欧美国家创业板市场兴衰对于中国创业板市场的启示.docVIP

　　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 Overvieost notable characteristic is the loarket position, paring to the Main-Board Market, GEM still has the follop;Apocalypse of GEM in US Europe market 　　ⅰNASDAQ 　　Feb.8th in 1971,NASDAQformally startedas an intangible electronic arket and p; 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 standards for different types of panies. NASDAQ has3 listing standards, panies eet 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 bee neicrosoft. 　　3.The Mixed Trading System of NASDAQ 　　In 1997, NASDAQ implemented ne. Through the introduction of nearket participants,unique mixed trading system erits to market maker system and Bidding system. 　　ⅱAlternative Investment Market (abb. AIM) 　　AIM groes bigger than they in 1996 arket position 　　AIM is strong inclusiveness thatall and medium-sized enterprises listed in it. This diversified industry structure not only expands the scope of the listed panies, 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 loain GEM. It has no restrictions on pany size, ine, stock transfer and the minimum requirement of public holding. The lo refers to the listed panies must hire a pany e of listing. Guarantors are approved by FSA, and supervised by LSE. The responsibility of AIM is to inspect guarantors to ensure them perform