The System Design And Operative Model Of The Chinese Second Marked

The establishment of NASOAQ stock market in 1976 provided a new money circulation system for medium and petty American enterprises and nt-tech American enterprises, promoted their development, and exhibited the systematic and technical reform in the microcosmic structute of world stock mat kets and the strong economic adaptability after 1 980s When it came to the early 1 990s, many countries and regions have combined the development of traditional big companies, dynamic medium and petty enteipri7 and hi-tech enterpttses, thiough establishing The Second Market But some countries and regions simple transplant or imitation of NASDAQ model in designing and opetatity The Second Market has caused the failure in system reform Such examples are many in China China New Technique Undertaking Starting Investment Company established in 1985 declared bankrupt in 1998 because of its failure to introducing administrating system of personal risk capital In March, 1993, when Marketing companies were not many in Hushen Stock Exchange and market supervising system was not yet perfected , Hainan Stock Exchange teasingly handled the business of stock index futures exchange The exchange volume per day was about merely one hundred After less than half a year this centers was closed At the end of I 990s, STAQ and NET corporation stock market was closed for lack of market circulation The stock market appeared in 1992 descent because of its testing nature, its lack of distinctive developing direction in design, and the bag quality companies? low profit level All these events listed above show a fact that in China the development of the local-people-run right and new technique enterprises depends not only on money or money circulation market, but also on new and effective market mechanism Just before the emergence of The Second Market, how to design it has become the focus of Chinese news medium, IT industry, financial circles, and even the whole society As an important part of the reform in the microcosmic structure and the administration of Chinese stock market, system designs and operation of The Second Market are closely related with the adjustment of Chinese industry structure and the economic reform But in reality, some principal market parts including enterprises, stocklntermedlarles, and even news medlum, have dlstorted the1r conduct and ldeas to certalndegree Some enterprlses are lnterested ln The Second Market only because lt has nostrlct requlrement on the financlal norms of marketlng companles guy belleve lt lsposslble fOr them to selze money through golng to malket But they glve noconslderatlon to the perfectlon of corporatlon structure and the protectlon of the rlghtsand 1nterests of stockholders and lnvestors Some stock lntermedlarles belleve thatgolng to market can brlng them move sales fee but they pay no attentlon to how tolmprove sales servlce and the quallty of lnformat1on publlshlng Some news medlumhold the 1dea that 1mltatlng NASDAQ's operatlon model to set up Chlnese SecondMarket ls enough to reallze t11e development of hl-tech lndustry ln Chlna Thls theslssuggests that such dlstorted conduct and ldeas be serlously guarded and connected lndeslgnlng stal1dard Second MarketThls thesls polnts out that tl1e prlmary alm for establlsI1lng the S M ls not to use ltfOr money clrculatlon, but to promote the reform of tl1e mlcrocosm1c struclure of thestock market and to set up new market operatlol1 mechanlsm Ovelseas Second Marketsstlll havc dlqPallty ln desIgn prlnclpIe of stlucttlral ftll1ctlon, Permltlon f obJectcon1pan1es, market structule, e\cl1ange al1d clearlng lllachenls1n, and metl1ods ofmaklng up tl1e deficlency of market cllculatlon Tl1ey only reduced the stock s...