Overseas Second Board Market Microstructure System Analysis And Revelation

With the downturn of technology stock, nowadays-oversea second security markets are widely facing difficulty that they never did. Affected by their blights, the construction of the second security market in China becomes reachless. Because the micro institution of the second security market definitively infects the market performance, it' s very significative to compare and analyze the experience of all oversea second security markets that are all in embarrassed lurches. That will gives us proper reference when we set up a steady and effective second security market in China.By comparative analysis and institutional analysis, this article gives systemic suggestions to listing institution and transaction institution of our second security market. Combining with the unique life circle of the new economic companies, the article suggests that surplus record should be substituted by operation revenue as core criterion of IPO and delisting consecutive deficient companies should be substituted by assets-beneath-debt criterion. Then through analyzing the contribution ratio of the different transaction institution and combining the current situation of our capital market, this article points out that a mixed transaction combining market-maker institution with instruction-driving institution. Lastly articles concludes creative opinions of this articles, and bring out some views that worth probing further.