Study On The Legal Regulation Of Growth Enterprise Market

SMEs(Small and Medium-sized Enterprises) is one of the enterprise types which has good development prospects in market economy system. Since the reform and opening up SMEs have developed rapidly, which makes it become an important impetus force of econormic growth. Thus, GEM(Growth Enterprise Market), the capital Market for the SMEs, especially high- tech enterprises was launched. A perfect of legal system is curial to the normal operations and steady development of GEM, however, Chinese GEM legal system is just on its initial state.This thesis is generally discusses the legal system of GEM and its legal issues. Besides introduction and conclusion, this thesis consists of four parts.Chapter one tries to clarify the concept, positioning and value of GEM, defines the relationship of GEM, motherboard market and over-the-counter market, and summarizes the law principle and legal characteristics of GEM.Chapter two studies the approved system and registration system, advances what SEMs should the GEM face to, by comparing different definitions of SMEs in China and other countries, and discusses the problems of the legitimacy and continuity of Valuation Adjustment Mechanism (VAM). The third chapter analysis the bidding system, market maker system and mixed trading system of GEM, concludes that mixed transactions system is adapted to Chinese GEM market. Meanwhile, the author discusses three important GEM operation regulation law systems: independent directors system, information disclosure system and guarantor system.The fourth chapter begins with the necessity of GEM withdrawal mechanism, draws lessons from Neuer Market which failed for lacking of withdrawal mechanism, and uses the experience of the NASDAQ perfect withdrawal mechanism. According to the deficiencies of Chinese GEM, put forward concrete legal suggestions to perfect the GEM withdrawal mechanism.AS a brief summary of full thesis, the conclusion emphasizes the importance of GEM legal system in China, and hopes that the perfection of GEM legal system could make great contributions to the booming of GEM, and Chinese GEM would become the next NASDAQ.