Contrast Of China-US Growth Enterprise Market Risk Control System

Promoting the growth enterprise market(GEM) is of great importance on small and medium-sized enterprise development,the construction of capital markets,expanding investment channels and maintaining sustainable economic development.After ten years breeding,the GEM was finally open on October 30,2009,but on the first day all the 28 companies rose suddenly above 100% and the closing price average market profit reached 111 times,which fully expose the high risk of GEM,so it is necessary to conduct a detailed research of risk control system at the beginning of introduction of GEM.This article first introduces the research background,the research present situation and the research goal and the significance,then conducts a general analysis of GEM from the concept, the characteristic,the function and relations to the main board.The third chapter and the fourth chapter will carry on the introduction contrast in risk control system of the US and our country:the US conducts NASDAQ the historical background and the development process,the risk control's basic system(public system,trading system,withdraw from market system),the supervisory system,superiority and experience of NASDAQ and so on four aspects;our country conducts the historical background,the risk factors,the risk control's basic system(with on),the supervisory system and so on four aspects.The chapter five conducts our GEM actual operation of the past six months from the market's perspective,which will conducts the comparative analysis of GEM and the small enterprise market(SEM) in two different periods,and takes the first listed company "Shenzhou Taiyue" as the example, analysis of the stock price volatility and information disclosure,shareholder changes,dividend programs to reveal the existing problems of GEM. Then the chapter six will conduct a in-depth analysis of the problems and causes of GEM,and the chapter seven will propose some measures of improving GEM. This paper adopt methods of comparative analysis and empirical analysis,by comparison with the U.S. NASDAQ summary of its strengths and experience,thus there is reference to China;by analysing the six months actual operation of GEM in China,we find the existing problems so as to provide the foundation for strengthening supervision and perfecting the system.The final summary introduces the main conclusions, the innovation,the inadequate of this paper,and finally stresses the necessity of improving the GEM,and hopes that in the later movement process of GEM,various departments can perform its own functions,the investors become more maturer,contributing together for the orderly and healthy development of GEM in China.