Study Of The Risk Of Smes In China Plate

The policy of China on the construction of Growth Enterprise Market (GEM) is proceeding step by step. In May 2004, China Small and Medium Enterprise Board (SME Board) was established. It is the first step to set up GEM. SME Board, as the secondary board with China's feature, still faces many risks. The research of risk on the developing SME Board is very important. It can perfect China's multi-structure capital market gradually. On the other side, the research can find a successfully developing way for China's GEM.First, this thesis introduces the general theories of GEM, including the characters and functions of GEM and both the connections to Main Board and the differences from that. The first part also discusses the risks that GEM faces in the aspects of listed company operation and GEM operation.Second, the thesis describes the meanings and functions of SME Board's establishment, and both its connections to GEM and the differences from that. From the developing history of SME Board within one year, we try to find out institution risks, listed company risks and investor risks etc. Third, the thesis suggests several methods to defend the common risks of GEM and the particular risks of SME Board. All the suggestions are based on the successful experiences of NASDAQ and the unsuccessful experiences of other oversea GEMs.