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

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1、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，了解并研宄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ITheOverviewofGEMiCharacteris

2、ticsofTheGrowthEnterpriseMarket(GEM)inChinaInGEMChina,themostnotablecharacteristicisthelowlistingfinancialthreshold.Duetodifferentmarketposition,comparingtotheMain-BoardMarket,GEMstillhasthefollowingcharacteristics.FigurelComparisonsoflistingconditionsinSMEsinGEMIIPracticeApoc

3、alypseofGEMinUSEuropemarketiNASDAQinl971，NASDAQformallystartedasanintangibleelectronicnetworkmarketandwasrecognizedasthecradleofhigh-techenterprisetheendofOctoberinXX,3075companieslistedintotalvalueofstocksattainedbillion.MarketOrientationofNASDAQFigure3Multi一levelorganizatior

4、estructuresetsoflistingstandardsofNASDAQFigure2-2LeveltransitionissuitabletodifferentsituationsenterprisesstocktradingAlthoughonthesamelevel,NASDAQalsohasdifferentlistingstandardsfordifferenttypesofcompanies.NASDAQhas31istingstandards,companieswhichneedtomeetonlyonestandardcan

5、belisted，anumberofemerginghigh-techenterprisesuccessfullytoraisefunds,alargenumberofsmallbusinessesstandoutthroughlistinginNASDAQandbecomenewindustrytycoons,eg,microsoft.TheMixedTradingSystemofNASDAQInl997,NASDAQimplementednewOrderHandlingRuleswhichisissuedbyreform.Throughthei

6、ntroductionofnewinstructionprocessingrulesandnewmarketparticipants,uniquemixedtradingsystemwhichhasbothmeritstomarketmakersystemandBiddingsystem.iiAlternativeInvestmentMarket(abb.AIM)AIMgrowssteadilysincefounded,thetradingisactive.EspeciallysinceXX，theturnoversofAIMwerecontinu

7、ouslyenlargedandreachedl216billionpoundsinXX.Theturnoverswere60timesbiggerthantheyinl996whichwere20billionpounds.1.StronginclusivenessmarketpositionAIMisstronginclusivenessthatwelcomesalltypesofsmallandmedium-sizedenterpriseslistedinit.Thisdiversifiedindustrystructurenotonlyex

8、pandsthescopeofthelistedcompanies，butaIsoavoidsSystemicmarket