1、欧美国家创业板市场兴衰对于中国创业板市场的启示 摘要：本文从创业板市场的基本概念入手，在分析其性质与特点的基础之上，了解并研究美国二板市场的诞生与发展，分析美国创业板市场的兴衰历史，并适当探究其原因。通过对过去的总结，我们可以发现哪些问题应该值得深思。然后回到国内，在分析了其出台背景以及进行一些经济分析以后，将对国内外的二板市场加以比较分析，重在扬长避短。最后，针对前文做出的比较分析，本文将对国内 GEM的建设提出建议，并对中国二板市场的前景做出展望。 下载 关键词：宝石在美国及欧洲 操作系统 市场风险 The Overview ofGEM ?Characteristics of The Gr
2、owth Enterprise Market( GEM)in China In GEM China, the most notable characteristic is the low listing financial threshn-Board Market, GEM still has the following characterists in GEM Practice&Apocalypse of G EM in US & Europe market ?NASDAQ tronic networkmarket and was recognized as the cradle of hi
3、gh-tech enterprise gron NAS 1.Broad Market Orientation of NASDAQ Figure 3 2. Multi-level organization structure & sets of listing standards of NASDAQ Figure 2-2 Level transitionis suitable to different situations enterprises stock trading Although on the same level, NASDAQ also has different listing
4、 standards for different types of compan meet only one standard can be listed, a number of emerging high-tech enterprise successfully to raise funds, a large number of small businesses stand out through listing in NASDAQ and become new industry tycoons, eg, micros, NASDAQ implemented new Order Handl
5、ing Rules which is issued by processing rules and new market participants,unique mixed trading system which has both merits to market maker system and Bidding sysM grows steadily since founded, the trading is actnuously enlargedand reached 1216 billion pounds in 2006. The turnovers were 60 times big
6、ger than they in 1996 which were 20 billion pouis strong inclusiveness thatwelcomes all types of small and medium-sized enterprises listed in it. This diversified industry structure not only expands the scope of the listed companies, but also avoids Systemic market risk efficienlisting requirements
7、and unique lifelong guarantor syslisting on AIM is lowest in the world main transfer and the minimum requirement of public holdiples must hire a company with legal qualifications company as their guarantor before and after any time of list The responsibility of AIM is to inspect guarantors to ensure
8、 them performing their dutternational market AIM is positioned as a global GEM, the number of overseas listed companies account for about 10 percent of the total of listed companies, which situation is same as NAScreate good global market brand and to ascend its international reputat ?Development Hi
9、storyof the GEM in China Figure6The development of GEM in China Operation system of Chinese GEM & compar ison 1.Issuing standard Firstly, Chinese GEM has requirement of net profitwhich amountrequirement is stricter than overseas. Chinese GEM has quantitative requirements on the growth of issuers and
10、 overseas GEM seldom has such rue GEM is clearer, in order to ensure the issuers quality and to protect investt mode Figure 8GEM set mode of overseas References Smith J.W. Selway J.P. and McCormrrent Operation”, NASD Working Paper, 2008. James J.Angles, “How Best to Supply Liquidity t o a Small-Capi
11、talization Securities Market”, Geergetown University, 2006. Schultz, P. “The Market for Market“, University of Notre Dame, 2007 Fang Hua, “The school-enterprise cooperation to enhance our countrys science and technology competitiveness effect analysis“, “the commercial times“, 2006 the 21st period 注：本文中所涉及到的图表、注解、公式等内容请以 PDF 格式阅读原文
