Gem System

Innovation and development on science & technology is an crucial force forsustainable economic groWth of a country and an efficient financial maxket system,whose core is groWth enterprise market (GEM ) as well as securities market, isabsolniely needed so as to promote the improvement and industrialization of science& technology. Creating and designing a set of GEM systems, which are not onlyscientific, standardized, operational, but suitable to the condition of our country, isthe crux and foundation which decide whether or not and how our groWth enterprisemarket will operate.This thesis stlldies the GEM systems whose main contents cover three partst Inthe first part of this thesis, the present developing and future trend of main overseasgrowth enterprise markets are elaborated, summarized, analysed and compared;furthermore, the GEM orientation, function, establishment, model, service andconstrUction are studied and demonstrated, with the aim to provide theoretical and-.practical basis fOr the above choice of the groWth enterprise market. In the second partof this thesis, we studied and demonstrated the GEM operation systems, coveringvarious components of systems in company listing, qualified recommending,independeni directorship, stock option, stock trading, market-making, informationexposure, company exit, etc., and on the basis of intemational and domesticcomparative analysis, we made a design and choice on the various China GEMoperation systems. In the third ped of this thesis, the GEM supervising system isstudied, demonstrated and designed. First, on the side of theory of securities marketsupervision, two different schools of theories, models and opinions are expoundedand demonstrated comparatively in order to provide the theoretical basis fOr thenecessity of government supervision to the GEM. Second, on the side of practice ofsecurities market suPervision, we made case analysis and comparative study on thesupervision practice of main overseas groWth enterprise ma-rkets and domesticmain-board securities markets so as to demonstrate the necessity and importance ofthe GEM supervision. Last, based on the above analysis, study, and reference to thesuccessful experience and failing 1essons from intemational and domestic securitiesmarkets, we made systematic design, choice and policy suggestion on China GEMsupervision system, princip1e, object, mode, content, opinion, and innovation, etc.