| With the development of Chinese economy, China has become the world’s second largest economy in 2014. In order to maintain the continuous development of the Chinese economy, the industrial upgrading is the problem for China. In the current economic, The technological innovation that represents the information technology profoundly changes the way of production and life style, innovative technology companies is more and more obvious in the promotion of economic development. In the development of the American Technology Corp, the Nasdaq market plays a vital role in its development, and it becomes the key to its development and success.. The development of science and technology company in China has just started, with the launch of the gem in October 2009, the promotion of the function of the GEM market plays an important role in the economic transformation of China.The Nasdaq market is the world’s most successful gem market, to support the growth of many of the great companies, Nasdaq has become a benchmark for countries to learn. The development history of China’s securities is very short, but the development speed is very fast, due to historical reasons, the construction of the securities system in China has many deficiencies, we must study and draw lessons from the experience of the mature and effective to improve the system construction of the securities market. The system construction is a big category, this paper emphatically analyzes the influence of the trading system to the capital market, and tries to explain the reason of the trading system behind the characteristics of the securities market in China.After studying the definition of the research project and the research results of the system, using literature research method, comparative analysis method and case analysis method of combining, To compare the Nasdaq and the gem trading system as the main line, Separately from the pricing system, the transaction rotation system, the information disclosure system, three angles of analysis of their respective characteristics, find out the problems in China’s securities market system construction, And through case analysis, explore the characteristics of the securities market trend behind the transaction system reasons. For the problems of the gem in China, we draw on the experience of the Nasdaq. There are six draw inspiration,they are Stand fair trading system, to respect laws of the market, improve price-fixing of securities law and insider trading crime related provisions, the timely introduction of the GEM market makers and, no price limit of the trading system, and increase penalties for violations. |
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