Comparative Research Of Chinese Small Or Medium-sized Enterprises Board And Foreign Growth Enterprise Market

Since 1990s, it is obvious that the world economy would transform into new economy. During the formation and development of the new economy, the capital market, especially the Growth Enterprise Market (GEM), has offered an intact support system to it. For example, NASDAQ market of US, which was established in 1971, is known from the exchange of New York because it reduces the listing condition and faces the market orientation of Hi-Tech industry and vast new developing small or medium-sized enterprises. Because of these characteristics, it has attracted a lot of investors. Many outstanding listed companies, such as Microsoft, Dell and Amazon have emerged from it. The great achievement of NASDAQ became a splendid scene in the formation and development of the new economy. Without capital market, especially the existence and function of GEM, new economy would not rise suddenly and get flourishing development. The establishment of GEM will play an important role in the development and perfection of the Chinese capital market.In May 17 2004, with the approval of the State Council, China's Securities Regulatory Commission gave a formal reply, which allows Shenzhen Stock Exchange to set up small or medium-sized enterprises board in the main board. The long-time conceived plan of putting out the second board market on the country's stock step by step, took substantive one step finally. The establishment of the small or medium-sized enterprises board has widened the direct financing of small or medium-sized enterprises. Investors can share the economic growth achievement of our country more. The establishment has far-reaching meanings on the promotion of the construction of the multi-level capital market in our country. The small or medium-sized enterprises board is derived by studying the success and lesson of foreign GEM and combining our country's existing actual condition. The establishment of the small or medium-sized enterprises board has reflected the unity between the reform dynamics, the development speed of security market, and the bear degree of the market. The small or medium-sized enterprises board is an actual step of introducing the construction of second board market step by step. After the establishment of the small or medium-sized enterprises board, the country will create conditions for the construction of GEM in future by deepening reform and system innovation.Based on the modern western system economics theory, information economics theory, comparative economics theory and capital market theory, the thesis compares small or medium-sized enterprises board and GEM. By investigating the general theory of...