Gem Operation Of The System Study

In phrase of "knowledge economy", growth enterprise markets (GEM) play an important role to promote hi-tech industries and capital markets development in deferent countries and regions. World reports demonstrate that it is critical for a country to choose a fitting operation system and mode to build a successful GEM.GEM is an important part of a nation's integrated capital market, with the specific aim to open doors for financial flows into growth small and medium-sized enterprises and also exit of venture capitals. China should learn experiences form advanced countries and consider international standards in the choice of its GEM system and operation mode.This dissertation studies the operation system of future GEM in China. It expatiates the background, driving forces and policy orientation of establishing China GEM, based of the needs of fostering venture capitals, promoting hi-tech industries and improving stock market. It discusses the close relationship of venture capital and stock market, OEM's function in economic and financial system, its system arrangement and its environmental requirement for development. It takes into consideration both the socialist market economics with Chinese characteristics and western advanced theories in finance and stock market, to explore the necessity and possibility of GEM set-up in China. It focuses on the choice of China GEM's system design and operation mode, based on solid historical, structural and systematic analyses in modern research approaches.Chapter one and two describe basic theories for GEM, covering definition, background and overseas experience of GEM, as well as value orientation, functional role and market specialty of future GEM in China. Chapter three to eleven concentrate on system design of China GEM, covering various components of systems in company listing, stock trading, company exit, market monitoring, qualified recommending, independent directorship, market-making, information exposure, risk defending, etc. Chapter twelve and thirteen study system construction of listed companies, focusing on demonstrating the affective factors and barriers in adopting option system in China, and proposing the improvement of corporate governance and option program in China.