二板市场风险的周期变动分析

An Analysis of the Cycle Change of Second-board Securities Market's Risk

无论是采用会员制还是公司制,二板市场实际上都存在一定的存续期间。对新兴的中国二板市场来说,其必然经历一个初创期、成长期、繁荣期和衰退期的发展过程。二板市场在生命周期的各个阶段会具有不同的风险特征。研究二板市场生命周期各阶段的风险,有助于动态地设计控制风险的制度和调整监管思路,进而保障二板市场在发展性和安全性之间谋求最佳的平衡点,并保持市场管理的持续有效。

s: The second-board securities markert has a fixed existing period and duration,whether it uses member system or company system. To the newly emerging Chinese second-board securities market, there must be a developing process, including embryo, growth, booming and declination. During each step of this life cycle, the market should have different risk characteristics. Researching on these risks will lead to dynamically designing risk controlling system, adjusting the thought of supervision and management, ensuring the most equilibrium point between development and security, and keeping the market management continuously efficient.