浅谈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。
　　关键词：宝石在美国及欧洲 操作系统 市场风险
　　Ⅰ The Overview ofGEM
　　ⅰCharacteristics 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, comparing to the Main-Board Market, GEM still has the following characteristics.
　　Figure 1 Comparisons of listing conditions in SMEs in GEM
　　ⅡPractice&Apocalypse of GEM in US & Europe market
　　ⅰNASDAQ
　　Feb.8th in 1971,NASDAQformally startedas an intangible electronic networkmarket and was recognized as the cradle of high-tech enterprise growth.Until the end of October in 2007, 3075companies listedin NASDAQ.The total value of stocks attained $4389.6 billion.
　　1.Broad Market Orientation of NASDAQ
　　Figure 3
　　 Multi-level organization 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 companies. NASDAQ has3 listing standards, companies which need to 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, microsoft. 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.
　　ⅱAlternative 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 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 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 company size, income, stock transfer and the minimum requirement of public holding. The low listing standard of AIM has industry self-discipline. Lifelong guarantor system refers to the listed companies must hire a company with legal qualifications company 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.
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　3. AIM is an international 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 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
　　ⅰDevelopment Historyof the GEM in China
　　Figure6The development of GEM in China
　　Ⅳ Operation system of Chinese GEM & comparison
　　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 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
　　 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.
　　James J.Angles, “How Best to Supply Liquidity to a Small-Capitalization 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 country‘s science and technology competitiveness effect analysis", "the commercial times", 2006 the 21st period

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