On Sponsor System Of Growth Enterprise Market

Though most companies engaging high-tech business have high growth, their characteristics of short period of existence, small size and non-outstanding performance that fail to meet the listing requirements of the main board market make these companies to fail to get further development for lacking financing channels. So the characteristics of low admittance standards and strict operating requirements of the Growth Enterprise Market can help those minor enterprises and newly developing companies that are temporarily fail to be listed in market to provide financing chances and channels. By market mechanism, the Growth Enterprise Market can effectively evaluate the value of properties for initiating business, can promote the combination of knowledge and capital, and can push the development of knowledge economy. At the same time, the Growth Enterprise Market can provide channels for venture capital investment fund to disperse the risk of venture capital investment, can promote the virtuous cycle of high-tech investment, and can improve the movement and service efficiency of high-tech investment resources.Just on the base of the characteristics of high risk and high return of the former companies with good development prospects, the Growth Enterprise Market needs to design relative system to control and avoid the high risk from the listed companies at the same time of decreasing the market admittance standards. And so the Sponsor System produced.Though there are common characteristics of the Sponsor System among different Growth Enterprise Markets, the respective particularities are still existed for most of the time. The formation and development of the Sponsor System are decided by the economic environment, target location, financial ecology, market participants structure and other relative influence factors of the Growth Enterprise Market. The Sponsor System and other systems of the Growth Enterprise Market are the organic unity,(?) the base of supervising idea and development architecture, so the Sponsor System must be merged into the special national conditions of each contry to exert its function.So including the three parts of Summary of the Sponsor System of the Growth Enterprise Market, the Successful Experiences of the Sponsor System of the Overseas Growth Enterprise Markets, and the Sponsor System of Our Growth Enterprise Market, this paper is divided into three chapters to carry out detailed explanation. The first chapter of this paper will carry out brief explanation on the evolvement progress and the functions of the Sponsor System of the Growth Enterprise Market. With the examples of the AIM of British, the NASDAQ of America, and the Growth Enterprise Market of Hongkong, the second chapter of this paper will give emphasis to analyse and introduce the Sponsor System of the Growth Enterprise Market. The contents are mainly include the Constant Sponsor Engagement System of the AIM on sponsor's obligations and supervision; the Compulsory Corporate Governance Structure Standards, Director's Professional Directing Plan, Substantive Examination to the Listed Companies as well as Intermediary Organs Servicing of the NASDAQ Mixed Sponsor System; the Qualification Criterion, General Continuing Obligation and Benefit enjoyment of the Hongkong Growth Enterprise Market. The third chapter of this paper detailedly illustrate various kinds of basic provisions on the Sponsor System of our Growth Enterprise Market, and give detailed illustration on the problems of the Sponsor Admittance Qualification, Flotation, Listing Supervision and Risk Control for Sponsor. With the examples of the AIM of British, the NASDAQ of America, and the Growth Enterprise Market of Hongkong, and in view of the Sponsor System of the former Overseas Growth Enterprise Markets, this paper provides detailed suggestion for designing the Sponsor System for our Growth Enterprise Market in the hope of keeping the stability and prosperity of our Growth Enterprise Market.