纽交所和纳斯达克上市制度变迁及启示  

The Transition of NYSE and NASDAQ Listing System and Its Enlightenment

作　　者：廖士光[1] 缪斯斯 张晓斐 史婧祎 

机构地区：[1]上海证券交易所,上海200120

出　　处：《证券市场导报》2018年第1期13-20,共8页Securities Market Herald

摘　　要：20世纪80年代以来,为了满足新兴经济现实需求和应对行业内部竞争,纽交所和纳斯达克通过变革上市制度,扩大市场覆盖面,实现市场内部分层,形成多层次市场体系。本文系统梳理了纽交所和纳斯达克的上市制度变迁历程,研究发现,适时调整上市条件、提供分层差异服务、打造优势行业板块和建立进退有序渠道是其上市制度变革的"组合拳",这些改革举措为新时代中国特色社会主义资本市场优化上市制度安排、健全多层次市场体系、助力新兴产业发展进而提升服务实体经济能力提供了有益借鉴。Since the 1980＇s, in order to meet the demand of new economy and exchange industry competition, NYSE and NASDAQ reformed their listing rules, expanded market coverage, enriched market tiers, and formed the multi-layered market system. This paper systematically reviewed the adjustment course of listing rules in NYSE and NASDAQ, and found that timely adjustment of listing conditions, provision of differentiated services, establishment of advantageous sectors and delisting channels are the key initiatives for listing system reform. These reform measures provide a useful reference for socialist capital market with Chinese characteristics to optimize the listing rules, improve the multi-layered market system and develop new industries in the new era.

关 键 词：新兴产业 上市制度 内部分层 行业竞争 

分 类 号：F832.51[经济管理—金融学]