世界各国(地区)创业板发展经验及其对我国的启示  

The Experience in the Development of the International GEM and Its Enlightenment for the GEM System in China

作　　者：周煊[1] 常亮[1] 刘燕红[2] 

机构地区：[1]对外经济贸易大学,北京100029 [2]财政部财政科学研究所,北京100142

出　　处：《北京工商大学学报（社会科学版）》2012年第5期98-104,共7页JOURNAL OF BEIJING TECHNOLOGY AND BUSINESS UNIVERSITY:SOCIAL SCIENCES

基　　金：教育部人文社会科学基金"中国企业对发达国家直接投资与自主创新能力研究"(10YJC790246);对外经济贸易大学教师学术创新团队资助项目(CXTD2011--3);北京企业国际化经营研究基地资助项目(BJJD2010--1)

摘　　要：中国创业板市场成立后快速发展。中国创业板市场当前面临着市盈率过高,投机炒作程度大,退市制度不健全等问题。借鉴美国纳斯达克(NASDAQ)等九家世界主要创业板市场的发展经验和教训,中国发展创业板市场应该进一步强化信息披露、推进退市制度、完善保荐人和做市商制度、逐步降低融资门槛并加强创业板与场外OTC市场的直接对接。Growth Enterprises Market（GEM） in China has been developing rapidly since it was established.Currently it is facing various problems such as high price-earnings ratio,large degree of speculation and unsound delisting system.Drawing lessons from the experience of the world＇s nine major GEMs,for example,U.S.NASDAQ,GEM in China should strengthen the information disclosure further,promote the delisting system,improve the sponsor representative and market maker system,optimize the industry structure,reduce the financing threshold gradually and build the channel to the OTC market.

关 键 词：创业板 信息披露 退市制度 保荐人 

分 类 号：F830.91[经济管理—金融学]