欧美国家创业板市场兴衰对于中国创业板市场的

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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.

关 键 词 :宝石在美国及欧洲 操作系统 市场风险

Ⅰ The Overview ofGEM

Characteristics of The Growth Enterprise Market( GEM)in China

In GEM China, the most notable characteristic is the low listing financial threshold. Due to different market position, paring to the Main-Board Market, GEM still has the following characteristics.

Figure 1 Comparisons of listing conditions in Es in GEM

ⅡPractice&Apocalypse of GEM in US & Europe market

NASDAQ

Feb.8th in 1971,NASDAQformally startedas an intangible electronic workmarket and was recognized as the cradle of high-tech enterprise growth.Until the end of October in 2007, 3075panies listedin NASDAQ.The total value of stocks attained $4389.6 billion.

1.Broad Market Orientation of NASDAQ

Figure 3

2. Multi-level anization structure & sets of listing standards of NASDAQ


Figure 2-2 Level transitionis suitable to different situations enterprise's stock trading

Although on the same level, NASDAQ also has different listing standards for different types of panies. NASDAQ has3 listing standards, panies which need to meet only one standard can be listed, a number of emerging high-tech enterprise succesully to raise funds, a large number of all businesses stand out through listing in NASDAQ and bee new industry tycoons, eg, microsoft.

3.The Mixed Trading System of NASDAQ

In 1997, NASDAQ implemented new Order Handling Rules which is issued by SEC.OHR reform. Through the introduction of new instruction processing rules and new market participants,unique mixed trading system which has both merits to market maker system and Bidding system.

Alternative Investment Market (abb. AIM)

AIM grows steadily since founded, the trading is active. Especially since 2003, the turnovers of AIM were continuously enlargedand reached 1216 billion pounds in 2006. The turnovers were 60 times bigger than they in 1996 which were 20 billion pounds.

1. Strong inclusiveness market position

AIM is strong inclusiveness thatweles all types of all and medium-sized enterprises listed in it. This diversified industry structure not only expands the scope of the listed panies, but also oids Systemic market risk efficiently.

Figure 4TheSector Selection in AIM

2.Loose listing requirements and unique lifelong guarantor system.

The financial and quantity index requirements of listing on AIM is lowest in the world main GEM. It has no restrictions on pany size, ine, stock traner and the minimum requirement of public holding. The low listing standard of AIM has industry self-discipline. Lifelong guarantor system refers to the listed panies must hire a pany with legal qualifications pany as their guarantor before and after any time of listing. Guarantors are approved by FSA, and supervised by LSE. The responsibility of AIM is to inspect guarantors to ensure them performing their duties.

欧美国家创业板市场兴衰对于中国创业板市场的参考属性评定
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3. AIM is an international market

AIM is positioned as a global GEM, the number of overseas listed panies account for about 10 percent of the total of listed panies, which situation is same as NASDAQ.AIM is positioned to cover global listed resources, to create good global market brand and to ascend its international reputation.

ШAnalysis approaches of the GEM in China

Development Historyof the GEM in China

Figure6The development of GEM in China

Ⅳ Operation system of Chinese GEM & parison

1.Issuing standard

Firstly, Chinese GEM has requirement of profitwhich amountrequirement is stricter than overseas’. Chinese GEM has quantitative requirements on the growth of issuers and overseas GEM seldom has such rules. Secondly, the qualitative standard to issuer of Chinese GEM is clearer, in order to ensure the issuers' quality and to protect investors.

Figure 7GEM in CHINAvsBRITAIN AIM

2.Set mode

Figure 8GEM set mode of overseas

References

[1]Smith J.W. Selway J.P. and McCormick. “The Nasdaq Stock Market: Historical Background and Current Operation”, NASD Working Paper, 2008.

[2]James J.Angles, “How Best to Supply Liquidity to a Small-Capitalization Securities Market”, Geergetown University, 2006.

[3]Schultz, P. "The Market for Market", University of Notre Dame, 2007

[4]Fang Hua, "The school-enterprise cooperation to enhance our country's science and technology petitiveness effect analysis", "the mercial times", 2006 the 21st period

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