The Statue Problem Researching In GEM

AS a significant component of finance market system , the Securities Market plays a role in financing , mergence and acquisition and resource allocation , it becomes more and more significant in the development of national economy. A new relevant securities market should be established with the boom of hi-tech and the emergence new economy ,as well as the development of small and medium-sized enterprises .So did the Growth Enterprise Market(GEM).GEM, which is also called second board market , is a new market that raises money for small and medium-sized enterprises besides the main board market , also named the first board market . It is a important part of the capital market and one of the important methods .which provides the effective way the venture capital withdraws from .Compared to the main board market , GEM has its specialties , such as perspective , high risk and high income , low listing standard , strictly supervise , no unified trade place , flexible trade mechanism , strong innovative ability and so on .In the 60' s 20th century , the developed countries, such as The U. S. and England , planed to set up GEM . Up to the 90' s , the speed of development in foundation of GEM goes faster , so numerous capital markets set up GEM chiefly for the small and medium enterprises . Review the development of our country main board securities market , we ought to soberly realize that the establishment in GEM must sufficiently drawlessons from the successful experience of GEM of overseas . looking over the present situation and the experience of every state GEM, we may find that the transaction device of GEM is the key element in succeeding of GEM or not.First of all , in this article we first review rise and development of GEM , and deeply meticulously analyze and compare the operation mechanism of overseas , afterwards we draw some lessens of the development of GEM on it . The article then stressly analyze the two currently kindof main transaction systems----the order-driven system and market makersystem .moreover comparing and analysis the two kind of systems , and then we obtain the conclusion that the "Blend Pattern" is our best choice in transaction systems of GEM. Finally on the basis of the transaction systems preponderance and obstruction for adopting market maker system , we provide some proposals for the establishment market maker in GEM.