The Study Of The Growth Enterprise Board Opening Theory

Growth enterprise board is one kind of securities markets, It is financial system innovation with the development of new economy. The first appearance of Growth enterprise board and new economy are both in The USA, In 1990s, the GDP of USA is growing rapidly on a low lever of inflation, this is because the rapidly development of the new economy such as the information industry. Lots of enterprises engaged in new economy become world-famous multinational in a few years, for example, Microsoft, Yahoo, and Intel, etc. The reason of all these enterprise wonder is the growth enterprise board of the USA-Nasdaq. From that time, growth enterprise board and new economy are the hotspot which interesting many local and foreign scholars. Globalization is the nature of new economy,At the beginning of the new economy, globalization is desired to be the fundamental attitude of it. It is different from the developmental process of traditional economy, which is from close to open. Because the factor of new economy is information, and the transfer of information is no restrict on time, space, and language. The rapid, thorough globalization of information and software industry is evidence. Therefor, as the financial support system of new economy, the certain developmental trend of Growth enterprise board is internationalization. Growth enterprise board is an open market on its nature. The medium- and small-sized enterprises market set up on May, 2004, which is said to be China growth enterprise board. Although its system and the market structure is different from the growth enterprise board, and the government doesn't plan to open the market in a short time. As open is the nature of growth enterprise board, the medium- and small-sized enterprises market must to be an open market in order to be the true growth enterprise board.With this background, this paper try to study the theory of the growth enterprise board open and the detailed process of the openness of the medium- and small-sized enterprises market. Because the openness of the growth enterprise board is one kind of the openness of securities markets, and local and foreign scholars are all focus on the main board, still don't study on the growth enterprise board. Therefor, Within thetheoretic framework of securities market, this paper try to analyze the particularity of the openness of growth enterprise board base on the differences between the main board and the growth enterprise board. Besides, according to the experiences of the openness of the main board in different countries, this paper will also discuss the detailed process of the openness of China medium- and small-sized enterprises market.