美国模式对我国创业板市场构建的启示

Enlightenment from American model on the growth enterprise market construction

创业板市场是多层次资本市场体系的重要组成部分,我国的中小企业板块并非真正意义上的创业板市场。通过对构建创业板市场的必要性进行分析,以及对美国纳斯达克证券市场成功经验的借鉴,我国的创业板市场应该定位在促进高新技术企业和中小企业发展,采用独立的市场运行模式,建立科学的交易机制和严格的监管制度。

The growth enterprise market （GEM） is an important component of a multi-layer eapital market system, China＇ s SME board is not a genuine GEM. Through the analysis of the need for the construction of GEM and lessons from the successful experiences of the U.S. NASDAQ stock market, it is concluded that China＇ s GEM should be positioned in promoting the development of high-tech enterprises and small and medium-sized ones, using a separate mode of market operation, establishing a scientific trading mechanism and strict monitoring system.