多层次资本市场建设的国际经验及启示

The International Experience and Inspiration of Multi-Level Capital Market Construction

在纳斯达克示范下,世界各国开始效仿创设自己的创业板。总体上,全球创业板市场发展出现明显分化,有些较为成功,吸引了上千家公司,并继续保持好的发展态势;而更多的市场,却欲振乏力,甚至几近停滞或关门大吉。创业板建设有自身的成败经验可循。美国经验表明,一个成功的多层次资本市场需要具备上市公司数量、优质资产、多元化上市标准和不同层次股票价格等基本要素。创业板成败与美国经验为我国新市场的上市标准、监管要求、交易规则、交易机制及设立模式提供了借鉴。

Many countries started to establish their own growth enterprises market （GEM） because of the successful development of Nasdaq.In fact,after several years,the development of GEM shows apparent differentiation.Some countries or regions are successful,for their markets have attracted thousands of companies and continue to maintain the good development tendency.Nevertheless,most markets are close to stagnation or shut down.This paper presents the instances of GEM,gives the establishing signal of multi-level capital market from the listing standards,the quality and quantity of listed companies to the minimum requirements of stock price,and then provides reference for China＇s development of GEM.