国际创业板市场发展成败研究及对中国大陆创业板的启示金融学专业论文.docxVIP

i i 摘 要 经过十年的精心准备，备受关注的我国创业板市场已经推出。然而，纵观全球创 业板市场的发展历程，更多的国家是带有制度模仿的痕迹，虽然在上市标准、监管制 度等方面相差不大，但是最终发展的结局却相去甚远，呈现明显的群体性分布和两极 化格局。因此，对国际创业板市场发展的成败进行深入的共性研究，将更好的为我国 的创业板市场顺利发展提供切实有效的经验借鉴，从而真正发挥创业板的功能，推动 我国中小企业的发展。 本文正是基于以上考虑，以大量事实材料和统计数据为依据，首先对国际创业板 市场的发展概况和运行特点进行了梳理和总结，根据其运作状况、运行时间和作用程 度将国际创业板市场运作分为成功、失败及介于成败之间三种类型；然后以实证的角 度重点解析国际创业板成功运作的三大机制，即持续的规模扩大机制、创新的流动性 维持机制和严格的优胜劣汰机制，对三大机制形成的主要原因进行深入分析，并探讨 了其发挥作用所依赖的社会基础；同时，从反向角度对运作失败的国际创业板市场进 行了深度反思总结。在以上内容基础上，文章最后得出对于我国已经开启的创业板市 场建设的几点启示和政策性建议，寄希望于我国创业板市场能够充分发挥对中小企业 的促进作用。 关键词： 创业板 成败 运行机制 社会基础 ii ii Abstract The Growth Enterprise Market (GEM)of China has been established after ten years’ well preparation. However,looking back the development of the globle GEM, we find that most of them bears the traces of system imitation. They have similar listing standards , supervision system and so on, but their final outcome are of great difference. They show out a clear pattern of mass distribution and polarization. Therefore, the deep research on the success of international GEM will better provide an effective and smooth experience reference for the well development of Chinas Growth Enterprise Market. Then , the GEM could fully play its function and promote the development of SEMs in China. Based on the above considerations, this paper makes good use of a large number of factual material and statistical data. First of all, it summarizes the generanl development and operation characteristics of international GEMs which are divided into the success,the failure and unidentified three types, according to their operating conditions, running time and extent of the roll played. Second, from the view of the empirical analysis, we emphasize on the three mechanisms of the success, namely the continuing scale-expanding , innovative liquidity-maintaining and rigorous mechanism of survival of the fittest. Meanwhile, the social foundations, on which the three mechanisms rely,are also completely discussed. Then, the paper deeply analyzed the reasons o