The Study Of Some Issues About IPO In Chinese Growth Enterprise Market

After almost 10 year's course ,the establishment of Growth Enterprise Market(GEM) in our country will become a finality in short term. In this background, the theory study should pay attention on some more particular issues about the GEM system design, instead of the issues about the need or the opportunity of GEM establishment.Specially,the issue that whether the IPO system design is rational has an straight connection with the success of GEM, which is just about springboard of this thesis.This thesis firstly analyze the issue about the function orientation of GEM.One hand,it discuss the common functions of GEM as an administrative level of securities market.One the other hand, on the basis of the theory about enterprise life cycle and venture capital,it give emphasis to the two special functions of GEM, which are to satisfy the finance need of the innovative small and medium-size enterprise in the growth stage and to provide the major exit mechanism for the venture capital.The discuss will give a function guidance to the IPO issue of GEM.Then this thesis divide five parts to study five issues about the IPO on China's GEM , closely with the function orientation as a guidance and on the basis of some experience about the GEM abroad ,complying with the the Chinese situation.The five issues are the listing standard ,the issue approval system,the sponsorship system,the pricing mechanism and the sale-forbidden term issue. This thesis advance some advice on the five issues,intend to provide some valueable reference for the success establishment and operation of China's GEM,which are following:In the listing standard issue, it suggest some modification for the current standard ;In the issue approval system issue, it propose that China's GEM should establish heteronomous registered system . But in consideration with the current reality, it shoud still carry the substantive regulation syetem into execuion, which shoule be more simplified than the main-board market;In the sponsorship system issue, it suggest to strengthen the sponsorship in the aspect of sponsor qualification ,the way of recommend and the legal responsibility;In the pricing mechanism issue, it suggest to perfect the current bookbuilding method ,giving the major underwriter more rights to distribute the stock.,and at the same time use the first-stage pricing mechanism in the building method which is used in the small and medium-size enterprise securities market;In the sale-forbidden term issues, it propose an flexible principle when setting the sal-forbidden term ,which is on the standard of operation term.