| Thesis selected title stem from national natural science fund project " second board market create life cut with DSS (79970102)"Fund project program during the 'State's Tenth Five-Year Plan Period of and Ministry of Education 1 social sciences not humane "implement GEM not of our country market-making system study (01JA630058) ". Author, through consulting such ways as the documents and materials , surveying and studying ,etc., from the angle research securities trading mechanism design method and application of the system, analyse the impact on market of trade procedure under more different trade mechanism. Since the security market of self-country set up, market scale , technological state , standardized level ,etc. have got very fast development , but structural question still outstanding, market hierarchical structure single , difficult to meet in enterprises and investor's multi-level investment and financing demand. It is an important content of market system construction of multi-level capital of our country to set up the market for the second board on the country's stock. Resources of capital market of our country are monopolized by the state-run big enterprise basically at present, have not given financing of small and medium-sized enterprises any environment. Set up GEM, give play to the resource distribution function of the capital market helping the more largely range, alleviate the difficult problem of financing of small and medium-sized enterprises, help to optimize the whole structure of the financial market of our country too. From 1998, with the change of national relevant policies, Shenzhen GEM is from postponing putting out to putting out step by step, may well be termed rising and falling to go through and free and easy. But research about GEM has been never disconnected during this, the research contents involve setting up all respects of the market for the second board on the country's stock of Shenzhen, concentrate on GEM should lead into market-making system is and right to make comparison with system of trade at competitive price of our country research , trader of city , mainly. How concretely to implement it will be Shenzhen GEM trade mechanism and trade, trade of mechanism that procedure design to study and involving little about future, this text carries on the preliminary discussion to this blank. This text divides six chapters altogether, the main content per seal is as follows: Chapter one introduction. Have explained setting up the question background , research meaning and studying the current situation both at home and abroad of the thesis mainly in this chapter, have confirmed thinking of research , research approach and research contents of the thesis. Propose a thesis will innovate to some extent in several following respects: 1, Imagination to the trade mechanism of Shenzhen GEM . To the existing actual conditions of our country, should be on the basis of our country's main board marketing mechanism that the trade mechanism on Shenzhen GEM is designed in the future, especially all sorts of defects exist in the trade mechanism of the main board market of our country, we should is it improve and is it make to this advantage , trade of mechanism , trader of city , plan to transaction mechanism , Shenzhen of GEM to combine to make; 2, To mixing the trade procedure and designing and appraising . According to Shenzhen trade mechanism of GEM that put forward , design to exchange Cheng , Shenzhen of GEM, the characteristic that will trade the mechanism is embodied concretly through the procedure. Chapter two the mechanism theory analysis of the securities trading . Analyse to the theory of the securities trading mechanism mainly in this chapter, including the definition of the securities trading mechanism; Origin of the mechanism theory of the securities trading ; Research purpose and meaning of the securities trading mechanism; Designed the goal in securities trading mechanism. Cause has caused the arrival of times of market competition of the securities in technical development , globalization , liberalization and factor integrating four respects in the past ten years. The technical development has promoted globalization, the market mode causing the traditional height to cut apart too is weak, lack the scale advantage, can't meet investor's demands more and more , has strengthened the keen competition pattern day by day of security market directly or indirectly. Inorder to make the advantage in the keen competition day by day , design one of the most important links that the reasonable securities marketing mechanism is the competitive strategy of security market. So it is necessary to carry on detailed research to the securities trading mechanism. Chapter three the marketing mechanism of the international securities is compared and analysed. Have stated New York Stock Exchange and characteristic of Nasdaq's trade mechanism and introduced the detailed one to their trade procedure in this chapter, compare and analyse New York Stock Exchange and trade mechanism of Nasdaq security market finally, two kinds of transaction mechanisms are each good and bad in these four respects of mobility , stability , transparency , validity , design the advantage that should draw them in trade mechanism on Shenzhen GEM in the future, play a complementary role, perfect the securities trading mechanism. Chapter four the marketing mechanism analysis of securities of our country. Do a simple introduction , including stock exchange and basic trade procedure to the trade market of securities of our country at first in this chapter; Then has made an introduction to the characteristic of the mechanism of securities trading of our country, including trade time and variety , order declare, price confirm way , between disclosure of information and UP/DOWN limit and other transaction way; Have analysed to the trade procedure of our security market after analysing the characteristic of the trade mechanism; Having borrowed and analysed the extant question of security market of our country, have the following characteristic as an unripe security market of our country of market: 1, The inside trade overflows, market speculative ness is strong; 2, The listed company is very different, it is generally relatively bad that the company manages the organization; 3, The trade is single in variety, market segmentation is serious; 4, Institutional investor proportion little, securities theory of investment is it set up to wait; 5, The banker disrupts the market, aggravate market speculativeness. The mechanism of securities trading of our country is in the mechanism mode of the trade, order with declare, set compete price , large trade , price stability way and risk evade respect havesome question too. Have compared and analysed the domestic and international trade mechanism at the end of this chapter, draw the conclusion: Should be on the basis of the thing that perfect our country and host mechanism of trade at competitive price of market in the trade mechanism design on GEM of Shenzhen in future, choose to mix the mechanism mode of the trade in successful experience of consulting the international security market, the form in the order is redesigned and carries on the large trade way perfectly. Chapter five the imagination to the marketing mechanism of Shenzhen GEM . This chapter is a focal point of a full text, make an introduction to the market orientation of Shenzhen GEM at first, the main characteristic of the market for the second board on the country's stock of Shenzhen is not its financing function, but a kind of innovation emphasized in institutional framework and operating mechanism of its develops the view. Have the following characteristic about its market orientation: 1, Regarding small and medium-sized enterprises of growth as the support target, have meaning of two layers to regard growing up type small and medium-sized enterprises as the support target: First, pay attention to supporting growing up type enterprises , promote industry's optimization and upgrading, Second, adhere to the principle of " low threshold " , support small and medium-sized enterprises; 2, Suit professional investors' market, can predict the stock price on the market for the second board on the country's stock of Shenzhen will fluctuate bigger and more frequent than that of the main board market . Considering these all sorts of factors, it should develop into the specific market taking familiar with investors of the skill of investment as main target ; 3, Having independent market status, Shenzhen GEM should have one's own listing regulations , management to build up , run the mechanism and full-time staff , it is an independent market. And then design object optimum to choose and trade choice , mechanism of mode carry on positive research through between model and Shenzhen GEM trade mechanism, draw the conclusion: 1, Design and should take mobility as the core in trade mechanism on Shenzhen GEM in the future, consider the others again on the satisfied and mobile basis Goal; 2, The trade mechanism...
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