我国中小企业板和国外创业板市场的比较研究.pdf

ABSTRACT Since is the obviousthat world 1990s，it wouldtransformintonew economy the and ofthe formation new economy．During developmenteconomy,themarket， capital theGrowth fin offeredintact to especially EnterpriseMarket GEM ，has support system was it．For market establishedin from known ofUS，which 1971，is example，NASDAQ the York the ofNew becauseitreduces conditionandfacesthemarket exchange listing vast ofHi-·Tech and new smallormedium·-sized orientation industry developing a ofthese hasattractedlotof characteristics，it investors，Many enterprises．Because from as andAmazon it． listed have Microsoft，Dell emerged outstandingcompanies，such in formationand The of becamea scenethe achievement great NASDAQ splendid the new existenceand ofthe market，especially developmenteconomy．Withoutcapital function wouldnotrise and ofGEM，new economy suddenlygetflourishingdevelopment TheestablishmentofGEMwill an roleinthe and playimportant developmentperfection oftheChinesemarket． capital In l7 the oftheState Securities Mav 2004，with Council，China。S approval a allowsShenzhenStock to Commissionformal Exchange Regulatory gave reply，which in boardthe board．The setuDsmallormedium．sized main long—time enterprises board Oil stock thesecondmarketthe conceived out bystep， planofputting country’Sstep or ofthesmalImedium-sized tooksubstantiveone establishment stepfinally．The ofsmaIl haswidenedthedirect ormedium，sized board enterprises financing enterprises． Investorscansharetheeconomic achievementofour more．The growth country ofthe has onthe oftheconstruction establishment promotion far-reachingmeanings boardiS multi．1eveImarketinour smallormedium-sized capital country．The enterprises derived thesuccessandlessonof GEMand our country’s bystudying foreign combining actualcondition．Theestablishmentofthesinailormedium—sized existing enterprises the betweenthereform of boardhasreflected development unity dynamics，the speed of market．Thesinailormedium—sized thebear th