Markets Group — including the City of London Corporation, London Stock Exchange Group, Aquis, and the Quoted Companies Alliance — this paper examines the state of UK growth markets such as AIM and the Aquis Growth Market, which together host over 700 companies with market capitalisations ranging from a few hundred thousand pounds to over £3bn. It notes that SMEs account for 99.9% of the UK business population, with high-growth companies representing over 50% of total SME turnover, and that around 13 million people in the UK hold roughly £430bn in cash savings that could be proactively invested, yet the paper warns that recent capital markets reforms have overlooked growth markets, with liquidity concerns and a narrower pool of institutional investors making it harder for companies to trade shares.本文由TheCityUK联合其资本市场小组下设的子小组编制，成员包括伦敦金融城公司（City of London Corporation）、伦敦证券交易所集团、Aquis及上市公司联盟（Quoted Companies Alliance），审视了AIM及Aquis成长型市场等英国成长型市场的现状，这些市场合计容纳逾700家企业，市值从数十万英镑到逾30亿英镑不等。报告指出，中小企业占英国企业总数的99.9%，其中高增长企业贡献了中小企业总营收的逾50%；英国约有1300万人持有合计约4300亿英镑的现金储蓄，可被积极投资，但报告警告称，近期资本市场改革未能充分关注成长型市场，流动性问题及机构投资者群体收窄，使企业交易股份愈发困难。本文由TheCityUK聯合其資本市場小組下設的子小組編製，成員包括倫敦金融城公司（City of London Corporation）、倫敦證券交易所集團、Aquis及上市公司聯盟（Quoted Companies Alliance），審視了AIM及Aquis成長型市場等英國成長型市場的現狀，這些市場合計容納逾700家企業，市值從數十萬英鎊到逾30億英鎊不等。報告指出，中小企業佔英國企業總數的99.9%，其中高增長企業貢獻了中小企業總營收的逾50%；英國約有1300萬人持有合計約4300億英鎊的現金儲蓄，可被積極投資，但報告警告稱，近期資本市場改革未能充分關注成長型市場，流動性問題及機構投資者群體收窄，使企業交易股份愈發困難。

The paper documents the strong contribution UK growth markets already make: in 2023, AIM companies contributed £35.7bn in Gross Value Added to UK GDP, directly supported more than 410,000 jobs, and made a corporation tax contribution of £5.4bn, with AIM companies on average more productive than the national average at £87,100 GVA per employee. Approximately 25% of shares held on AIM are held by retail investors, compared with 10% on the Main Market, and 83% of new admissions to AIM since 2015 have been UK-incorporated companies. It also compares UK growth markets favourably to European peers, noting that 753 companies were admitted to AIM against 531 admitted to NASDAQ First North in 2023, and profiles case studies including Breedon, Diaceutics, Alpha Group, SulNOx Group and KR1 PLC.报告记录了英国成长型市场已经作出的重要贡献：2023年，AIM上市公司为英国GDP贡献了357亿英镑的总增加值，直接支持逾41万个就业岗位，并向财政部缴纳54亿英镑企业所得税；AIM上市公司人均生产率也高于全国平均水平，达每名员工8.71万英镑总增加值。AIM市场约25%的股份由散户投资者持有，而主板市场这一比例仅为10%；自2015年以来，AIM新增上市公司中有83%为英国注册企业。报告还将英国成长型市场与欧洲同业进行了有利对比：2023年，AIM新增上市公司为753家，高于纳斯达克第一北方市场（NASDAQ First North）的531家；并列举了Breedon、Diaceutics、Alpha Group、SulNOx Group及KR1 PLC等企业案例。報告記錄了英國成長型市場已經作出的重要貢獻：2023年，AIM上市公司為英國GDP貢獻了357億英鎊的總增加值，直接支持逾41萬個就業崗位，並向財政部繳納54億英鎊企業所得稅；AIM上市公司人均生產率也高於全國平均水平，達每名員工8.71萬英鎊總增加值。AIM市場約25%的股份由散戶投資者持有，而主板市場這一比例僅為10%；自2015年以來，AIM新增上市公司中有83%為英國註冊企業。報告還將英國成長型市場與歐洲同業進行了有利對比：2023年，AIM新增上市公司為753家，高於納斯達克第一北方市場（NASDAQ First North）的531家；並列舉了Breedon、Diaceutics、Alpha Group、SulNOx Group及KR1 PLC等企業案例。

The paper sets out 10 strategic enablers for government and regulators, including: establishing a specialist growth markets industry group; extending British Business Bank scaling-support programmes to growth companies; applying a consistent growth market lens to regulation; rethinking marketing rules to give a more balanced comparison against unregulated assets such as crypto; removing liquidity-reducing measures such as "Dear CEO" letters; reviewing asset management reporting requirements that favour passive, Main Market-tracking funds; boosting institutional investment through the Mansion House Compact and LGPS local investment targets; setting out a clear three-pillar strategy — understanding, incentivisation and facilitation — to expand retail investor participation; leading in AI and distributed ledger technology adoption across capital markets; and encouraging catalytic capital to remain in the UK by easing companies' transition from growth markets to the Main Market.报告为政府与监管机构提出了十项战略推动举措，包括：设立专门的成长型市场行业小组；将英国商业银行（British Business Bank）的规模化扶持计划扩展至成长型企业；对监管政策采用一致的"成长型市场"视角；重新审视营销规则，以便与加密资产等未受监管的资产类别形成更平衡的对比；取消削弱流动性的措施，如"亲爱的首席执行官"函件（'Dear CEO' letters）；审查有利于追踪主板指数的被动型基金的资产管理报告要求；通过"庄园大厦契约"（Mansion House Compact）及地方政府养老金计划（LGPS）本地投资目标，提升机构投资者的投资力度；制定清晰的三大支柱战略——认知普及、激励机制与便利化举措——以扩大散户投资者参与度；在资本市场中引领人工智能与分布式账本技术的应用；并通过简化企业从成长型市场向主板市场过渡的流程，鼓励催化资本继续留在英国。報告為政府與監管機構提出了十項戰略推動舉措，包括：設立專門的成長型市場行業小組；將英國商業銀行（British Business Bank）的規模化扶持計劃擴展至成長型企業；對監管政策採用一致的「成長型市場」視角；重新審視營銷規則，以便與加密資產等未受監管的資產類別形成更平衡的對比；取消削弱流動性的措施，如「親愛的首席執行官」函件（'Dear CEO' letters）；審查有利於追蹤主板指數的被動型基金的資產管理報告要求；通過「莊園大廈契約」（Mansion House Compact）及地方政府養老金計劃（LGPS）本地投資目標，提升機構投資者的投資力度；制定清晰的三大支柱戰略——認知普及、激勵機制與便利化舉措——以擴大散戶投資者參與度；在資本市場中引領人工智能與分佈式賬本技術的應用；並通過簡化企業從成長型市場向主板市場過渡的流程，鼓勵催化資本繼續留在英國。