【中文版】

四版上市是指企业在四个板块上市，是中国资本市场的一项重要改革。自2019年12月30日首批科创板公司上市以来，科创板、创业板、北交所和新三板相继试点注册制，标志着四版上市的全面实现。

四版上市的意义在于：首先，它有利于加快企业融资，提高企业知名度；其次，四版上市可以满足不同类型企业的融资需求，促进企业转型升级；最后，四版上市可以增强资本市场功能，提高资本市场服务实体经济的能力。

四版上市对投资者也有好处。首先，注册制下，新股发行价格更加市场化，为投资者提供了更多的投资机会；其次，四版上市丰富了投资者的投资选择，有利于投资者进行多元化的资产配置；最后，四版上市有助于提高市场透明度，保护投资者的合法权益。

然而，四版上市也存在一些问题。例如，对企业的财务状况、经营状况和未来发展前景等方面的要求较高，使得一些初创企业或小微企业难以达到上市标准。此外，四版上市的审核标准也存在差异，导致一些企业可能会选择在某些板块上市以获得更好的融资效果。

总的来说，四版上市是一项重要的改革措施，有利于加快企业融资、提高市场透明度和保护投资者合法权益。然而，也需要关注其中存在的问题并加以解决，以实现资本市场服务实体经济的目标。

【英文版】

The "four-version listing" refers to the listing of enterprises on four marketplaces, which is an important reform in China's capital market. Since the first batch of Sci-Tech Innovation Board companies listed on December 30, 2019, the Sci-Tech Innovation Board, ChiNext Board, Beijing Equity Exchange, and New Third Board have successively piloted registration-based IPO, marking the full implementation of the four-version listing.

The significance of the four-version listing lies in: firstly, it is conducive to accelerating enterprise financing and enhancing corporate visibility; secondly, the four-version listing can meet the financing needs of different types of enterprises and promote the transformation and upgrading of enterprises; and lastly, the four-version listing can enhance the function of the capital market and improve the ability of the capital market to serve the real economy.

The four-version listing is also beneficial to investors. Firstly, under the registration-based system, new share issuance prices are more market-oriented, providing investors with more investment opportunities; secondly, the four-version listing enriches investors' investment choices and facilitates diversified asset allocation for investors; and lastly, the four-version listing helps improve market transparency and protects the legitimate rights and interests of investors.

However, there are also some issues with the four-version listing. For example, the high requirements for the financial status, operating conditions, and future development prospects of enterprises make it difficult for some start-ups or small micro-enterprises to meet the listing standards. In addition, there are also differences in audit standards among different boards, which may cause some enterprises to choose certain boards for listing to obtain better financing results.

Overall, the four-version listing is an important reform measure that is beneficial to accelerating enterprise financing, improving market transparency, and protecting investors' legitimate rights and interests. However, attention should also be paid to the issues that exist and be addressed to achieve the goal of the capital market serving the real economy.