"Small and medium-sized enterprises can do great things". The innovative development of small and medium-sized enterprises has attracted much attention recently. In order to solve the "difficult and expensive financing" of small and medium-sized enterprises, the exploration of capital market has never stopped. With the establishment of Beijing stock exchange and a series of reform measures, the capital market pressed the fast forward key to support small and medium-sized enterprises. Industry insiders pointed out that small and medium-sized enterprises have a large number and a wide range, strong innovation power and outstanding toughness and vitality, which have great potential in building a new development pattern. To promote the innovative development of small and medium-sized enterprises, the capital market plays an important role in providing direct financing, guiding resource allocation, promoting the formation of innovative capital, stimulating entrepreneurship and talent innovation vitality. In fact, in the development of China's capital market for more than 30 years, serving the innovation and development of small and medium-sized enterprises has always been an important topic. Data show that up to now, more than 300 "specialized and new" little giants have been listed on the Shanghai and Shenzhen Stock Exchange, with an initial financing amount of more than 170 billion yuan. In the new third board, the frontier of serving small and medium-sized enterprises in the capital market, a number of high-quality listed companies have emerged, of which 783 companies have been rated as "specialized and new" little giants, and 38 companies have grown into "single champion" enterprises. At the same time, it should also be noted that compared with large companies, although small and medium-sized enterprises have strong innovation ability and flexible mechanism, they often have problems such as large performance fluctuation, small asset scale, low standardization and transparency of financial information and imperfect governance mechanism. The lack of long-term funds and insufficient asset collateral lead to their weak ability to obtain traditional financial services, It has formed the contradiction between the importance of groups and the weakness of individuals. A number of small and medium-sized enterprise leaders told reporters that financing is almost the most difficult problem in the development of every small and medium-sized enterprise. With the deepening of capital market reform, especially the news of "establishing Beijing stock exchange", more and more small and medium-sized enterprises see new opportunities for future development. Liang Jiliang, chairman of Beijing Youxuan software, has a deep feeling. The enterprise became a listed enterprise at the beginning of the operation of the new third board in 2013, and entered the innovation layer of the new third board in 2016. While the capital market developed and expanded, it also witnessed the "acceleration" of a new round of reform of the new third board: On September 3, Beijing stock exchange publicly solicited opinions on the basic institutional arrangements; On September 5, the three basic business rules of Beijing Stock Exchange began to solicit opinions; On September 6, Beijing stock exchange Co., Ltd. was incorporated; On September 17, the investor threshold of Beijing stock exchange was determined; Recently, 12 listed companies have completed public offering and subscription Looking back on the growth process of enterprises, Liang Jiliang believes that the capital market has a mechanism of risk sharing and benefit sharing between investment and financing parties, a relatively complete valuation and pricing system, and has unique advantages in broadening the financing channels of small and medium-sized enterprises and stimulating the vitality of innovation and entrepreneurship. The establishment of Beijing stock exchange will produce a more efficient and professional platform for serving small and medium-sized enterprises. According to the reform ideas of the CSRC, Beijing securities exchange is established on the basis of the existing selected layer of the new third board, adheres to the market positioning of serving innovative small and medium-sized enterprises, respects the development law and growth stage of innovative small and medium-sized enterprises, the listed companies are generated by the innovative layer companies, and adhere to overall coordination and system linkage with the existing innovative layer and basic layer of the new third board. At the same time, Beijing stock exchange will give full play to its role as a link in the multi-level capital market system, develop in dislocation with the regional equity market and Shanghai and Shenzhen Stock Exchange, and realize interconnection; Qualified companies listed on the Beijing stock exchange can voluntarily choose to transfer to the science and innovation board and the growth enterprise board for listing, so as to jointly improve the function of multi-level capital market to serve innovative small and medium-sized enterprises in a long cycle and whole chain. Beijing stock exchange has taken a key step in cultivating a number of "specialized and new" small and medium-sized enterprises and forming a benign market ecology with high enthusiasm for innovation and entrepreneurship, active participation of qualified investors and responsible return of intermediaries. Hong Jinping, research director of the financial industry of Huachuang securities, believes that in the future, we need to further explore and develop venture capital, improve the multi-level capital market, promote investment and loan linkage, science and technology credit, science and technology insurance and other businesses, as well as improve the risk compensation and sharing mechanism of financial support for science and innovation enterprises, so as to provide more all-round services for innovative small and medium-sized enterprises Diversified financial services help implement the innovation driven development strategy and promote industrial upgrading. (outlook new era)