Research Of The Operation Mechanism Of Second Board Market

Second board market is important component of a national capital market, its main function lies in specially opening up the financing channel for new developing small and medium-sized enterprises with growth and offering withdrawal from the mechanism for venture capitals. During the process of entering " knowledge economy times in international economy, the overseas second board markets all play an important role to perfect the capital market structure and promote the development of high-tech industries in different countries and regions. But in our country, second board market is still a new thing and focuses that domestic experts and scholars dispute that could be set up and how to be set up, so analyzing successful experience and fail lesson of overseas second board markets would play very heavy reference function for our country to set up second board market.This dissertation regards operation mechanism of second board market as the research object, through systematic analysis and study of the typical case successful and failing to the overseas second board markets and on the basis of combining the domestic operation experience and lesson of main board market, it is analyzed that the primary conditions and environments of the second board market to be set up in our country, thinks it necessary for our country to set up second board market, and has put forward some policy suggestions that can be operated on the second board market that our country will set up.This dissertation can be divided into three parts on the structure. The first part has explained basic theory of second board market mainly and analyzed the reason of success or failure of overseas second board markets emphatically, and proposes enlightenment of second board market to our country. The second part is a core of this dissertation, and mainly on the basis of the reason of success or failure of overseas second board markets above are analyzed, combining relevant theory, several factors of influencing operation of second board market have been described systematically, puts forward successful standards and conditions, thus we form the mechanism of successful operation of second board market. The third part expounds the theory of operation of our second board market mainly, has analyzed the domestic value and operation environment of second board market in detail, and has made fuzzy comprehensive appraisal to successful degree and risk of second board market in our country, and then has put forward the policy recommendations of developing the second board market of our country.